Transocean to pay 1.4 Billion in Fines and Penalties for Deepwater Horizon.

I'm surprised to see no listing for this, so to bring a major development to share, here is the latest!

Transocean to Pay $1.4B For Deepwater Spill

Transocean Deepwater owned the drilling rig, which exploded on April 20, 2010, killing 11 people and setting off the worst oil spill in U.S. history. The explosion also blew up BP's well, Macondo Prospect, dumping 4.1 million barrels, or 172 million gallons, of oil into the Gulf of Mexico over 87 days.

Prosecutors said the conduct of Transocean and its affiliates violated the Clean Water Act.

This is separate from what is happening with BP and the status of their issues on this.

In addition to a $1 billion penalty to resolve those claims, Transocean will also pay $400 million in criminal fines and penalties. It must also continue cooperating with the government's ongoing criminal investigation. Claims for natural resource damages and cleanup costs are not covered in the deal.

In pleading guilty, Transocean admits its Deepwater crew members "were negligent in failing fully to investigate clear indications that the Macondo well was not secure and that oil and gas were flowing into the well," the Justice Department said in a statement.

Source


I wouldn't suggest the money involved makes anything right but at least there is some record of guilt being admitted on this. That is more than is often seen on the big events. Hopefully this isn't over either. There is mention of their ongoing cooperation on other aspects of the whole thing. It's something to keep watching by the sound of it.

I bet they sell bonds to cover the fines

so some banker will make money on the deal, and they won't feel the pain

at least they did admit they screwed up

reply to post by Wrabbit2000


Explanation: S&F!

Just showing some maths ok ...

$1,400,000,000.oo (fines) / 4,100,000 barrels of oil (pollution) = $341.46(34146) fine / barrel of pollution.

Personal Disclosure: N/A as I am too grumpy and too to post my own opinions on this issue coherently for the time being!

reply to post by OmegaLogos

Well, cheer up. It's Sunday after all. It ought to be a day off for everyone.

It's getting to be a tough crowd here lately for stories that aren't political or bad news though, eh? If I had a story about the oil well down there popping open again like a big champagne cork blowing off, it'd already be pages long. lol...

reply to post by Wrabbit2000


pffft to them, it's not a drop in the ocean to them and they won't go under, (pardon the pun) they cut a deal, just like HSBC and the money laundering, and nobody goes to the pokey. Can't you just smell the brown stuff, between courts and government departments.

reply to post by smurfy


Well, it's true Transocean Ltd. won't be put clear out of business by this ... A glance at their negative Cash flow numbers at the bottom tells me all isn't well in their little venture these days. I have a feeling the collective weight of this and all the direct costs it says are not included will help put them under in the long term. It's the least that ought to happen given the long term damage done to the Gulf. They all but ravished it and destroyed it for a long time to come across many areas. BP is the big one ...but these guys had plenty of blame for a good, harm smack like this, IMO.