Tagged: oil spill

A federal judge has approved Transocean Ltd.'s agreement with the Justice Department to pay $1 billion in civil penalties for its role in the massive 2010 oil spill in the Gulf of Mexico.

U.S. District Judge Carl Barbier said in his ruling Tuesday that he found "no just reason for delay" in approving the civil settlement.

Last week, a different judge approved Transocean's criminal settlement with the federal government. The company pleaded guilty to a misdemeanor charge and will pay an additional $400 million in criminal penalties.

BP says it has failed to reach a settlement in advance of next week's civil trial on the Deepwater Horizon accident and is ready to defend itself vigorously against allegations of gross negligence in the U.S.'s biggest environmental disaster.

Rupert Bondy, the group's general counsel, said in a statement Tuesday that settlement demands were "not based on reality or the merits of the case."

Billions are at stake in the Feb. 25 trial in New Orleans to determine BP's civil liability. BP already agreed to a $4.5 billion settlement of federal criminal charges.