Transocean settles over oil spill

Transocean, the oil contractor that owned the Deepwater Horizon rig which blew up in the Gulf of Mexico in 2010, has reached a $1.4bn (£859m) settlement with the United States Department of Justice.

The deal, which the firm outlined in September, will see Transocean pay $400m in criminal penalties and $1bn in civil charges. BP, the owner of the well, has already agreed to a $4.5bn settlement over the disaster, which killed 11 men.