Thursday, January 3, 2013

Transocean to pay $1.4 billion in fines for 2010 oil disaster

Posted By Google on Thu, Jan 3, 2013 at 2:15 PM

Transocean Deepwater Inc. has agreed to pay $400 million in criminal fines and penalties and, within the terms of a proposed partial consent decree, $1 billion for Clean Water Act violations for its role in the 2010 Gulf oil disaster.

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The order mandates $150 million of the $400 million will be dedicated to "acquiring, restoring, preserving and conserving" marine and coastal environments and wildlife habitat along the Gulf of Mexico, and a portion will also benefit barrier island restoration and wetland restoration along Louisiana. An additional $150 million will be directed to training for and implementing proper drilling procedures. The unprecedented $1 billion from Clean Water Act violations will be subject to the recently approved RESTORE Act, which will funnel 80 percent to Gulf Coast states

Under the settlement, Transocean also must implement federally mandated improvements to rig conditions, rig safety and emergency response. With its guilty plea, Transocean admits that its crewmembers aboard the Deepwater Horizon failed to fully investigate whether the well was secure, and that oil and gas were flowing into the well before its explosion and months-long leak in 2010.

In a statement, U.S. Attorney General Eric Holder said, "This resolution of criminal allegations and civil claims against Transocean brings us one significant step closer to justice for the human, environmental and economic devastation wrought by the Deepwater Horizon disaster."

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