( CNN ) -- A federal judge in New Orleans ruled Thursday that Transocean is not liable for Deepwater Horizon compensatory damages sought by third parties in the worst oil spill in U.S. history . There are more than 120,000 plaintiffs in the lawsuit , scheduled to go to trial on February 27 in New Orleans . Third parties comprise the vast majority of plaintiffs . Transocean owned the Deepwater Horizon rig that exploded on April 20 , 2010 , killing 11 people . Transocean is still potentially liable for punitive damages or civil penalties under the Clean Water Act . A spokesman for Transocean said the ruling confirms `` that BP is responsible for all economic damages caused by the oil that leaked from its Macondo well , and discredits BP 's ongoing attempts to evade both its contractual and financial obligations . `` Transocean is pleased to see its position affirmed , consistent with the law and the long-established model for allocating risks in the offshore-oil and gas industry , '' spokesman Lou Colasuonno said . BP , the oil company that contracted the rig , highlighted liabilities Transocean still potentially faces . `` Under the decision Transocean is , at a minimum , financially responsible for any punitive damages , fines and penalties flowing from its own conduct . As we have said from the beginning , Transocean can not avoid its responsibility for this accident , '' a BP statement said . `` By contrast , since the spill we have stepped up , acknowledged our role and paid more than $ 7.8 billion in claims , advances and other payments to individuals , businesses and governments , '' BP said . `` Today 's ruling makes clear that contractors will be held accountable for their actions under the law . While all official investigations have concluded that Transocean played a causal role in the accident , the contractor has long contended it is fully indemnified by BP for the liabilities resulting from the oil spill . The court rejected this view , '' BP said . CNN 's Michael Martinez contributed to this report .
Federal law says Transocean is n't liable for third parties ' compensatory damages . Those third parties comprise the vast majority of plaintiffs . The Deepwater Horizon spill caused the worst oil spill in U.S. history . The lawsuit will go to trial February 27 in New Orleans .