According to a December 16 article by the Associated Press, Cameron International, the maker of the failed blowout preventer in the Deepwater Horizon oil spill, has agreed to pay $250 million to BP under a legal settlement. It is the fourth company BP has settled with in lieu of a federal trial over the catastrophic spill that took place in the Gulf of Mexico in April, 2010. Here are the details:
* The April 20, 2010, explosion killed 11 workers and caused more than 200 million gallons of oil to spill off the coast of Louisiana. According to a December 16 report by Nasdaq, Cameron manufactured a critical safety device intended to shut down the Deepwater Horizon well.
* As part of the settlement, BP has agreed to indemnify Cameron from compensatory claims related to the accident, including environmental claims, Nasdaq reported. Settlements have also been reached with BP's Deep Horizon partners, Anadarko Petroleum Corp. and Mitsui & Co., as well as Weatherford International Ltd, an oil services company. Those settlements, according to an article in the New York Times on December 16, totaled about $5.1 billion.
* BP continues to fight with Transocean, which operated the rig, and Halliburton, which was responsible for cement work. Claims against those companies are in the tens of billions of dollars, the New York Times reported. A December 6 Reuters article states that BP has accused Halliburton of destroying evidence that the company did inadequate cement work. Halliburton has accused BP of fraud and defamation.
* BP said that it would use the $250 from Cameron to pay for the cost of cleaning up the spill and individual claims by people, businesses and entities hurt by the spill, the Associated Press reported. BP says it has already paid about $7.5 billion in claims.
* According to the New York Times, the company has set aside about $41 billion to cover all the costs associated with the spill, including a $20 billion compensation fund.
* A nonjury federal trial over the spill is expected to begin in February 2012.
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