Transocean agrees $20m Deepwater Horizon settlement with the state of Alabama

Switzerland-based Transocean, owner of the Deepwater Horizon drilling rig that exploded disastrously in 2010, has agreed a $20m compensation settlement with the state of Alabama.

Alabama was one of the five Gulf of Mexico states – along with Louisiana, Mississippi, Florida and Texas – impacted by the effects of the disaster in which 11 people died and which caused around 210 million gallons of oil to be pumped into the Gulf waters.

This settlement is to compensate the state of Alabama for environmental and economic losses suffered because of the disaster.

Far bigger settlements – of more than $20 billion- have been imposed on BP, which was operating the rig at the time.

Transocean owns almost half of the world’s deepwater platforms.