Transocean, Feds Push For $400M Deepwater Plea Approval

Law360, New York (February 8, 2013, 7:19 PM EST) -- Transocean Ltd. and the U.S. Department of Justice asked a Louisiana federal judge on Friday to accept an agreement for the offshore drilling company to plead guilty to violating the Clean Water Act and pay $400 million in criminal penalties for contributing to the Deepwater Horizon oil spill.

In a joint memorandum, Transocean and prosecutors said the deal represented an adequate punishment for the company’s role in the worst environmental disaster in U.S. history and would deter misconduct down the road.

The agreement is part of...
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