Transocean has agreed to pay $400 million in criminal penalties and plead guilty to a misdemeanor charge of violating the Clean Water Act. The Switzerland-based company also agreed to pay $1 billion in civil penalties.
The company isn't expected to enter its guilty plea until next month. U.S. District Judge Jane Triche Milazzo has scheduled a Feb. 14 hearing to decide whether to accept the criminal settlement.
Transocean owned the Deepwater Horizon drilling rig, which sank after an explosion killed 11 workers and spawned the spill. London-based oil giant BP PLC leased the rig from Transocean.