SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
An oil-covered brown pelican sits in a pool of oil along Queen Bess Island Pelican Rookery, about 3 miles northeast of Grand Isle, La., June 2010 (Sean Gardner/Reuters/File)
Transocean Gets Off Easy With 'Wholly Inadequate' Gulf Settlement
Those responsible for 'largest environmental disaster in American history' continue to roam free in Gulf of Mexico
Jan 04, 2013
Transocean Deepwater Inc. was handed a free pass by the U.S. Department of Justice Thursday, pleading guilty to violations of the Clean Water Act in exchange for a relatively nominal fine and no further criminal penalties for the 2010 oil spill that polluted the Gulf of Mexico with 200 million gallons of oil over a three month period, causing untold damage.
Transocean, owner of the drilling rig that exploded, will now pay a total of $1.4 billion in civil and criminal fines and penalties--an amount Sierra Club called "wholly inadequate" in relation to the massive amounts of environmental degradation and the loss of human lives resulting from the massive disaster.
Sierra Club Executive Director Michael Brune released the following statement in response:
Just a month ago the Sierra Club called on the Obama Administration to hold BP and their contractors fully accountable for the largest environmental disaster in American history. The settlement announced yesterday, like the $4 billion settlement of BP's criminal charges last month, is wholly inadequate to the damage these companies caused - the loss of human life and the disruption of the entire Gulf ecosystem and economy. With these weak settlements, Gulf communities, families and businesses are being sold out to Big Oil for pennies on the dollar. BP and their contractors must pay the real cost of this disaster, no less than $60 billion, and be held accountable for their careless and illegal operations that created this disaster.
After the deal, Transocean's immediately began profiting once again. According to Bloomberg, "Transocean shares (RIG) surged the most in 28 months after the settlement was announced yesterday and yields on company debt fell, signaling rising investor demand...now that most of the uncertainty about potential liabilities for the Macondo [well] accident has been resolved."
Three years after the disaster, Transocean still operates widely in the Gulf of Mexico. Fourteen of the 39 rigs actively drilling in Gulf water depths of at least 1,000 feet (305 meters) are owned by Transocean, more than any other operator, according to Dice Holdings Inc.'s Rigzone, which tracks global offshore rig data.
Thursday's settlement resolves the DoJ's civil and criminal prosecution of Transocean.
Transocean still faces a settlement with the Macondo plaintiffs steering committee, which represents more than 100,000 individuals and business owners claiming economic and medical damages from the spill, but could take years to settle.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Jacob Chamberlain
Jacob Chamberlain is a former staff writer for Common Dreams. His website is www.jacobpchamberlain.com.
Transocean Deepwater Inc. was handed a free pass by the U.S. Department of Justice Thursday, pleading guilty to violations of the Clean Water Act in exchange for a relatively nominal fine and no further criminal penalties for the 2010 oil spill that polluted the Gulf of Mexico with 200 million gallons of oil over a three month period, causing untold damage.
Transocean, owner of the drilling rig that exploded, will now pay a total of $1.4 billion in civil and criminal fines and penalties--an amount Sierra Club called "wholly inadequate" in relation to the massive amounts of environmental degradation and the loss of human lives resulting from the massive disaster.
Sierra Club Executive Director Michael Brune released the following statement in response:
Just a month ago the Sierra Club called on the Obama Administration to hold BP and their contractors fully accountable for the largest environmental disaster in American history. The settlement announced yesterday, like the $4 billion settlement of BP's criminal charges last month, is wholly inadequate to the damage these companies caused - the loss of human life and the disruption of the entire Gulf ecosystem and economy. With these weak settlements, Gulf communities, families and businesses are being sold out to Big Oil for pennies on the dollar. BP and their contractors must pay the real cost of this disaster, no less than $60 billion, and be held accountable for their careless and illegal operations that created this disaster.
After the deal, Transocean's immediately began profiting once again. According to Bloomberg, "Transocean shares (RIG) surged the most in 28 months after the settlement was announced yesterday and yields on company debt fell, signaling rising investor demand...now that most of the uncertainty about potential liabilities for the Macondo [well] accident has been resolved."
Three years after the disaster, Transocean still operates widely in the Gulf of Mexico. Fourteen of the 39 rigs actively drilling in Gulf water depths of at least 1,000 feet (305 meters) are owned by Transocean, more than any other operator, according to Dice Holdings Inc.'s Rigzone, which tracks global offshore rig data.
Thursday's settlement resolves the DoJ's civil and criminal prosecution of Transocean.
Transocean still faces a settlement with the Macondo plaintiffs steering committee, which represents more than 100,000 individuals and business owners claiming economic and medical damages from the spill, but could take years to settle.
Jacob Chamberlain
Jacob Chamberlain is a former staff writer for Common Dreams. His website is www.jacobpchamberlain.com.
Transocean Deepwater Inc. was handed a free pass by the U.S. Department of Justice Thursday, pleading guilty to violations of the Clean Water Act in exchange for a relatively nominal fine and no further criminal penalties for the 2010 oil spill that polluted the Gulf of Mexico with 200 million gallons of oil over a three month period, causing untold damage.
Transocean, owner of the drilling rig that exploded, will now pay a total of $1.4 billion in civil and criminal fines and penalties--an amount Sierra Club called "wholly inadequate" in relation to the massive amounts of environmental degradation and the loss of human lives resulting from the massive disaster.
Sierra Club Executive Director Michael Brune released the following statement in response:
Just a month ago the Sierra Club called on the Obama Administration to hold BP and their contractors fully accountable for the largest environmental disaster in American history. The settlement announced yesterday, like the $4 billion settlement of BP's criminal charges last month, is wholly inadequate to the damage these companies caused - the loss of human life and the disruption of the entire Gulf ecosystem and economy. With these weak settlements, Gulf communities, families and businesses are being sold out to Big Oil for pennies on the dollar. BP and their contractors must pay the real cost of this disaster, no less than $60 billion, and be held accountable for their careless and illegal operations that created this disaster.
After the deal, Transocean's immediately began profiting once again. According to Bloomberg, "Transocean shares (RIG) surged the most in 28 months after the settlement was announced yesterday and yields on company debt fell, signaling rising investor demand...now that most of the uncertainty about potential liabilities for the Macondo [well] accident has been resolved."
Three years after the disaster, Transocean still operates widely in the Gulf of Mexico. Fourteen of the 39 rigs actively drilling in Gulf water depths of at least 1,000 feet (305 meters) are owned by Transocean, more than any other operator, according to Dice Holdings Inc.'s Rigzone, which tracks global offshore rig data.
Thursday's settlement resolves the DoJ's civil and criminal prosecution of Transocean.
Transocean still faces a settlement with the Macondo plaintiffs steering committee, which represents more than 100,000 individuals and business owners claiming economic and medical damages from the spill, but could take years to settle.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.