Transocean Settles First Spill Lawsuit

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Transocean, the world's largest provider of offshore drilling services, settled the first lawsuit related to the explosion of the Deepwater Horizon rig in April 2010, which led to 11 deaths and the largest oil spill in U.S. history. Switzerland-based Transocean was the rig's owner.

Transocean (RIG) settled a suit with Karl Kleppinger Jr.'s family and lawyers for the company and the family asked a New Orleans court to dismiss the suit today because a settlement has been reached. Kleppinger was aboard the rig and perished in the explosion.

The family was represented by Gordon, Elias & Seely LLP in Houston, which is also representing Transocean employees injured in the blast. Financial terms of the settlement will remain confidential, Transocean said. Attorneys for the Kleppingers said all of their claims against companies involved in the spill have been resolved.

The Kleppinger suit, filed in Texas state court, was removed to federal court in New Orleans and combined with hundreds of others seeking compensation for injuries and economic damages from the explosion and spill, according to Bloomberg News.