I'm pretty nacked off at the failure of the blowout preventer to close. There's a serious problem here - the rig burned for a good long time before it sank, so the argument that the torque on the pipe damaged it as she went down doesn't really hold much water. Those are active-open devices, have lots of redundancy (theoretically) and it should have closed immediately when the accident occurred - but obviously it didn't, or there wouldn't have been the fuel for the inferno there either.
Mass media coverage has been very sloppy at best. E.g., this Sat morning May 1, a major news anchor 'on site' said that 200,000 miles of oil boom was in place and 500,000 'miles' more was coming. No doubt he meant 200,000 ft (approx 40 miles), plus 100 miles more; but he/they did not correct the remarks. I think he was able to correctly identify 'water' and 'boat' (lol).
At any rate, one of the reports related that some type of 'emergency' blowout preventer was not installed, over and above. or in addition to that which they have been trying to close. They may have punted in a 'cost saving measure' (I'm sure all of you have heard that all your work lives); so I am vetting the info vs. the source. Who knows how accurate the report is, but it sounded valid.
Also, there are four general areas of nominal risk management, and it sounds like they punted on three of the four. The fourth approach of paying all cleanup and legal costs, will be a very high cost, I'll bet - $5B+?. I don't think that BP directly owned the rig, but due diligence would indicate a need to apply corporate best practices. However, if I remember years ago, that was a management weakness at BP; but that's an aside.
I have recently read that BP had applied a low level of probability that a 'risk event' (blowout) would/could occur. However, since the 'risk cost' is a function of chance x cost, even a low chance would yield a high cost! In short, I would rate the management of the overall systems an F. Poor management of the rig, then poor risk planning for 'risk events'. I don't think I'd want those guys maintaining the systems on my Hatt!
If I've been too strong, let me know and I'll pull my remarks.