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SUNDAY, SEPTEMBER 19, 2010
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‘Bottom kill’ complete, engineers test gulf well
Officials prepare
to declare blowout permanently plugged
BY HARRY R.WEBER Engineers were conducting
tests Saturday on the cement injected into the bottom of BP’s blown-out well in the Gulf of Mexico, and an official declara- tion that the well hasbeenperma- nently plugged was expected sometime Sunday, officials said. The pronouncement will be an anticlimactic end to a catastophe that began five months ago — after all, the gusherwascapped in July. This, though, is an important
Specialrateofprime -0.26% currently:
Variable rate for three years on your initial draw at time of closing
2.99%
Standard rate as lowasprime +0.24% currently:
APR* 3.49% Variable rate thereafter
milestone for the still-weary resi- dents of the Gulf Coast: an assur- ance that not so much as a trickle of oil will ever again seepfromthe well. The disaster began April 20, when an explosion killed 11 work- ers, sank a drilling rig and led to the worst offshore oil spill in U.S. history. Though it had already been
APR*
sealed from the top, engineers Friday used a relief well to pump cement into the bottom of the well, an operation known as the “bottom kill.” Officials said Satur- day that the cement had set. Once a pressure and weight test was finished, officials expected to confirm that the well is perma- nently plugged. That was expect-
ed to occur late Saturday, but an announcementmay not come un- til Sunday. Even aboard the Development
Driller III — the ship that drilled the relief well and allowed crews to pump in the cement for the plug—celebrations were muted. “It’s kind of bittersweet be-
cause we lost 11 men out here,” said Rich Robson, the offshore installation manager on the ves- sel. “There isn’t going to be any real celebration. To a lot of peo- ple, the water out here is a ceme- tery.”
Tim Speirs, BP’s well site lead-
er aboard the ship, said there would be no sirens, no lights flashing once the declaration came.Most of the crew would be asleep. Until the test was finished,
men in red work suits and mud- splattered hard hats were operat- ing heavy hydraulic machines be- ing used to lift the drill pipe back to the deck of the DDIII vessel. Two men sitting in black leather chairs used joysticks to maneuver the massive machinesonthe deck that were lifting the equipment from thousands of feet below. The gulf well spewed 206 mil-
lion gallons of oil until the gusher wasfirst stopped in mid-July with a temporary cap. Mud and ce- ment were later pushed down through the top of the well, allow- ing the cap to be removed. But officials will not declare it dead until it is killed from the bottom. —Associated Press
TALK SHOWS
*Special Rate Advance: The special rate advance offer is variable, is in effect for the first three years after your account is opened, is applicable only for advances taken under the revolving line of credit and interest-only options at the closing of the loan and to be disbursed immediately upon expiration of any applicable rescission period, and is valid for closings which take place between 9/1/2010 and 11/30/2010. Advances taken subsequent to the Special Rate Advance(s) shall accrue interest at the standard rate(s) and margin(s) as described below and in your Equity Line agreement.
The Prime Rate means the highest per annum “Prime Rate” of interest published from time to time by The Wall Street Journal in its “Money Rates” listings, which was 3.25% on 9/7/2010. The lowest standard Annual Percentage Rate (APR) as of 9/7/2010 as indexed to The Wall Street Journal Prime Rate was 3.49%. For lines closed in DC, MD and Northern Virginia (cities and counties of Alexandria, Arlington, Fairfax, Falls Church, Loudoun and Prince William), standard APRs could range from Prime + 0.99% (currently 4.24% APR) to Prime + 4.99% (currently 8.24% APR). Standard APRs are based on your credit line amount, Combined Loan-To-Value (CLTV) ratio and other factors. The rate is variable during the draw period and applies only to the revolving line of credit and interest-only options (during the repayment period for these options, the rate is fixed based upon the Prime Rate in effect on the last day of your draw period plus a margin of 4.00% with a 20-year straight amortization). The lowest standard APR listed is for lines of $50,000 or more, a combined Loan-To-Value (CLTV) ratio of 70% or less, is subject to credit criteria and includes a 0.25% interest rate reduction obtained with a qualifying SunTrust deposit relationship, a 0.25% interest rate reduction obtained if payment is automatically deducted from a SunTrust checking, savings or money market account us- ing SurePaySM
and a 0.25% interest rate reduction obtained with a qualifying first mortgage from SunTrust Mortgage, Inc. Maximum discount is 0.75%. These interest rate reductions do not apply to fixed-rate/fixed-term advances or
during the repayment period. The maximum APR is 18% for properties located in FL, GA, TN, AL, SC, VA, MD, DC, AR, WV and MS. The maximum APR is 16% for properties located in NC. Offer and rates subject to change without notice, with offer available only for lines closed at SunTrust Bank branches in the State of Maryland, Washington, D.C., and in the Virginia cities and counties of Alexandria, Arlington, Fairfax, Falls Church, Loudoun and Prince William, and only for owner-occupied, single-family primary residences. Not valid on condominiums, second homes, manufactured homes or cooperatives. SunTrust must be in a valid first- or second-lien position. Exclusions and limitations apply. Property insurance is required, and if applicable, flood insurance will be required. Consult your tax advisor regarding the deductibility of interest. For each advance taken under the fixed-rate/fixed-term option, there will be a $15 processing fee if and as allowed by applicable law. For Visa®
cash advances, the ATM fee is $5 if and as allowed by applicable law. Offer for new and refinanced consumer home equity lines of credit, as well as for home equity credit
line increases. Relationship pricing discounts are not available on existing consumer loans or lines of credit. Visa cash advances/ATM access may not be available in all states. Preliminary line decisions are usually made within 24 hours on applications received during normal banking hours. For new lines of $10,000 or more, SunTrust will advance certain costs on your behalf, including the first property/collateral valuation obtained by SunTrust, but excluding: any subsequent property/collateral valuation not required by us; and, if required, title insurance and related fees, and any new or increased homeowner’s and/or flood insurance premiums. However, if your account is closed within three (3) years, we will add any closing costs we advanced on your behalf to your outstanding balance for our reimbursement. Total closing costs generally range from $100 to $1,300.
SunTrust Bank is an Equal Housing Lender. Member FDIC. ©2010 SunTrust Banks, Inc. SunTrust, Access 3 and Live Solid. Bank Solid. are federally registered service marks of SunTrust Banks, Inc.
Guests to be interviewed Sunday on major television talk shows: FOX NEWSSUNDAY (WTTG), 9 a.m.: Christine O'Donnell (R-Del.), U.S. Senate candidate; and Karl Rove, GeorgeW. Bush’s former senior adviser.
STATE OF THE UNION (CNN), 9 a.m.: Sen. Jim DeMint (R-S.C.); Democratic National Committee chairman Tim Kaine; former Virginia congressman Tom Davis (R); and Anita Dunn, formerWhite House communications director.
THIS WEEK (ABC,WJLA), 10 a.m.: Secretary of State Hillary Rodham
Clinton; and Iranian president Mahmoud Ahmadinejad.
NEWSMAKERS (C-SPAN), 10 a.m.: Health and Human Services secretary Kathleen Sebelius.
FACE THE NATION (CBS,WUSA), 10:30 a.m.: O'Donnell; and former president Bill Clinton.
MEET THE PRESS (NBC,WRC), 10:30 a.m.: Bill Clinton; and former Secretary of State Colin L. Powell.
WASHINGTONWATCH (TV One), 11 a.m.: Attorney General Eric H. Holder Jr.; and House MajorityWhip James E. Clyburn (D-S.C.).
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