Oil Pollution Liability and Compensation Act of 1987

Oil Pollution Liability and Compensation Act of 1987 - Title I: Oil Pollution Liability and Compensation - Imposes joint, several, and strict liability for specified removal costs and damages upon the party responsible for a vessel or facility from which oil is either discharged into certain waters, or which poses a substantial threat of such a discharge. Exempts from such liability certain discharges permitted under Federal law. Defines conditions under which a mobile offshore drilling unit will be treated as either a tanker or a facility for purposes of determining responsibility or excess liability. Sets forth defenses to liability under this Act.

Sets forth limits to liability under this Act, with specified exceptions. Authorizes the Secretary of Transportation to establish by regulation a maximum liability limit. Requires the Secretary to report to the Congress from time to time regarding liability adjustments.

Defines circumstances under which liability for injury to natural resources shall be to either: (1) the United States; (2) the affected State; or (3) a foreign government. Sets forth recovery and indemnification procedures.

Sets forth the uses of the Oil Spill Liability Trust Fund (the Fund) including: (1) payment of removal costs and administrative expenses; and (2) contributions to the International Fund. Sets forth defenses to liability for such Fund and a specified maximum amount which may be paid from the Fund. Confers rights of subrogation upon the United States for payment of any claim by the Fund. Sets forth a claims procedure for removal costs or damages. Requires the Secretary to designate the source of a discharge (or potential discharge), and to immediately notify the responsible party or guarantor of such designation. Sets forth the advertisement procedures to be followed by such a designee or guarantor. Grants subrogation rights to any person (including the Fund) who pays compensation under this Act to any claimant for costs or damages.

Requires the party responsible for certain vessels over 300 gross tons to establish and maintain evidence of financial responsibility to meet maximum liability limits. Requires the Secretary of the Treasury to withhold or revoke the clearance of any vessel which fails to certify such financial responsibility. Sets forth circumstances under which such vessels may have entry into U.S. ports or waters denied, or have their oil cargo seized. Imposes a civil penalty for failure to comply with the financial responsibility requirement.

Restricts judicial review of any regulation promulgated under this Act to the Circuit Court of Appeals for the District of Columbia. Grants the district courts original jurisdiction over all actions arising under this Act. Sets forth a limitation period for actions for removal costs, damages, or contribution.

Title II: Conforming Amendments - Sets forth conforming amendments to certain related statutes.

Title III: Implementation of International Conventions - States that during any period in which the Civil Liability Convention and the Fund Convention are in force with respect to the United States, owner liability for pollution damage arising from a ship-related incident shall be determined according to such Conventions.

Grants recognition to the International Oil Pollution Compensation Fund as a legal person under Federal law, and deems the Director of such Fund to have irrevocably appointed the Secretary of State as the Fund's agent for service of process for legal proceedings involving the Fund within the United States. Exempts such Fund and its assets from all direct taxation in the United States.

Provides that certain required contributions with respect to oil received in the United States shall be paid to the International Fund from the Oil Spill Compensation Fund. Grants recognition of any final judgment of a court of any country which is a party to either the Civil Liability Convention or the Fund Convention.

Sets forth the financial responsibility requirements of ship-owners whose vessels are subject to the Civil Liability Convention. Imposes specified sanctions and civil penalties upon persons violating the financial responsibility requirements. Waives all U.S. defenses based upon sovereign immunity with respect to any controversy arising under the Civil Liability Convention or the Fund Convention relating to any ship owned by the United States and used for commercial purposes.

Authorizes the Secretary to prescribe regulations to implement this Act and all Federal obligations under the specified Oil Pollution Conventions.