Transocean and the US Justice Department have reached a settlement under which the drilling contractor will pay $1.4 billion in fines and penalties to resolve criminal and civil claims against the company in connection with the 2010 Macondo disaster. Transocean was hired by BP as the drilling contractor for the Macondo deepwater well, where an explosion and fire in April 2010 claimed 11 lives, sank Transocean's Deepwater Horizon rig and triggered a huge oil spill.
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