Despite the risks, oil drilling has resumed in the Gulf of Mexico. (Photo: Shutterstock/jbutcher)

(Bloomberg) — Transocean Ltd., owner of the rig that sank in the 2010 Macondo disaster in the Gulf of Mexico, joined Halliburton Co. in settling all remaining issues with BP Plc.

Transocean and BP, the well’s owner, will mutually release all claims against each other, while the London-based exploration and production company will pay the rig contractor $125 million in compensation for legal fees, Transocean said Wednesday in a statement. Transocean, based in Vernier, Switzerland, also agreed to pay $212 million to two classes of plaintiffs represented by a committee in the Macondo litigation.

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