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BP reaches Deepwater Horizon settlement with MOEX | BP reaches Deepwater Horizon settlement with MOEX |
(40 minutes 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. | 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. | 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," BP chief executive Bob Dudley said in a statement. | |
"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 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. | 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. |
BP is pursuing some of the other companies involved to contribute to its compensation fund. | |
In its statement, it named Transocean, which owned and operated the rig, Anadarko, which owned 25% of the project and Halliburton, "which designed and pumped the unstable cement that the Prudential Commission found was a key cause of the accident". |