Ocean Therapy Solutions
Encyclopedia
Ocean Therapy Solutions is a company owned by actor Kevin Costner
. He acquired the company from the United States government for US$24 million in 1995. This is equivalent to US$ in present-day terms. The company specializes in developing centrifugal oil-water separators. After the Exxon Valdez oil spill
in 1989, Costner wanted to find a new way to separate oil from water, so he acquired the company. He found it difficult to promote its products, until BP
placed an order for several of the company's devices in the aftermath of the Deepwater Horizon oil spill
.
OTS's largest machine, the V20, can clean up to 210000 gallons (794,936.5 l) of oily water per day. On July 8, 2010, OTS reported it had 9 centrifuges deployed in the Gulf of Mexico, with 23 additional machines under construction and scheduled for shipment to Louisiana by the end of August 2010.
The machines developed by the company were of little commercial interest until the Deepwater Horizon oil spill
, when BP
took six of the machines for testing in late May 2010. On June 9, that order was expanded to 32 of the oil-water separation devices.
and Spyridon Contogouri had a joint agreement to market the technology. They filed a lawsuit in Louisiana District Cour
t claiming $10.64 million for claiming securities fraud and misrepresentation. The suit claims that Costner kept a meeting with BP secret from them, and resulted in an $18 million down payment on a $52 million purchase and that after the down payment but before any announcement Costner used part of the downpayment to buy out their shares, thus excluding them from their share of the profits from the total sale. The suit claims that Baldwin and Contogouris were told by Costner that BP had no interest in the technology and that Costner offered to buy their share for $1.4 million to Baldwin and $500,000, to Contogouris.
Kevin Costner
Kevin Michael Costner is an American actor, singer, musician, producer, director, and businessman. He has been nominated for three BAFTA Awards, won two Academy Awards, and two Golden Globe Awards. Costner's roles include Lt. John J...
. He acquired the company from the United States government for US$24 million in 1995. This is equivalent to US$ in present-day terms. The company specializes in developing centrifugal oil-water separators. After the Exxon Valdez oil spill
Exxon Valdez oil spill
The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24, 1989, when the Exxon Valdez, an oil tanker bound for Long Beach, California, struck Prince William Sound's Bligh Reef and spilled of crude oil. It is considered to be one of the most devastating human-caused...
in 1989, Costner wanted to find a new way to separate oil from water, so he acquired the company. He found it difficult to promote its products, until BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
placed an order for several of the company's devices in the aftermath of the Deepwater Horizon oil spill
Deepwater Horizon oil spill
The Deepwater Horizon oil spill is an oil spill in the Gulf of Mexico which flowed unabated for three months in 2010, and continues to leak fresh oil. It is the largest accidental marine oil spill in the history of the petroleum industry...
.
OTS's largest machine, the V20, can clean up to 210000 gallons (794,936.5 l) of oily water per day. On July 8, 2010, OTS reported it had 9 centrifuges deployed in the Gulf of Mexico, with 23 additional machines under construction and scheduled for shipment to Louisiana by the end of August 2010.
The machines developed by the company were of little commercial interest until the Deepwater Horizon oil spill
Deepwater Horizon oil spill
The Deepwater Horizon oil spill is an oil spill in the Gulf of Mexico which flowed unabated for three months in 2010, and continues to leak fresh oil. It is the largest accidental marine oil spill in the history of the petroleum industry...
, when BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
took six of the machines for testing in late May 2010. On June 9, that order was expanded to 32 of the oil-water separation devices.
Lawsuit
Stephen BaldwinStephen Baldwin
Stephen Andrew Baldwin is an American actor, director, producer and author. One of the Baldwin brothers, he is known for his roles as William F. Cody in the western show The Young Riders and as Stuart in the movie Threesome...
and Spyridon Contogouri had a joint agreement to market the technology. They filed a lawsuit in Louisiana District Cour
Courts of Louisiana
Courts of Louisiana include:State courts of Louisiana*Louisiana Supreme Court**Louisiana Circuit Courts of Appeal ***Louisiana District Courts Federal courts located in Louisiana...
t claiming $10.64 million for claiming securities fraud and misrepresentation. The suit claims that Costner kept a meeting with BP secret from them, and resulted in an $18 million down payment on a $52 million purchase and that after the down payment but before any announcement Costner used part of the downpayment to buy out their shares, thus excluding them from their share of the profits from the total sale. The suit claims that Baldwin and Contogouris were told by Costner that BP had no interest in the technology and that Costner offered to buy their share for $1.4 million to Baldwin and $500,000, to Contogouris.