It is also suing US firm Cameron International, the manufacturers of the blowout preventer, BP said in a lawsuit filed on Wednesday in a New Orleans federal court.
"We are suing the rig owner for at least $40 billion in damages, accusing it of causing last year's deadly blowout in the Gulf of Mexico that led to the worst offshore oil spill in US history on April 20 last year, the filing said.
The British company said they (Tranocean and Cameron) were largely to blame for the accident that killed 11 and spilled 4.9 million barrels of oil into the Gulf of Mexico.
BP says every single safety system and device and well control procedure on the Deepwater Horizon rig failed.
It is also suing Cameron International, which provided a blowout preventer with a faulty design, which caused an unreasonable amount of risk that harm would occur, the filing said.
Both companies have filed counter claims against BP.
Cameron 'did not meet the standards of a reasonable manufacturer and service provider', BP said in the filing.
BP is seeking damages from Cameron for providing a product it says was defective, as well for claims against BP under the Oil Pollution Act.
In the case of Transocean, BP says the company failed 'to properly operate the Deepwater Horizon', including failing to properly inspect equipment, asses the risk of equipment failure and negligently hiring, retaining and/or training personnel.
"Many parties involved in the case have filed suit against one another in the last few days in order to reserve their rights to make certain claims under several statutory deadlines that expire Wednesday -- the one-year anniversary of the disaster.
The blowout preventer had two control pods with redundant systems.
A solenoid intended to activate a 'deadman' switch in one of the pods if the blowout preventer lost contact with the rig failed, when it was tested after the device was brought back to the surface.
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