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Transocean agrees $1.4 bln oil spill

Thursday, January 03, 2013 - 01:16

Jan. 4 - Rig contractor Transocean has agreed to pay $1.4 billion to settle U.S. government charges for its part in BP's massive 2010 Gulf of Mexico oil spill, as the firm admitted that its crew on the Deepwater Horizon was partly responsible. Hayley Platt reports.

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Transocean has agreed to pay $1.4 billion to settle U.S. government charges over its role in BP's 2010 Gulf of Mexico oil spill. The settlement includes a $1 billion civil fine and $400 million in criminal penalties. The rig contractor admitted that its crew on the Deepwater Horizon was partly responsible. Transocean employed 9 of the 11 workers killed in the explosion at the rig in April 2010. Britain's BP and its contractors have tried to blame each other since the well explosion triggered the biggest offshore oil spill and one of the largest environmental disasters in U.S. history. Last year BP agreed a $7.8 billion settlement. Halliburton - which performed cementing work on the Macondo well - is the only company not to have settled. It's denying its role in the incident. Transocean shares rose over 6% on the settlement news, as the amount was less than expected. Analysts said the firm can now start putting the incident behind it. Although the company hasn't settled with the committee that represents more than 100,000 individuals and businesses who say they suffered from the spill.

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Transocean agrees $1.4 bln oil spill

Thursday, January 03, 2013 - 01:16