Transocean to pay $1.4 billion in Gulf oil spill settlement

The drilling contractor will also plead guilty to one criminal misdemeanor in connection with the 4.9 million barrel spill

Transocean Deepwater Inc. has agreed to pay $1.4 billion to resolve all federal civil and criminal charges related to the Deepwater Horizon oil spill, the Department of Justice (DOJ) announced Thursday.

The 2010 spill occurred when an explosion on the Transocean-owned Deepwater Horizon oil rig killed 11 workers and leaked 4.9 million barrels of oil into the Gulf of Mexico.

Alanna Byrne

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.