Transocean Heads To Court With Proposed Settlement

Transocean, the owner of the oil drilling rig that exploded and triggered the BP oil spill is scheduled to make its first appearance in federal court in New Orleans. The company is offering a settlement.

Transocean is willing to pay $1 billion in civil penalties, and $400 million in criminal fines. The financial proposal reached with the Justice Department includes pleading guilty to a misdemeanor charge of violating the Clean Water Act, and is now subject to court approval.

Eleven workers were killed when the Deepwater Horizon rig exploded in the Gulf of Mexico. BP leased the rig in 2010 to develop the Macondo well.

A federal judge has set a hearing for February 14 to decide if the criminal settlement is acceptable.