Transocean, U.S. discussing $1.5 billion spill settlement

Mon, 09/10/2012 - 3:25pm

(Reuters) - Transocean Ltd is in discussions with the U.S. Justice Department to pay $1.5 billion to resolve civil and criminal claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the Swiss-based company said on Monday.

Parties have been unable to reach an agreement so far on the settlement, which could be paid "over a period of years," Transocean, owner of the world's largest offshore drilling fleet, said in a filing with the U.S. Securities and Exchange Commission.

Transocean owned the Deepwater Horizon drilling rig and BP Plc was the operator of the Macondo well, which ruptured on April 20, 2010, killing 11 workers and unleashing the worst-ever U.S. offshore oil spill. London-based BP is also in talks with the Justice Department to resolve criminal and civil claims.



Share this Story

You may login with either your assigned username or your e-mail address.
The password field is case sensitive.