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NEW ORLEANS - (Mealey's) Weatherford International Ltd. announced June 20 that it has reached a $75 million agreement with BP LLC to settle any claims between the companies relating to the Deepwater Horizon incident and oil spill (In re: Oil Spill By The Oil Rig "Deepwater Horizon" In the Gulf Of Mexico, On April 20, 2010, No. 10-2179, E.D. La.).
In August 2010, the Judicial Panel on Multidistrict Litigation assigned U.S. Judge Carl J. Barbier of the Eastern District of Louisiana to oversee MDL 2179, which consists of hundreds of consolidated cases with thousands of claimants. The cases involve the aftermath of the April 20, 2010, explosion, fire and capsizing of the "Deepwater Horizon" mobile offshore drilling unit in the Gulf of Mexico.
The explosion killed 11 workers on the rig, which eventually sank. Crude oil gushed from the site and into the Gulf until July 2010. Weatherford provided products and services to BP for the Macondo oil well.
Under the agreement, BP will indemnify Weatherford for environmental, pollution, personal, business, property and economic loss claims, Weatherford announced in a press release. Neither company admits liability as a result of the settlement.
Weatherford will provide $75 million to BP to be applied to the Gulf Coast recovery fund established for residents, businesses and others claiming injury or damage from the oil spill. The settlement is being funded under insurance policies that Weatherford had in place at the time of the incident.
BP's indemnity excludes civil, criminal or administrative fines and penalties, claims for punitive damages and certain other claims.
[Editor's Note: Full coverage will be in the June 28 issue of Mealey's Litigation Report: Personal Injury. For all of your legal news needs, please visit www.lexisnexis.com/mealeys.]
For more information, call editor Christopher Bauer at 215-988-7722, or email him at email@example.com.
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