Transocean -- one of the largest companies of its type -- will shell out a record $1bn in civil penalties over three years for violations of the Clean Water Act, reports the National Law Journal.
Houston-based subsidiary Transocean Deepwater will also plead guilty to a misdemeanour violation, according to the terms in the agreement filed in the District Court for the Eastern District of Louisiana. Transocean agreed to pay $400 million in criminal penalties, with close to half of that figure to be used on the acquisition, restoration and preservation of marine and coastal environment along the gulf.

Closer to justice

US Attorney General Eric Holder commented: ‘This resolution of criminal allegations and civil claims against Transocean brings us one significant step closer to justice for the human, environmental and economic destruction wrought by the Deepwater Horizon disaster.’ Transocean was represented by Californian law firm Munger Tolles & Olson, Georgia’s Sutherland Asbill & Brennan and Washington DC litigation boutique Robbins Russell Englert Orseck Untereiner & Sauber.
In a statement, Transocean said: ‘These important agreements, which the company believes to be in the best interests of its shareholders and employees, remove much of the uncertainty associated with the accident.’