Transocean, Justice Department Agree To Settle Deepwater Horizon Oil Spill In Gulf Of Mexico For About $1.4B: Report

By Mike Obel | January 03 2013 12:31 PM

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Transocean Ltd. (NYSE:RIG), which operated the floating oil drilling rig Deepwater Horizon that ignited and started the worst offshore spill in the U.S., is expected to pay about $1.4 billion to settle all federal claims against it, the Wall Street Journal reported Thursday. The April 2010 accident, which left 11 workers dead, caused the Macondo Well to gush about 4.9 million barrels of crude oil into the Gulf of Mexico before it was capped three months after the accident. Neither Transocean, whose shares rose $2.47 or 5.34 percent to $48.74 in afternoon trading, nor the Justice Department have confirmed the newspaper's report.