"Transocean Reaches $212 Million Settlement Over Oil Spill Claims"

"Transocean Ltd. has agreed to a nearly $212 million settlement with Gulf Coast individuals and business owners over the 2010 Gulf of Mexico oil spill, plaintiff's lawyers said Wednesday (May 20).

Transocean was the owner of the Deepwater Horizon drilling rig, which sank after the April 20, 2010 blowout at BP's Macondo well. The disaster killed 11 workers and set off the worst offshore oil spill in U.S. history.

In a statement, Transocean said the settlement and a separate agreement reached with BP to settle ongoing litigation "resolve substantially all outstanding" oil spill claims against the company."

Jennifer Larino reports for the New Orleans Times-Picayune May 20, 2015.