Posted by: youngragingbull | February 19, 2013

Judge accepts Transocean $1B civil settlement

A federal judge in New Orleans has approved Transocean Ltd.’s  $1 billion settlement with the Justice Department for the company’s role in the 2010 Deepwater Horizon explosion and oil spill, according to media reports.

Another federal judge last week approved a $400 million criminal settlement.

Transocean owned the Deepwater Horizon rig, which exploded in April 2010, killing 11 workers and triggering the worst offshore oil spill in the U.S.

BP PLC, which owned the well, faces a civil trial on the disaster next week, and the U.K.-based company has already paid more than $12 billion in settlements.

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