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BP settles oil spill claims with maker of failed blowout preventer

(Xinhua)

14:13, December 17, 2011

HOUSTON, Dec. 16 (Xinhua) -- British oil giant BP will receive 250 million U.S. dollars from Cameron International Corporation, designer and manufacturer of the Deepwater Horzion's failed blowout preventer, to settle all claims related to last year's devastating oil spill in the Gulf of Mexico, BP said Friday.

BP and Cameron have reached agreement over the issue and "have concluded that the settlement is in their mutual best interests, and the agreement is not an admission of liability by either party," BP said in a press release.

Under the agreement, BP will immediately deposit the 250 million U.S. dollars in the 20-billion-U.S.-dollar trust it established to meet individual, business and government claims, as well as compensate the damages to natural resources, BP said.

The two companies are dropping all claims against one another, and BP "has agreed to indemnify Cameron for compensatory claims resulting from the accident, including claims brought relating to pollution damage stemming from the accident or any damage to natural resources," BP said.

However, BP said, the indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages, and certain other claims.

"Today's settlement allows BP and Cameron to put our legal issues behind us and move forward to improve drilling in the safety industry," said BoB Dudley, BP group chief executive.

The Cameron settlement followed BP's settlements with MOEX and Anadarko, BP's partners in the Macondo well, and Weatherford, maker of the float collar used at the well.

BP's Macondo well ruptured after the Deepwater Horizon oil rig exploded and sank in April last year, spewing up to 4.9 million barrels of oil into the Gulf for nearly three months in the world's worst marine oil spill.

A government report released in September blamed BP and the other companies for a series of failures that helped lead to the spill.


 
 
 
 
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