Gulf Oil Spill Deal OKs Fla. For Millions In Natural Resource Restoration

FLORIDA (CBSMiami) – Florida has been approved for its share of a $150 million settlement from Transocean Deepwater, Inc.

The National Fish and Wildlife Foundation said Thursday it will manage the distribution of the funds, which will go toward environmental restoration following a judge's acceptance of a plea agreement.

The money comes from a settlement with the U.S. Department of Justice to resolve certain criminal charges against Transocean as a result of the 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico, the News Service of Florida reported.

The Transocean funds will be paid over a two-year period. National Fish and Wildlife Foundation also will administer nearly $2.4 billion from a recently approved plea agreement between BP and the Justice Department.

BP will pay those funds over a five-year period. Funds from both settlements will be used for natural resource restoration projects in the five Gulf States, including Florida. Louisiana will get half, with Florida and the other three states splitting the rest.

(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)