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 the newly discovered oil fields in Texas — such as Spindletop — and Oklahoma, which gave opportunities for new oil companies as Gulf Oil and Texas Fuel Company, later Texaco. Avoiding the use of Standard Oil's pipe line system, they started using tankers to get their oil to the East Coast. In combination with the oil fields discovered in Mexico and Venezuela, this caused a rise in the demand for tankers, which gave opportunities for the first independents, such as the Norwegian Wilh. Wilhelmsen, that launched its first tanker in 1913. The fleet oiler , launched on April 17, 1915,