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 Mealey's Legal News and Litigation Reports.]
For more information, call editor Christopher Bauer at 215-988-7722, or email him at firstname.lastname@example.org.
Lexis.com subscribers can find more Deepwater Horizon-related filings. If you do not have a lexis.com ID, you can get information on how to subscribe at Legal Research Service: LexisNexis Research.
Lexis.com subscribers may search all Mealey Publications.
Non-subscribers may search for Mealey Publications stories and documents at Mealey's Online Research Service or visit Mealey's.com.
Read and listen to more Gulf Oil Spill articles on the LexisNexis Environmental Law and Climate Change Community:
BP PLC and MOEX Offshore 2007 LLC Reach $1.06 Billion Settlement over Deepwater Horizon Explosion.
Oil from Gulf of Mexico spill may still be present, particularly on the Gulf floor.
Winston & Strawn Update: Legislative Developments In Response to the Deepwater Horizon Oil Spill.
Where is the methane from the BP Deepwater Horizon blowout?
Gulf Oil Spill Prompts NEPA Review of Minerals Management Service.
Dispersants used in Deepwater Horizon oil spill persisted longer than anticipated.
LexisNexis® Podcast Featuring Dr. Frederick A. Raffa On Damages Resulting From The Gulf Oil Spill.
LexisNexis® Podcast Featuring Chip Merlin of the Merlin Law Group on the Environmental, Insurance and Wildlife Implications of the Gulf Oil Spill.
Find more resources and information on the oil spill in the Gulf Oil Spill Information Hub.
For more information about LexisNexis products and solutions, connect with us through our corporate site.