(NYSE:ME) Mariner Energy; Gulf Oil Rig Explosion 2010 (VIDEO)

Mariner Energy (NYSE:ME) had better luck than TransOcean and BP did when their oil rig, on Vermilion block 380 exploded. The Deepwater Horizon platform in April’s emergency equipment didn’t work correctly, and as a result 260 million or more barrels of oil spilled into the Gulf of Mexico.

Today, the Mariner Energy platform burst into flames, but the equipment worked as it was designed, the flow of oil was cut off to the platforms seven producing wells and all employees escaped without harm.

As you can see from the AP video below, crews worked quick to ensure that the oil rig explosion was dealt with and contained without incident.  So far, it looks as if no new oil spill will develop, but watchful eyes are keeping up with the situation.

The cause of the fire is unknown, but an investigation is underway.  As soon as we know more about the situation, we will pass it on to you.