May 21, 2015

Transocean pay only $212M settlement of $40 billion of Deepwater Horizon oil spill

NEW ORLEANS, May 20 (UPI) -- Transocean, the owner of the
Deepwater Horizon oil rig that exploded in 2010, dumping some 200 million gallons of oil into the Gulf of Mexico, agreed to a $212 million settlement.

The Switzerland-based company said it reached settlements with two classes of plaintiffs -- one comprised of private plaintiffs and local governments, and another including BP.

"The Macondo Well incident resulted from a complex series of causes and events," a statement from Transocean said. "These included mistakes made by multiple parties, including Transocean, from which the entire industry can learn and continue to improve safety in the drilling industry. These important agreements, which Transocean believes to be in the best interest of its shareholders and employees, remove substantially all of the remaining uncertainty associated with the incident."

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