Transocean to pay $1 billion in penalties for 2010 oil spill

Transocean to pay $1 billion in penalties for 2010 oil spill

POSTED: Tuesday, February 19, 2013 - 12:46pm

UPDATED: Tuesday, February 19, 2013 - 12:51pm

A federal judge has approved Transocean's agreement with the Justice Department to pay $1 billion in civil penalties for its role in the massive 2010 oil spill in the Gulf of Mexico.

Transocean entered the plea deal on January 9.

Eleven workers were killed when the Transocean oil rig exploded. The blast and ensuing fire damaged the rig, causing 4.9 million barrels of oil to spill into the Gulf, according to a 2011 report by the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. 

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