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Transocean to pay $1.4bn for Deepwater Horizon spill

Deepwater Horizon Deepwater Horizon US Coast Guard Photo by Petty Officer 3rd Class Patrick Kelley

New Orleans: Transocean's guilty plea to a misdemeanour charge for its role in the Deepwater Horizon incident, which resulted in the death of 11 rig workers in 2010, was accepted by a federal judge in New Orleans yesterday.

Fines, recoveries and penalties form the incident total $1.4bn to be paid over five years, including $300m in payments to the National Academy of Sciences and National Fish and Wildlife Foundation for oil spill prevention and response and restoration projects. An agreement to pay $1bn in civil penalties over three years settles the governments pending civil claims and the Department of Justice has agreed it will not pursue further prosecution of Transocean Ltd. and certain of its subsidiaries.

The total to be paid by the Swiss owner and operator of Deepwater Horizon is dwarfed by BP's $4bn plea bargain which was agreed in January this year.

Posted 18 February 2013

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