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BP Settles

Under a legal settlement announced on Friday, Dec 16 by BP, Cameron International, maker of the Deepwater Horizon blowout preventer that failed to stop the disastrous oil spill in the Gulf of Mexico last year, has agreed to pay $250 million to BP.

BP said it was “in their mutual best interests, and the agreement is not an admission of liability by either party.” The companies agreed to drop all claims against one another.

Bob Dudley, BP group chief executive said,”Today’s settlement allows BP and Cameron to put our legal issues behind us and move forward to improve safety in the drilling industry.

“Unfortunately, other companies persist in refusing to accept responsibility for their roles in the accident and for contributing to restoration efforts,” Dudley said in a swipe at Halliburton Corp. and Transocean Ltd. Halliburton supplied critical cement to seal the well and Transocean was the company drilling the well.

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