(KCEN) -- Transocean is paying up big time.
It'll pay one billion dollars in penalties and another 400 million dollars in criminal penalties.
The company is pleading guilty to a misdemeanor charge of violating the Clean Water Act.
In April of 2011, eleven workers were killed when the Deepwater Horizon rig sank after exploding.
A large part of the settlement will fund environmental restoration projects and spill-prevention research and training.
A federal judge still needs to approve the deal.