NEW ORLEANS (AP) — The Justice Department reached a $1.4 billion settlement Thursday with Transocean Ltd., the owner of the drilling rig that sank after an explosion killed 11 workers and spawned the massive 2010 oil spill in the Gulf of Mexico.

The proposed settlement resolves the department’s civil and criminal probe of Transocean’s role in the Deepwater Horizon rig disaster. It requires the Switzerland-based company to pay $1 billion in civil penalties and $400 million in criminal penalties and plead guilty to a misdemeanor charge of violating the Clean Water Act, according to a court filing.