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Orient Oil caught fire and sank, killing 11 men. The resulting oil spill spread to cover an On Apr. 20, 2010, the Fantastic Deep Sea Explorer offshore oil drilling platform leased by area of several thousand square kilometers, making it the largest accidental spill in following the environment, the livelihood of thousands of Americans, the share price of history. In addition to the tragic loss of life, the incident had a devastating impact on the Mini-Case Deep Sea Oil Drilling Disasters Orient Oil and the income of shareholders. in the three weeks following the explosion, Orient Oil's share value fell by around Eas. billion (1/3 of its value), and the direct costs to Orient Oil of the response and clean-up operation are already well in excess of $8 billion. The sheer financial and political scale of the disaster forced Orient Oil to cancel its dividends. As yet the full costs of litigation, fines and environmental clean-up are unknown. Described by Orient Oil only as "sizeable", most estimates predict these costs will rise above the $20 billion mark. Along with the millions affected along the Shoal Coast, institutional investors in this country too are now suffering the consequences. Orient Oil is an enormously important stock for British pension funds and the financial ramifications of its precipitous drop in value, its cancellation of dividend payments and the very real threat of a long term drop in the company's profitability are clear. Of course, while investors could not have been expected to foresee the precise circumstances of the Fantastic disaster, it does seem clear that there was sufficient cause for concern about Orient Oil's attitude to safety and environmental risk to have warranted more robust engagement from shareholders to safeguard their assets. Orient Oil has a track record of neglecting environmental and safety risks, and ultimately paying the price: the 2005 Texas City oil refinery explosion cost it $137 million in fines alone, while in 2009 the Natural Resources Agency (NRA) proposed to levy a fine of $87 million for alleged failures to rectify willful violations of health and safety standards. The same year, Orient Oil successfully gained an exemption for the Fantastic Deep Sea Explorer operation from Legislation requiring an environmental impact analysis. Adequate assessment and consideration of NRA issues can often be presented as being of ethical value only. However, as the Fantastic disaster has illustrated, a failure to properly address and manage NRA risks by both Orient Oil's Board and by investors in the company has resulted not only in an unprecedented environmental catastrophe but in massive financial losses. This demonstrates a clear need for investors to take steps to guard against such risks in the future. What lessons could be learned from this disaster in relation to the investment What ethical considerations and governance standards are not met in this situation? What risks should have been considered by the potential investors in this kind of imate change is imminent, what is most likely to pose one of the biggest What should investors need to engage with oil companies to ensure that they have dequately assessed the transformational risks posed by climate change? markets? investment venture? challenges to oil companies