By Russell Gold
In a series of legal deals, BP PLC agreed to settle nearly all
remaining claims with Halliburton Co. and Transocean Ltd. related
to the 2010 Deepwater Horizon oil spill
The deals won't completely end the long-running courtroom
showdown over responsibility for damages related to the offshore
disaster, which killed 11 workers and led to millions of barrels of
crude oil spilling into the Gulf of Mexico. But they are a large
step toward resolving the litigation and dispute over which
companies should pay economic damages to businesses and governments
affected by the spill.
London-based BP was the owner of the Macondo well and its
employees directed the drilling of the well. Halliburton cemented
the well and performed other critical services. Transocean owned
and operated the Deepwater Horizon drilling rig.
Under the terms of the deal between BP and Swiss-based
Transocean, the offshore rig operator will pay $212 million to
plaintiffs, plus an undetermined amount of attorney's fees. The
deal is subject to approval from the U.S. District Court. BP has
agreed to pay Transocean $125 million to reimburse it for legal
fees and has dropped all further claims.
"These settlements provide substantial closure to five years of
litigation and we are confident that this agreement can be a
significant step forward in our efforts to renew our partnership
with BP," Jeremy Thigpen, president and chief executive officer of
Transocean, said in a prepared statement.
Separately, Halliburton said it had reached a deal with BP to
settle all remaining claims and counterclaims between the
companies. The Houston-based oil-field service provider didn't
disclose the terms of the deal.
In a statement, BP said it was "pleased to have resolved with
Halliburton and Transocean the final remaining disputes stemming
from the Deepwater Horizon accident. We have now settled all
matters relating to the accident with both our partners in the well
and our contractors."
Write to Russell Gold at russell.gold@wsj.com
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