Gulf Coast to Receive USD 1.1 Billion from Transocean Settlement (USA)

Gulf Coast to Receive USD 1.1 Billion from Transocean Settlement

U.S. Senator Mary L. Landrieu, D-La., released the following statement regarding the record $1.4 billion Transocean settlement for its role in the Deepwater Horizon disaster.

Transocean will pay $400 million in criminal fines – with $300 million of that going to the Gulf Coast – and $1 billion in Clean Water Act (CWA) penalties. The RESTORE Act – Sen. Landrieu’s legislation to dedicate 80 percent of penalties paid under the CWA to Gulf states to restore coastal ecosystems and rebuild local economies damaged by the spill – will send $800 million to the Gulf Coast from the CWA penalty. This settlement will send a total of $1.1 billion to the Gulf Coast.

Since the Deepwater Horizon rig exploded off the shores of Louisiana, we have sought justice for the 11 men who lost their lives, the other men who were wounded, the thousands of businesses that were harmed, and our fragile wetlands which sustained heavy pollution. The passage of the RESTORE Act marked historic progress in this effort by ensuring 80 percent of the Clean Water Act penalties go to the Gulf Coast, where the injury actually occurred. Because of the RESTORE Act, today’s record settlement with Transocean will send $800 million in Clean Water Act penalties to the Gulf Coast for protection and restoration. An additional $300 million will be sent from the criminal penalties. While this is an important achievement, I hope it will be one in a series of settlements to bring justice and resolution to our region. I continue to work to hold BP accountable under every applicable statute for what I believe was gross negligence leading up to the Deepwater Horizon disaster,” Sen. Landrieu said.

[mappress]

Press Release, January 4, 2013

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