Exxon Valdez punitive damages to the Supreme Court which capped the damages to US $507.5 million in June, 2008. On August 27, 2008, Exxon Mobil agreed to pay 75% of the US $507.5 million damages ruling to settle the 1989 "Exxon Valdez" oil spill off Alaska. In June 2009, a federal ruling ordered Exxon to pay an additional US$480 million in interest on their delayed punitive damage awards. After repairs, "Exxon Valdez" was renamed "Exxon Mediterranean", then "SeaRiver Mediterranean" in the early 1990s, when Exxon transferred their shipping business to a new subsidiary company, River Maritime Inc. The name was later shortened
History of Alaska by the Federal Government. The possible environmental repercussions of oil production became clear in the "Exxon Valdez" oil spill of 1989. On March 24, the tanker "Exxon Valdez" ran aground in Prince William Sound, releasing 11 million gallons of crude oil into the water, spreading along 1,100 miles (1,800 km) of shoreline. According to the U.S. Fish and Wildlife Service, at least 300,000 sea birds, 2,000 otters, and other marine animals died because of the spill. Exxon spent US$2 billion on cleaning up in the first year alone. Exxon, working with state and federal agencies, continued its cleanup into the