Rig Company to Pay $1.4 Billion for Oil Spill

Transocean, partially responsible for the Deepwater Horizon oil spill in 2010, will pay up and plead guilty to a criminal charge.

Rig Company to Pay $1.4 Billion for Oil Spill Photo (cc) by Green Fire Productions

From The Associated Press

“These important agreements, which the company believes to be in the best interest of its shareholders and employees, remove much of the uncertainty associated with the accident,” the company said. “This is a positive step forward, but it is also a time to reflect on the 11 men who lost their lives aboard the Deepwater Horizon.

$1 billion is for civil penalties and the rest is criminal. As part of the settlement, Transocean will admit to violating the Clean Water Act. Most of the money will be used for environmental restoration and researching how to avoid future spills. BP has already agreed to pay $4.5 billion as well.

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