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 the oil tanker first time when the US Coast Guard took on the salvage of the "Argo Merchant", although the vessel was in international waters. This was the first time the monopoly of flag states was broken through. The Exxon Valdez oil spill was the incentive to introduce legislation requiring tankers to have a double hull, a measure that is not seen as the best solution by all experts. Where a double hull should minimize the consequences after a disaster, Concordia Maritime developed the "Stena V-MAX", a VLCC with two propellers, two rudders and two redundant engine rooms, where a single fault does