WASHINGTON — MOEX Offshore 2007 LLC has agreed to settle its liability in the Deepwater Horizon oil spill in a settlement with the U.S. valued at $90 million, announced the Department of Justice, the U.S. Coast Guard and the Environmental Protection Agency (EPA), according to a press release.

Approximately $45 million of the $90 million settlement is going directly to the Gulf in the form of penalties or expedited environmental projects, noted the release.

According to the terms of the settlement, MOEX will pay $70 million in civil penalties to resolve alleged violations of the Clean Water Act resulting from the spill and agreed to spend $20 million to facilitate land acquisition projects in several Gulf states that will preserve and protect in perpetuity habitat and resources important to water quality and other environmental features of the Gulf of Mexico region, stated the release.

To read the entire press release, click here.