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
Odyssey (tanker) "Exxon Valdez". Odyssey, built in 1971, was a 65,000-ton tanker operated by Polembros Shipping Ltd. of London, England, and registered in Liberia. On November 5, 1988, the tanker departed Sullom Voe Terminal in the Shetland Islands off Scotland, fully loaded with North Sea Brent Crude oil which was being transported to the Come By Chance Refinery at Come-by-Chance, Newfoundland and Labrador. When the ship was about 1000 nautical miles off the coast of Newfoundland, a major North Atlantic storm arose, buffetting the ship with waves and 44-mile-per-hour winds. In response, the ship sent out a distress signal and kept heading