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Market Chatter: Transocean to Pay $1.4 Billion for Role in BP Oil Spill; Stock Up Slightly in Pre-Market

By: MT Newswires
Posted: 1/4/2013 7:23:00 AM
Referenced Stocks: RIG

Transocean Ltd. ( RIG ) agreed to pay $1.4 billion to settle U.S. government charges over BP Plc's massive Gulf of Mexico oil spill in 2010 and the rig contractor admitted that its crew on the Deepwater Horizon was partly responsible, Reuters reports.

Reuters said that the company, which employed nine of the 11 workers killed in the accident, had set aside $1.5 billion for the U.S. Department of Justice out of a $1.95 billion Macondo loss provision. The settlement includes $1 billion in civil penalties and $400 million in criminal penalties.

Still looming is a settlement with the plaintiffs committee that represents more than 100,000 individuals and business owners claiming economic and medical damages.

RIG edged up by 5 cents to $49.25 in the pre-market trade.