Judge approves Transocean's $1B spill settlement

2/19/2013

NEW ORLEANS — A federal judge has approved Transocean Ltd.'s agreement with the Justice Department to pay $1 billion in civil penalties for its role in the massive 2010 oil spill in the Gulf of Mexico.

U.S. District Judge Carl Barbier said in his ruling today that he found “no just reason for delay” in approving the civil settlement.

Last week, a different judge approved Transocean's criminal settlement with the federal government. The company pleaded guilty to a misdemeanor charge and will pay an additional $400 million in criminal penalties.

Transocean owned the Deepwater Horizon drilling rig, which exploded and sank over BP's Macondo well in April, 2010. The accident killed 11 rig workers and spawned the nation's worst offshore oil spill.