The payment Transocean will make to compensate for its criminal actions includes a $100 million criminal fine to be paid within 60 days of sentencing, and $300 million in additional "criminal relief."
Of that, $150 million will be paid over two years to the National Fish and Wildlife Foundation, half of which will pay for barrier island restoration or freshwater and sediment diversions in Louisiana and half for natural resource projects in Alabama, Florida, Mississippi and Texas.
The other $150 million will go to the National Academy of Sciences in five payments over four years to fund an endowment for programs focusing on human health and environmental protection, including some related to offshore drilling, hydrocarbon production and transportation in the Gulf and elsewhere on the U.S. outer continental shelf. The academy has said that payment and a similar payment by BP will finance a 30-year research and education program.
Transocean also has agreed to pay $1 billion in civil penalties for violations of the Clean Water Act and the Migratory Bird Treaty Act, and will be required to implement major safety improvements in all of its offshore drilling operations.
Said it before but will keep at it. There is nothing more important to Louisiana's future than making sure our eroding coast is secured. And seeing these funds spent appropriately is a huge part of that.