Transocean Ltd.’s stock is popping after the Wall Street Journal’s Tom Fowler first reported the company agreed to pay $1.4 billion to settle claims related to 2010’s Deepwater Horizon disaster.
Transocean owned the Deepwater Horizon rig. Eleven workers were killed when a methane bubble shot up through the rig and combusted. The incident led to the largest offshore oil spill in U.S. history.
But traders appear to be relieved the penalty was not worse — the stock is up +5 per cent.
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