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BP and Cameron settle over Macondo
Posted 16.12.2011 08:31:51 av John Bradbury
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BP and Cameron which designed the blow out preventer on the Deepwater Horizon have settled their legal dispute over the incident.

BP said today it has reached agreement with Cameron International Corporation over all claims related to the loss of the Deepwater Horizon in the Macondo well blowout in April last year and the related oil spill.

“BP and Cameron have concluded that the settlement is in their mutual best interests, and the agreement is not an admission of liability by either party,” the Anglo-American oil giant stated today.

Cameron is to pay BP $250 million, and that money will be applied to the $20 billion trust established by BP to handle individual, business and government claims related to the Macondo oil spill, and to cover damages to natural resources.
 
Both BP and Cameron have released each other from potential claims, and BP will in turn indemnify Cameron against claims for compensation arising from the Deepwater Horizon accident and subsequent Macondo well oil spill. While BP and Cameron will end claims against each other in the Multi-District Litigation pending in New Orleans, the indemnity agreement excludes civil, criminal and administrative fines and penalties.

“Today's settlement allows BP and Cameron to put our legal issues behind us and move forward to improve drilling in the safety industry,” declared BP chief executive Bob Dudley. “Cameron is the fourth company to settle with BP and contribute to economic and environmental restoration efforts in the Gulf. Unfortunately, other companies persist in refusing to accept responsibility for their roles in the accident and for contributing to restoration efforts,” he added.

BP's announcement today goes on to say: “BP and Cameron each acknowledge that the Deepwater Horizon accident resulted from complex and interlinked causes involving multiple parties. They agree that the entire industry can and should learn from the accident in order to improve safety in the drilling industry by developing, among other things, standard specifications for blowout preventers and other drill through equipment. BP and Cameron have committed to working together to improve processes and procedures, managerial systems, specifications and safety and best practices in offshore drilling operations. Both BP and Cameron will encourage other companies in the drilling industry to join them in this improvement and reform effort.”

BP has already settled claims with its licence partners in the Macondo well, Anadarko and Moex, and Weatherford, which made the float collar used at the well.

So far, BP has paid out $7.5 billion in claims related to the incident.
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