"BP acknowledged this misinterpretation more than two years ago when it released its internal investigation report," the company noted.
"We believe this resolution is in the best interest of BP and its shareholders," said Carl-Henric Svanberg, BP's Chairman. "It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims."
According to BP, the agreement means that no further federal criminal charges can be filed in connection with the incident, enabling the company to concentrate on defending itself against future civil claims.
The 2010 blowout of BP's Macondo well in the Gulf of Mexico triggered an explosion that killed 11 rig workers and unleashed the worst oil spill in U.S. history.
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