BP, Weatherford In Settlement on Deepwater Horizon

Deepwater Horizon Gulf of Mexico Oil Spill

(Dow Jones Newswires), June 20, 2011

BP on Monday reached a settlement with Weatherford's U.S. subsidiary that indemnifies the oil-services company from future Deepwater Horizon-related disaster claims.

Under the deal, Weatherford agreed to pay BP $75 million to spend on its Gulf Coast recovery fund. The entire cost of the settlement is being funded by insurance policies Weatherford had in place when the disaster happened.

The deal ties up another end in a web of litigation for companies that worked on the drilling rig, which exploded last year and caused one of the largest oil spills in U.S. history. Weatherford provided BP with products and services for the Macondo oil well, along with rig-owner Transocean and contractor Halliburton.

Under the latest agreement, BP indemnified Weatherford from all current and future environmental, pollution, personal, business, property and economic loss claims arising from the accident.

Separately, Transocean said Friday that insurers of its sunken rig have asked a federal judge to decide if BP and other owners of the doomed Macondo well are entitled to any coverage for the accident.

Copyright (c) 2011 Dow Jones & Company, Inc.

More info on the Deepwater Horizon Gulf of Mexico Oil Spill

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

Deepwater Horizon Images
Discoverer Enterprise Deepwater Horizon Sinking (Apr 22) U.S. Air Force Tech. Sgt. Jim Graves ROV Cutting Macondo Riser
Discoverer Enterprise - Placing Subsea Coffer Dam Deepwater Horizon in Flames (Apr 20) Deepwater Horizon Sinking (Apr 22) Oil Containment Boom
71 more images view image library


From the Career Center
Jobs that may interest you
Mechanical Quality Assurance (QA) Specialist
Expertise: QA / QC / Inspection|Regulatory Compliance
Location: Anchorage, AK
 
Electrical Quality Assurance (QA) Specialist
Expertise: QA / QC / Inspection|Regulatory Compliance
Location: Anchorage, AK
 
Contract Administrator
Expertise: Contracts Administration
Location: Houston, TX
 
search for more jobs

Natural Gas : $3.64/MMBtu 0.27%
Brent Crude Oil : $53.93/BBL 1.83%
Light Crude Oil : $50.93/BBL 1.66%
Updated in last 24 hours