Transocean Agreement Names NFWF to Receive Funds in Deepwater Horizon Settlement
WASHINGTON, Jan. 3, 2013 /PRNewswire-USNewswire/ -- Through an agreement announced today by the Department of Justice and Transocean Deepwater Inc., the National Fish and Wildlife Foundation (NFWF) would receive $150 million over a two-year period to fund projects benefitting natural resources in and around the Gulf of Mexico.
The funds are part of a settlement reached by the U.S. Department of Justice to resolve certain outstanding criminal charges against Transocean arising from the 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico.
"NFWF will work diligently to ensure these funds are spent effectively and transparently, in strict accordance with the terms of the settlement," said Jeff Trandahl, executive director and CEO of NFWF. "We look forward to administering the funds with an eye toward identifying and selecting projects that best restore the Gulf ecosystem."
The proposed Transocean resolution follows a November 15 proposed settlement agreement between the Department of Justice and BP resolving federal criminal charges stemming from the Deepwater Horizon incident. If approved by a federal judge, that agreement would direct $2.4 billion from BP over five years to NFWF.
As in the proposed BP agreement, funds from the proposed Transocean settlement will be used for natural resource restoration projects in the five Gulf States, including restoration of barrier islands off the coast of Louisiana and river diversion projects on the Mississippi and Atchafalaya Rivers. The proposed Transocean settlement is also subject to approval by a federal judge.
See Department of Justice statement here:
SOURCE National Fish and Wildlife Foundation