Transocean to Pay $1.4 billion for its Role in the Gulf Oil Spill of 2010

On January 3, 2013, the Department of Justice announced that it has reached an historic settlement with Transocean for its role in the 2010 oil spill in the Gulf of Mexico. The $1.4 billion settlement will be paid under the Clean Water Act for civil and criminal penalties.

Much of these funds will go towards restoring the Gulf, as directed by the RESTORE Act. Gulf restoration and economic development groups lauded the announcement and issued the following statement: