Cameron To Pay BP $250 Million In Deepwater Horizon Settlement
December 16 2011 - 2:38AM
Dow Jones News
Oil group BP PLC (BP.LN) said Friday that it has reached
agreement with Cameron International Corporation, the manufacturer
of the Deepwater Horizon blowout preventer, to settle all claims
between the companies related to the Deepwater Horizon accident and
spill, with Cameron paying BP $250 million.
MAIN FACTS:
-BP and Cameron have concluded that the settlement is in their
mutual best interests, and the agreement is not an admission of
liability by either party.
-BP will immediately apply the $250 million to the $20 billion
trust it established to meet individual, business and government
claims, as well as the cost of the natural resource damages.
-BP and Cameron have agreed to mutual releases of potential
claims against each other, and BP has agreed to indemnify Cameron
for compensatory claims resulting from the accident, including
claims brought relating to pollution damage stemming from the
accident or any damage to natural resources.
-BP's indemnity excludes civil, criminal or administrative fines
and penalties, claims for punitive damages, and certain other
claims.
-BP and Cameron will discontinue claims against each other in
the Multi-District Litigation pending in New Orleans.
-Cameron shall pay the agreed settlement in cash within 30 days
of the effective date of the settlement, which is Dec. 14.
-BP shares closed Thursday at 447.85 pence valuing the company
at GBP84.93 million.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411;
rory.gallivan@dowjones.com
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