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| BP reaches Deepwater Horizon settlement with MOEX | BP reaches Deepwater Horizon settlement with MOEX |
| (about 1 hour later) | |
| One of the owners of the oil well that leaked millions of gallons into the Gulf of Mexico last year has agreed to contribute to BP's compensation fund. | |
| MOEX Offshore has agreed to pay $1.065bn (£657m) to BP to settle all claims between the companies relating to the Deepwater Horizon rig accident. | MOEX Offshore has agreed to pay $1.065bn (£657m) to BP to settle all claims between the companies relating to the Deepwater Horizon rig accident. |
| MOEX, a unit of Japanese trading house Mitsui, owned 10% of the Macondo well. | |
| BP has said it will put the money into the $20bn trust it established to meet claims relating to the oil spill. | BP has said it will put the money into the $20bn trust it established to meet claims relating to the oil spill. |
| The settlement excludes fines, penalties or punitive damages that may be applied in future. | The settlement excludes fines, penalties or punitive damages that may be applied in future. |
| "MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf," said BP chief executive Bob Dudley. | "MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf," said BP chief executive Bob Dudley. |
| "We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties." | "We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties." |
| The explosion in April 2010 aboard the Deepwater Horizon rig killed 11 people and caused one of the worst oil spills in history. | |
| The Macondo well, about a mile underneath the rig, was finally sealed in September. | The Macondo well, about a mile underneath the rig, was finally sealed in September. |
| The final report of the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling found that several companies had been at fault, although BP had overall responsibility. |