News outlets worldwide are reporting BP's news, also posted on the company web site, that the oil giant has reached an agreement with Cameron, the designer and manufacturer of the Deepwater Horizon blowout preventer. The agreement, which covers oil spill-related claims resulting from the faulty BOP are, BP says, "are not an admission of liability by either party."
In today's press release, BP goes on to state:
Under the settlement agreement, Cameron will pay BP $250 million. BP will immediately apply the payment 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.
Today’s announcement follows settlements by BP with MOEX and Anadarko, BP’s partners in the Macondo well, and Weatherford, the maker of the float collar used at the well.
"From the outset, BP has committed to paying all legitimate claims and fulfilling its obligations to the Gulf communities under the Oil Pollution Act. To date, BP has paid out approximately $7.5 billion to individuals, businesses, and government entities," according to the embattled British behemoth.
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