Cameron to pay BP $250m to settle all claims over Gulf oil spill

16 December 2011 09:36  [Source: ICIS news]

SINGAPORE (ICIS)--Cameron International Corporation (Cameron) will pay BP $250m (€193m) to settle all claims over the Deepwater Horizon oil spill in the Gulf of Mexico last year, the UK-based oil major said on Friday.

Under the settlement agreement, BP and Cameron will discontinue claims against each other in the Multi-District Litigation that is pending in New Orleans, BP said in a statement.

“Today’s settlement allows BP and Cameron to put our legal issues behind us and move forward to improve drilling in the safety industry,” said Bob Dudley, BP’s group chief executive.

The settlement amount from Cameron will go into a $20bn trust set up by BP following the accident to meet the claims against the oil firm as a result of the accident, the statement said.

Cameron is the fourth company to settle with BP and to contribute to the economic and environmental restoration efforts in the Gulf, following previously announced settlements with MOEX Offshore 2007, a unit of Japanese trading firm Mitsui & Co and US-based firms Weatherford and Andarko Petroleum Company.

($1 = €0.77)

By: Samuel Wong

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