Friday, January 4, 2013

Transocean to Pay $1.4 billion for its Role in the Gulf Oil Spill of 2010

On January 3, 2013, the Department of Justice announced that it has reached an historic settlement with Transocean for its role in the 2010 oil spill in the Gulf of Mexico. The $1.4 billion settlement will be paid under the Clean Water Act for civil and criminal penalties.

Much of these funds will go towards restoring the Gulf, as directed by the RESTORE Act. Gulf restoration and economic development groups lauded the announcement and issued the following statement:

“This is a great day for the Gulf environment and the communities that rely on a healthy ecosystem for their livelihoods,” said Environmental Defense Fund, Greater New Orleans Inc., National Wildlife Federation, National Audubon Society, The Nature Conservancy, Oxfam America and Ocean Conservancy. “We thank the Department of Justice for their leadership in holding Transocean accountable and look forward to full resolution of the case with other responsible parties, which will allow restoration efforts in the Gulf to get fully underway.”

“With this settlement, the Gulf Coast Ecosystem Restoration Council finally has some funding to begin implementing a comprehensive plan for ecosystem restoration that will rebuild the environment of the Gulf and the communities that rely upon it.”

© 2013, Richard Matthews. All rights reserved.

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