Transocean, US mull $1.5bn settlement

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BPlogo REUTERS File photo.

Transocean Ltd. is in discussions with the US Justice Department to pay $1.5 billion to resolve civil and criminal claims from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the Swiss-based company said on Monday.

Parties have been unable to reach an agreement so far, Swiss-based Transocean said in a filing with the US Securities and Exchange Commission. Transocean owned the Deepwater Horizon drilling rig and BP Plc was the operator of the Macondo well, which ruptured on April 20, 2010, killing 11 workers and unleashing the worst US offshore oil spill.

Transocean has reserved $2 billion to cover charges arising from a potential settlement, and said it does not expect any incremental charges to earnings. - Reuters

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