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Transocean's $1.4B oil spill deal will help Gulf

2 years ago January 04, 2013 Jan 4, 2013 Friday, January 04 2013 Friday, January 04, 2013 6:14:13 AM EST in News
Source: Associated Press

NEW ORLEANS - A $1.4 billion settlement between the Justice Department and Deepwater Horizon rig owner Transocean Ltd. will pump hundreds of millions of dollars into projects designed to help the Gulf Coast recover from the nation's largest offshore oil spill.

U.S. Democratic Sen. Mary Landrieu of Louisiana said the settlement announced Thursday will dedicate $800 million of the civil penalty and $300 million of criminal penalty to coastal protection and restoration work. Other settlement funds will support spill-prevention research and training.

U.S. Republican Sen. David Vitter of Louisiana said he hopes it leads to "much bigger final action with BP, the main culprit in this horrible disaster."

BP PLC leased the rig from Transocean. It already has agreed to pay $4.5 billion in penalties and plead guilty to criminal charges.

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