Somewhere between Tue 1 Jan and Tue 31 Dec 2013

Transocean to pay $1.4 billion fine for role in BP oil spill

Transocean Ltd., the company which employed nine of the 11 workers killed in the accident at the Deepwater Horizon offshore oil drilling rig on 20 April 2010, is to pay $1.4 billion fine for its role in the Gulf of Mexico oil spill.

The fine is part of a settlement the company reached with the prosecution after admitting that its staff on the Deepwater Horizon was partially responsible for the accident.

The Switzerland-based company's fine is lower than expected on the markets.  

The liability trial in the Gulf of Mexico oil spill is due to begin on 25 February, 2013 in New Orleans. Should BP be found guilty of gross negligence and Clean Water Act (CWA) violations, the company will be liable to pay up to $21 billion in fines.

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