BP Resolves US Government Deepwater Horizon Claims

Press Release
Friday, November 16, 2012
Deepwater Horizon Accident: Photo credit USCG

BP announces resolution of all criminal and securities claims against the company relating to Deepwater Horizon accident.

BP has reached agreement with the United States government, subject to court approval, to resolve all federal criminal charges and all claims by the Securities and Exchange Commission (SEC) against the company stemming from the Deepwater Horizon accident, oil spill, and response.

    •    Resolution of all criminal claims with Department of Justice includes $4 billion paid in installments over a period of five years
    •    Resolution of all securities claims with Securities and Exchange Commission includes $525 million paid in installments over a period of three years
    •    Existing $38.1 billion charge against income to increase by approximately $3.85 billion
    •    BP is prepared to vigorously defend itself against remaining civil claims

“All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region,” said Bob Dudley, BP’s Group Chief Executive. “From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf. We apologize for our role in the accident, and as today’s resolution with the U.S. government further reflects, we have accepted responsibility for our actions.”

In eliminating the possibility of any further federal criminal charges against the company based on the accident, BP has taken another significant step forward in removing legal uncertainty and can now focus more fully on defending itself against all remaining civil claims.

“We believe this resolution is in the best interest of BP and its shareholders,” said Carl-Henric Svanberg, BP’s Chairman. “It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims.”

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

Greek Coast Guard Seizes Weapons Ship Bound for Libya

Greek authorities have seized a freighter carrying an undeclared shipment of weapons en route from Turkey to Libya, coast guard officials said on Wednesday. A

Cosco CSCL Merger Talks Continue

The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media.   According to JoC, the Chinese

Environmental

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

Boat with 40 African Migrants Arrives on Spanish Island

A boat containing around 40 African migrants including a toddler girl landed on a beach on the Spanish island of Gran Canaria, sea rescue services said on Wednesday.

Rapid Oil Spill Response Vessel Launched

Western Canada Marine Response Corporation (WCMRC) launched their newest oil spill response vessel in Burrard Inlet. The boat, named after former employee George Penman,

Casualties

Twelve Syrians Drown Trying to Reach Greece

At least 12 people believed to be Syrian refugees drowned as two boats sank after leaving southwest Turkey for the Greek island of Kos on Wednesday, a senior Turkish naval official said.

Runaway Crane Barge Sinks on the Mississippi

The U.S. Coast Guard is working with a team of responders to recover a runaway crane barge that sunk near Convent on the Mississippi River.   The crane barge

IMO’s Sekimizu Condemns People Smugglers

Prompted by recent incidents in which hundreds of migrants attempting to cross the Mediterranean to Europe have lost their lives, including dozens found dead in

News

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 1.0030 sec (1 req/sec)