Judge approves Transocean's Macondo settlement

Spill settlement: Judge approves $400m settlement by Transocean

AP/Scanpix

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News Wires

 14 February 2013 16:28 GMT

A federal judge in New Orleans has approved last month's $400 million criminal settlement by Transocean with the US Justice Department over the 2010 Macondo disaster.

Judge Jane Triche Milazzo accepted Transocean's guilty plea to one criminal misdemeanor violation of the Clean Water Act for failing to properly monitor the well at the time of the deadly 2010 blowout at the Deepwater Horizon in the Gulf of Mexico, Dow Jones Newswires reports.

The offshore driller will pay a $100 million fine within 60 days and $150 million each over the next three to five years to the National Fish and Wildlife Foundation and to the National Academy of Sciences for oil-spill response and habitat rehabilitation.

Transocean has also agreed…

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