The Houston firm said this week it is set to sell off its least important assets and plans to either reorganize or sell its main subsea contracting business, which helps oil companies maintain offshore production platforms and pipelines.
The New Jersey State Department of Environemntal Protection filed the lawsuit in 2004, and a state superior judge had been close to a decision this year before Gov. Chris Christie’s office told the court on Feb. 20 it had settled with Exxon.
U.S. District Judge Nanette Jolivette Brown recently ruled that the board had no legal standing to bring the suit and that the energy companies had no legal duty to protect the board from the effects of coastal erosion.
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