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WASHINGTON (Reuters) - Offshore drilling contractor Transocean Ltd has agreed to pay $1.4 billion to settle U.S. government charges arising from BP Plc's massive Macondo oil spill in the Gulf of Mexico in 2010.

The settlement unveiled on Thursday by the Department of Justice includes $1 billion in civil penalties and $400 million in criminal penalties. The company had set aside $1.95 billion in potential losses related to Macondo, including $1.5 billion for its anticipated settlement with the DoJ.

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