BP has finally settled Deepwater Horizon Case
Shares in oil giant BP climb on news it has finally settled long-running US court case over Deepwater Horizon explosion and oil spill
Dudley dismissed market talk of a takeover of BP and said BP is ‘neither prey nor predator’. A clause in the settlement with the US means that if BP were sold to another company the fine would be payable immediately – putting off any potential suitor.
By LAURA CHESTERS FOR THE DAILY MAIL: 2 July 2015
Shares in oil giant BP climbed nearly 5 per cent following a relief rally on news it had finally settled its long-running US court case over the Deepwater Horizon explosion and oil spill that killed 11 workers five years ago.
A record £12bn fine will settle all US federal, state and local claims for the Gulf of Mexico disaster, with payments spread over 18 years – working out at £700m a year.
BP’s shares are down a third since the explosion at the Macondo oil field in the Gulf of Mexico in April 2010. Concerns about the ongoing liability of the spill and the falling oil price since last year weighed on the shares.
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