LONDON — BP has struck a deal to receive about $1 billion from one of its minority partners in the blown-out Gulf of Mexico well, raising hopes it will successfully pursue other companies involved and reduce its bill for the disaster.
BP PLC said Thursday that MOEX Offshore 2007 LLC, which had a 10 percent interest in the Macondo well, has agreed to pay $1.065 billion to settle all claims between the companies over the accident on the Deepwater Horizon rig.
Under the settlement, MOEX, a unit of Japanese trading house Mitsui & Co., agreed to recognize findings by the U.S. Presidential Commission that the accident “was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties and a number of causes.” It also recognized findings from the U.S. Coast Guard that “the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident.”
Shares in BP closed 2.7 percent higher at $7.50 after analysts said the deal puts pressure on BP’s other minority partner, Anadarko, to reach a similar deal and leaves rig operator Transocean open to a combined assault for compensation.
Evolution Securities analyst Richard Griffith said success on those fronts would reduce his estimate of BP’s total liabilities, which currently stands at $25-30 billion.
“Critically Mitsui has joined BP in recognizing that the accident was the consequence of a number of risks and actions by multiple parties,” Griffith said.
