HOUSTON, Feb 13 (Reuters) - The Texas Supreme Court onFriday ruled that BP Plc cannot claim about $700 millionin insurance that was carried by offshore driller Transocean Ltd to cover the blowout of BP's Macondo well in 2010, thebiggest offshore spill in U.S. history.
The state's highest court, upholding the views of lowercourts, ruled BP was covered by Transocean's insurance forpollution on the water's surface, but not under it.
BP operated the well, while Transocean owned and operatedthe Deepwater Horizon rig that burned and sank when Macondoerupted, killing 11 men.
BP is awaiting a separate ruling from a New Orleans federaljudge, expected some time this year, over its fines under theU.S. Clean Water Act. Those would exceed more than $42 billionthe oil major has set aside for cleanup, compensation and otherfines related to the spill.
Shares of BP were 2.2 percent higher on Friday. (Reporting by Terry Wade; Editing by Chris Reese)