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Switzerland-based Transocean reached a preliminary agreement Thursday to settle all claims tied to the 2010 Deepwater Horizon accident for about $211 million.

The settlement will be overseen by Judge Carl Barbier of the Eastern District of Louisiana and includes two classes of eligible claimants.

The first class is made up of individuals and businesses that are class members in the existing BP Deepwater Horizon Economic and Property Damages Settlement.

The second class is a new Transocean Punitive Damages Settlement Class of individuals, businesses and local governments deemed to have standing under General Maritime Law to have brought a punitive damages claim.

Transocean said the agreement is similar to a settlement reached between the Plaintiffs’ Steering Committee (PSC) and Halliburton last year.

“We applaud Transocean for adding to the settlement funds established in the Halliburton settlement to help compensate people and businesses for their losses,” Co-lead plaintiffs’ attorneys Stephen J. Herman and James P. Roy said.

The settlemetn will resolve Transocean’s liability to private plaintiffs and local governments for most of its exposure under both the Oil Pollution Act and General Maritime Law.

Transocean said it intends to satisfy its payment obligations using cash on hand.

The Deepwater Horizon semi-submersible drilling rig was owned by Transocean.

BP is facing up to $13.7 billion in Clean Water Act fines for the accident.