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A US court has accepted the guilty plea of oil giant BP plc over the Deepwater Horizon catastrophe in 2010 that claimed the lives of 11 workers and injured many others and resulted in the largest oil spill in the country’s history.
The plea, a part of the deal made by BP with the US Department of Justice and announced in November 2012, included 11 counts of misconduct resulting to the loss of lives, one misdemeanor acts each under the Clean Water Act and Migratory Bird Treaty Act, and a felony count on obstruction of Congress.
BP was also made to pay over US$4 billion for the resolution of all criminal claims, which included US$1.26 billion in fines, the largest criminal fine in US history, payable in five years.
The company has been selling off assets around the globe to meet all its financial obligations and commitments as a result of the oil spill that followed on the Gulf of Mexico after an explosion broke out at the Deepwater Horizon rig, affecting livelihood in the surrounding area.
In a never ending act, BP America Vice President, Luke Keller, expressed the company’s apology at the Eastern District Court of Louisiana for what happened:
“We – and by that I mean the men and the women of the management of BP, its Board of Directors, and its many employees – are deeply sorry for the tragic loss of the 11 men who died and the others who were injured that day.”
Beyond the apology statement, BP said it has spent over US$14 billion in clean-up costs and other operational responses, committed US$1 billion in restoration projects, and a US$20 billion trusts fund reserved for claims, settlements, and costs arising from the disaster, according to the company.
Just Punishment
“Today’s guilty plea and sentencing represent a significant step forward in the Justice Department’s ongoing efforts to seek justice on behalf of those affected by one of the worst environmental disasters in American history,” US Attorney General Eric Holder stated in connection with the court decision.
Assistant Attorney General Lanny Breuer also said the decision reflected a “just punishment” for BP “for its crimes leading up to and following the explosion”. Breuer further said the Justice Department will closely monitor BP’s compliance with the terms of the plea agreement. “Should BP fail to comply, we will act swiftly and firmly,” he warned.
In London, shares of the FTSE 100 constituent moved 1.1% to 480.95 pence by 11:30 AM GMT, following the announcement made earlier today.
