Plea Deal In Gulf Oil Spill Approved

February 16, 2013

The National Fish and Wildlife Foundation said  it will manage the distribution of $150 million in settlement funds from Transocean Deepwater, Inc. for environmental restoration following a judge’s acceptance of a plea agreement.

The money comes from a settlement with 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.

The Transocean funds will be paid over a two-year period.

The 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 settlements will be used for natural resource restoration projects in the five Gulf States, including Florida. Louisiana will get half, with Florida and the other three states splitting the rest.

By The News Service of Florida

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Written by William Reynolds · Filed Under News