Company agrees to pay BP $75M to settle claims

Company agrees to pay BP $75M to settle claims

Credit: AP

A skimming boat is seen amongst a large stretch of oil from the Deepwater Horizon oil spill in the Gulf of Mexico near Timbalier Bay, off the coast of Louisiana, Wednesday, July 28, 2010. (AP Photo/Gerald Herbert)

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wwltv.com

Posted on June 20, 2011 at 3:39 PM

Updated Monday, Jun 20 at 3:39 PM

 

Associated Press

NEW ORLEANS -- BP PLC has settled out of court with one of the companies it contracted for work on the Deepwater Horizon rig before a deadly explosion killed 11 workers and spawned last year's massive Gulf oil spill.

The deal announced Monday calls for Weatherford U.S. LP to pay $75 million to BP in exchange for BP indemnifying Weatherford for certain claims related to the disaster, including those over pollution damage.

BP says it will apply the money to the $20 billion fund it created to compensate individuals and businesses in the aftermath of the oil spill.

Weatherford manufactured a device that was designed to help contain the cement at the bottom BP's blown-out well.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

 

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