Transocean agrees to pay $1.4bn oil spill fine

4 January 2013 Last updated at 00:13 ET Help

Transocean, which owned the Deepwater Horizon oil rig, has agreed to a settlement with the US government.

The Swiss-based company will pay $400m (£248m) in criminal penalties and a $1bn civil fine after pleading guilty to violating the Clean Water Act.

The rig, which was leased by BP, exploded on 20 April 2010, killing 11 workers.

The oil spill damaged the Gulf of Mexico coast causing one of the biggest environmental disasters in US history.

John McManus reports.

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