News Summary: Transocean to pay $1.4B for spill

Last Updated: Thu, Jan 03, 2013 18:00 hrs

'S TAB: The Justice Department reached a $1.4 billion settlement with Transocean Ltd., the owner of the drilling rig that sank after an explosion killed 11 workers and created the massive 2010 oil spill in the Gulf of Mexico.

BP AGREED: BP PLC, which leased the rig from Transocean, already has agreed to pay a record $4.5 billion in penalties and plead guilty to manslaughter and other criminal charges related to the spill.

INTO THE POOL: Transocean previously said it had reserved $2 billion to pay claims related to the Deepwater Horizon disaster.

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