News Headline Summary

Transocean (RIG) are to pay USD 1.4bln in Deepwater Horizon settlement with DOJ

- To pay USD 1bln in CWA civil penalties over 3 year period.
- To pay USD 100mln fine on unit plea agreement
- To pay USD 150mln to NFWF over 3 years.
- To pay USD 150mln to NAS over 5 year period.
- Unit will be subject to maximum 5 year probation.

Analysis details (17:30)

- Deepwater Horizon was an ultra-deepwater, dynamically positioned, semi-submersible offshore oil drilling rig, on 20 April 2010, while drilling at the Macondo Prospect, an explosion on the rig caused by a blowout killed 11 crewmen and ignited a fireball visible from 35 miles away. The resulting fire could not be extinguished and, on 22 April 2010, Deepwater Horizon sank, leaving the well gushing at the seabed and causing the largest offshore oil spill in U.S. history.

03 Jan 2013 - 17:26 - Equities - Source: Newswires

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