Transocean settlement OK'd

Investor's Business Daily

A federal judge accepted Transocean's (RIG) guilty plea for violating the Clean Water Act, and the oil rig contractor's payment of $400 mil to settle criminal charges brought by the federal gov't. The suit arose after the '10 Gulf of Mexico rig explosion that caused a massive oil spill at BP's (BP) Macondo well. The settlement includes $1 bil in civil penalties plus the $400 mil in criminal penalties. Transocean will separately seek civil settlements with a committee representing individuals and businesses. Shares fell 1.5%.

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