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
Prince William Sound 1778 to honour George III's third son Prince William Henry, then aged 13 and serving as a midshipman in the Royal Navy. In 1793, Alexander Andreyevich Baranov founded port Voskresensk in the sound, which he called Chugach Bay. The first three-masted ship, "Phoenix", was the first ship built by the Russians in America. A 1964 tsunami, a result of the Good Friday earthquake, killed a number of Chugach villagers in the coastal village of Chenega and destroyed the town of Valdez. In 1989, the oil tanker "Exxon Valdez" ran aground on Bligh Reef after leaving Valdez, causing a large oil