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Litigation

Jan. 5, 2013

Transocean agrees to pay $1.4 billion settlement over oil spill

Transocean announced an agreement with the federal government to pay $1.4 billion in connection with the 2010 Deepwater Horizon oil spill. In addition to the payments, Transocean will overhaul its oil spill response procedures.


By Blake Edwards


Daily Journal Staff Writer


Transocean Ltd. announced an agreement on Thursday with the U.S. Department of Justice to settle civil and criminal claims arising from the 2010 Deepwater Horizon oil spill.


As part of the agreement, Transocean will plead guilty to a misdemeanor violation of the Clean Water Act for negligent discharge of oil and pay $1.4 billion in fines, recoveries and penalties over a five-year period.


Th...

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