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January 04, 2013

Nonprofits Get $300-Million in Latest Gulf Spill Settlement

The National Fish and Wildlife Foundation and the National Academy of Sciences are slated to receive $150-million each as part of a government settlement with Transocean Ltd., owner of the Deepwater Horizon oil rig that exploded off the Louisiana coast in April 2010, according to The Times-Picayune and The Wall Street Journal.

Pending approval of the deal by a U.S. District Court judge, the Houston-based drilling firm will pay a total of $1.4-billion in civil and criminal fines and penalties for its role in the biggest offshore oil spill in American history.

The National Fish and Wildlife Foundation will devote its $150-million share to coastal restoration efforts. The National Academy of Sciences funds will go toward research and programs focused on the environment and health issues in the Gulf Coast region.

The two groups are also due to receive a combined $2.75-billion as part of a November settlement by BP, which had leased the Deepwater Horizon rig from Transocean.