UPDATE 1-CDS on Halliburton, Transocean widen sharply-Markit
NEW YORK, April 30 (Reuters) - The cost of insuring debt of Halliburton Co and Transocean Inc against default rose sharply on Friday amid mounting worries about potential liability related to an oil rig accident in the Gulf of Mexico.
Switzerland-based Transocean Ltd (RIG.N) RIGN.S operated the oil drilling rig that exploded in flames on April 20 and collapsed two days later, leading to massive oil spill. Halliburton (HAL.N) has said it did a variety of work on the rig.
Credit default swaps on Halliburton rose by 11 percent on Friday to about 71 basis points, while swaps on Transocean Inc. climbed 6 percent to about 95 basis points, according to data from Markit Intraday. Rising credit default swaps indicate investors see greater credit risk at the companies.
Halliburton's credit insurance costs have risen by about 27 percent since the accident, while Transocean's have surged by 46 percent. (Reporting by Dena Aubin; Editing by Theodore d'Afflisio)
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