Cameron To Pay BP $250 Million To Settle Oil Spill Claims

Cameron International Corporation (CAM) will pay BP PLC (BP.LN) $250 million to settle all claims relating to the giant 2010 Deepwater Horizon accident in the Gulf of Mexico, BP's latest legal settlement following the 2010 disaster, the companies announced Friday.

In exchange, BP has agreed to indemnify Cameron from compensatory claims related to the accident, including environmental claims, the companies said. Cameron manufactured a critical safety device intended to shut down the Deepwater Horizon well.

BP is still embroiled in several cases related to the Deepwater Horizon accident, which killed 11 workers and caused the worst U.S. offshore oil spill in history.

In one case, BP said Haliburton Co. (HAL), which was in charge of cementing the drilling rig, destroyed evidence in the weeks leading up to the explosion that showed the formula used on the drilling operation was flawed. Halliburton said BP had mischaracterized the testing.

BP also continues to spar with drilling contractor Transocean Ltd. (RIG).

BP's partners in the well, Anadarko Petroleum Corp. (APC) and Mitsui & Co. Ltd. (8031.TO), and oil services company Weatherford International Ltd. (WFT) also reached agreements with BP that protect them against future claims. BP faces a key trial in February 2012 related to the case.

BP shares closed Thursday at 447.85 pence valuing the company at GBP84.93 million.

-By Jenny Gross, Dow Jones Newswires; 4420-7842-9239; jenny.gross@dowjones.com

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