May 20, 2011
BP (NYSE:BP) is higher after the oil major reached a settlement with MOEX Offshore 2007 LLC -- which had a 10% stake in the Macondo oil well -- over claims related to the Deepwater Horizon accident.
BP said MOEX will pay $1.065 billion, which BP will immediately apply to the $20 billion trust it established in the wake of the disaster.
BP said MOEX "has joined BP in recognizing and acknowledging the findings by the Presidential Commission that the accident was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties."
In return for the payment, BP will indemnify MOEX for compensatory claims arising from the accident. MOEX is majority owned by Japan's Mitsui & Co. BP said the agreement is not an admission of liability by any party.
BP shares are up 2.1%, or $0.93, to $44.81.
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