Processing Magazine

BP Receives $1 Billion Settlement from Gulf Well Partner

May 23, 2011

According to the Associated Press, BP has struck a deal to receive around $1 billion from one of its minority partners in the blown-out Gulf of Mexico well, raising hopes it will successfully pursue other companies involved and reduce its bill for the disaster. BP PLC said that MOEX Offshore 2007 LLC, which had a 10 percent interest in the Macondo well, has agreed to pay $1.065 billion to settle all claims between the companies over the accident on the Deepwater Horizon rig. Under the settlement, MOEX, a unit of Japanese trading house Mitsui & Co., agreed to recognize findings by the U.S. Presidential Commission that the accident was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties and a number of causes. It also recognized findings from the U.S. Coast Guard that the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident.