France Ship Management S.A. agreed to pay a $1.5 million settlement for spilling 40,000 gallons of light crude oil into the Delaware Bay on May 10, 1996.  The spill occurred when valves were misaligned during lightening, causing the oil to leak below the surface. About 12,000 gallons of oil were recovered near the vessel.  The remainder floated onto the New Jersey coast in Cape May County.  The money will help restore beaches and breeding grounds of migratory shore birds and compensate residents affected by the spill.