Transocean settles federal claims arising from Macondo incident

Transocean Ltd.’s (NYSE: RIG) (SIX: RIGN) subsidiary Transocean Deepwater Inc. has agreed with the U.S. Department of Justice to resolve certain outstanding civil and potential criminal claims arising from the accident in the Gulf of Mexico involving the Deepwater Horizon drilling rig.

Offshore staff

WASHINGTON, D.C./ZUG, Switzerland –Transocean Ltd.’s (NYSE: RIG) (SIX: RIGN) subsidiary Transocean Deepwater Inc. has agreed with the U.S. Department of Justice to resolve certain outstanding civil and potential criminal claims arising from the accident in the Gulf of Mexico involving the Deepwater Horizon drilling rig.

Transocean has agreed to plead guilty to one misdemeanor violation of the Clean Water Act for negligent discharge of oil into the Gulf of Mexico, and pay $1.4 billion in civil and criminal fines, recoveries and penalties, excluding interest. For its part, the Department of Justice will conclude its criminal investigation of Transocean and settle its claims for civil penalties relating to the spill.

Under the civil settlement, the Transocean defendants must observe various court-enforceablestrictures in its drilling operations.  Examples of these requirements include certifications of maintenance and repair of BOPs before each new drilling job, consideration of process safety risks, and personnel training related to oil spills and responses to other emergencies. These measures apply to all rigs operated or owned by the Transocean defendants in all U.S. waters and will be in place for at least five years.

Anadarko and BP settled claims between the two companies late this past year. 

For a complete record of the accident and its impacts,click here

1/4/2013

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