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J.C. Chandor

, director of “All Is Lost,” has come on board Summit and

Participant Media

‘s movie on the

Deepwater Horizon

oil rig tragedy.

Summit and Participant, in association with Image Nation Abu Dhabi,

acquired feature rights in 2011 to The New York Times article “Deepwater Horizon’s Final Hour,” written in December by David Barstow, David Rohde, and Stephanie Saul.

The 2010 explosion of Deepwater Horizon in the Gulf of Mexico killed 11 men working on the platform and injured 17 others. The subsequent gusher wasn’t capped for three months.

Lorenzo Di Bonaventura (“Red,” the “Transformers” franchise) and Mark Vahradian are producing. Matthew Sand penned the first draft of the script and Matthew Michael Carnahan wrote the most recent draft.

The project, which was

first reported by Deadline

, is in line with Participant’s focus on issue-oriented projects such as “The Help,” “Lincoln,” “An Inconvenient Truth,” “Good Night, and Good Luck,” “The Cove,” “Waiting for Superman” and “Fair Game.”

Chandor is in post-production on “A Most Violent Year” with Oscar Isaac and Jessica Chastain for A24, FilmNation and Participant.

Chandor is repped by WME.

2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC