BP has settled the 2010 Deepwater Horizon financial claims with US-based oilfield services provider Halliburton and Swiss contract drilling company Transocean.
The claims were regarding the Gulf of Mexico offshore Macondo Well disaster that killed 11 crew members and spilled millions of barrels of crude oil.
Transocean has resolved all outstanding claims against the company arising from the disaster by eaching two separate settlement agreements with the Plaintiffs’ Steering Committee (PSC), and with BP Exploration & Production and BP America Production.
Subject to approval by the US District Court for the Eastern District of Louisiana, the agreement with the PSC will see Transocean paying two classes of plaintiffs a total of $212m.
Under the agreement with BP, Transocean will assure BP for personal and injury claims of its employees, as well as those relating to any future cleanup or removal of diesel or other pollutants stored on the Deepwater Horizon.
In addition, BP will pay Transocean compensatory damages, and also drop its attempts to recover as an ‘additional insured’ under Transocean’s liability policies.
BP will pay Transocean $125m in compensation for legal fees incurred.
Transocean president and chief executive officer Jeremy Thigpen said: "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."
Separately, oilfield services provider Halliburton has also reached an agreement with BP Exploration & Production to resolve remaining issues relating to the oil spill incident.
Halliburton chairman and CEO Dave Lesar said: "We are pleased to have reached an amicable resolution with BP, our valued customer, that allows us to close another chapter in the Deepwater Horizon case for Halliburton.
"This agreement allows Halliburton to strengthen its relationship with BP by negotiating a global master services agreement between the companies."
Image: Deepwater Horizon offshore drilling unit on fire in 2010. Photo: courtesy of Mark Miller.