Transocean and Chevron were targets of legal action taken by the Brazilian government for a March 2012 leak and for the spill of more than 2,500 barrels of oil at the Frade field in November 2011.
The Brazilian National Agency of Petroleum announced last year it would fine Chevron about $17 million for the Frade spill. Transocean in September said it would challenge a court ruling in Brazil that ordered the company to end operations there within 30 days because of its role at the field.
Transocean announced Tuesday it, along with Chevron and Brazilian authorities, reached a settlement that resolves two civil cases arising from incidents at the Frade field.
"The agreement effectively releases Transocean, without a finding of fault or liability, from the two civil lawsuits in which it is named," the company said in a statement. "Further, Transocean has no financial obligations under the settlement agreement."
The company said the lawsuits would be dismissed.
Chevron made a similar announcement last week. It said it "safely resumed production" at the Frade field in April.