“Transocean, the drilling company that owned the oil rig implicated in the catastrophic Deepwater Horizon oil spill in the Gulf of Mexico, will plead guilty to violating the Clean Water Act and pay a $1.4 billion fine, the Justice Department said Thursday.
Justice filed the agreement in a Louisiana court Thursday. A judge must approve the settlement.
Shares of Transocean jumped with news of the settlement, closing up more than 6% at $49.20 a share.
The settlement reflects the government’s contention that BP, a multi-national oil company based in London, is ultimately responsible for the April 20, 2010, blowout of the Macondo well that killed 11 rig workers and led to the largest oil spill in U. S. history….”
If you enjoy the content at iBankCoin, please follow us on Twitter
