Offshore driller Transocean Ltd. RIGN.VX +10.61% and the Justice Department are expected to announce a settlement Thursday afternoon that would wrap up all of the company's civil and criminal issues relating to the 2010 Deepwater Horizon accident in the Gulf of Mexico, according to people familiar with the talks.As always, the devil comes in the details of these settlements which is where we find out how much money will actually go toward much needed coastal restoration work in Louisiana as opposed to how much goes to building condos in Tuscaloosa or making commercials for seafood. At the moment we do not have this information.
Transocean was the owner of the drilling rig that exploded in April 2010, killing 11 workers and leading to the largest offshore oil spill in U.S. history. The company is expected to pay fines and penalties of about $1.4 billion, according to a person familiar with the matter.
Spokesmen for Transocean and the Department of Justice didn't return calls seeking comment.
Update: Mark Schleifstein and Richard Thompson fill in the details here.