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Oil & Gas

Weatherford Settles with BP Over Gulf Spill

June 21, 2011
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The Houston Chronicle reports, oil field equipment maker Weatherford International will pay BP $75 million to settle claims the companies have against each other related to last year''s deadly blowout at the Macondo well and the ensuing oil spill. Weatherford, the maker of a device called a float collar, used in the final cementing of the well, will be indemnified against further claims by BP as part of the agreement. The indemnity excludes civil and criminal fines, claims for punitive damages and certain other claims, according to a statement from BP. That means if the federal government or another party sues Weatherford directly in connection with the spill, BP will not be expected to pay on the company''s behalf. The agreement is not an admission of liability by any party regarding the accident, the companies said in separate statements. BP will apply the $75 million from the settlement to the $20 billion trust it established to meet individual, business and government claims, as well as the cost of damages likely to be assessed under the Clean Water Act and Migratory Bird Act.

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