This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Federal Judge Approves Transocean Plea Agreement In Gulf Oil Spill





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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs