BP bags $1bn Moex settlement

Settled: BP and Moex have set aside difference over Macondo blowout for $1bn payout

REUTERS

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By Eoin O'Cinneide

 20 May 2011 07:13 GMT

Supermajor BP has wrangled over $1 billion from a Mitsui subsidiary as settlement of claims arising from the Macondo disaster in the Gulf of Mexico last year.

In return the UK outfit and Moex Offshore as well as its affiliates have agreed to drop all charges against each other, while BP called on others to pay up over the explosion and spill last April.



In accepting a $1.068 billion pay off from Moex USA Corp, BP said crucially that the settlement was "not an admission of liability by any party" over the incident which left 11 workers dead. The cash will be thrown into BP's $20 billion trust "to meet individual, business and government claims, as well…

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