The Plaintiffs' Steering Committee (PSC) spearheading the litigation emanating from the 2010 Deepwater Horizon Oil Spill today announced that it has reached a preliminary agreement with Transocean for $211,750,000 to settle claims against the company arising from the spill.

The settlement, which will be overseen by Judge Carl A. Barbier of the Eastern District of Louisiana, includes two classes of eligible claimants similar to the settlement negotiated between the PSC and Halliburton last year. The first class is comprised of individuals and businesses that are class members in the existing BP Deepwater Horizon Economic and Property Damages Settlement.

The second class is a new Transocean Punitive Damages Settlement Class of individuals, businesses and local governments deemed to have standing under General Maritime Law to have brought a punitive damages claim.

'We applaud Transocean for adding to the settlement funds established in the Halliburton settlement to help compensate people and businesses for their losses,' said Co-lead plaintiffs' attorneys, Stephen J. Herman and James P. Roy.

Through this settlement, Transocean will effectively resolve its liability to private plaintiffs and local governments for most of its exposure under both the Oil Pollution Act (OPA) and General Maritime Law. BP continues to have significant liabilities to private plaintiffs and state/local governmental entities.

Tags: Transocean Ltd.