Federal Judge Approves Transocean Plea Agreement in Gulf Oil Spill

      Federal Judge Approves Transocean Plea Agreement in Gulf Oil Spill

PR Newswire

NEW ORLEANS, Feb. 14, 2013

NEW ORLEANS, Feb. 14, 2013 /PRNewswire-USNewswire/ -- The National Fish and
Wildlife Foundation will manage the distribution of $150 million in settlement
funds from Transocean Deepwater, Inc. for Gulf Coast environmental restoration
under a plea agreement accepted by a federal court judge today.

The funds are part of a settlement reached by the U.S. Department of Justice
to resolve certain criminal charges against Transocean as a result of the 2010
Deepwater Horizon explosion and oil spill in the Gulf of Mexico.

"These funds, along with money from the recent BP settlement, will go a long
way toward helping protect and preserve the natural resources of the Gulf
Coast that suffered from the spill," said Jeff Trandahl, executive director
and CEO of the National Fish and Wildlife Foundation. "We intend to make sure
the money is used effectively, efficiently and transparently."

The Transocean funds will be paid over a two-year period. National Fish and
Wildlife Foundation also will administer nearly $2.4 billion from a recently
approved plea agreement between BP and the Justice Department. BP will pay
those funds over a five-year period.

Funds from both the Transocean and BP criminal settlements will be used for
natural resource restoration projects in the five Gulf States. The plea
mandates that Louisiana receive half of the funds for restoration of barrier
islands off the coast and river diversion projects on the Mississippi and
Atchafalaya Rivers to help build critical marshlands. The remaining half of
the money will be divided among Florida, Alabama, Mississippi and Texas
according to a fixed formula set forth in the settlement documents.

The National Fish and Wildlife Foundation, a Congressionally chartered
non-profit corporation, is one of the largest private funders of conservation
projects in the United States. It is subject to oversight by Congress and a
board of directors that includes the heads of the U.S. Fish and Wildlife
Service and the National Oceanic and Atmospheric Administration (NOAA), as
well as representatives from states, non-governmental organizations and
industry.

Full plea agreement

Justice Department-Transocean Joint Memorandum to the court

National Fish and Wildlife Foundation background

SOURCE National Fish and Wildlife Foundation

Website: http://nfwf.org
Contact: Carol Denny, +1-202-595-2455, carol.denny@nfwf.org, or Molly Moore,
+1-240-393-0686, molly@sandersonstrategies.com
 
Press spacebar to pause and continue. Press esc to stop.