BP Gets $250M from Maker of Failed Blowout Preventer

By Admin
Cameron International, the maker of the so-called “blowout preventer” that failed to cap last year's massive oil spill in the Gulf of...

 

Cameron International, the maker of the so-called “blowout preventer” that failed to cap last year's massive oil spill in the Gulf of Mexico, will pay BP $250 million under a legal agreement reached today.

The companies are dropping all claims against one another as BP told the press that it was “in their mutual best interests, and the agreement is not an admission of liability by either party.”

The federal trial over the spill will begin in February and determine fault in April for the explosion and subsequent oil spill of over 200 million gallons of oil off the coast of Louisiana. Although today's announcement puts legal issues between the BP and Cameron on the back burner, other companies persist in refusing to accept responsibility for their roles in the accident or to help in restoration efforts.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

RETURN TO THE GULF

Gulf of Mexico Reopens for Business

December's issue of Energy Digital has gone live!

Furthermore, tensions between Halliburton and BP are getting intense after BP accused the company for covering up evidence about a cement mixture used in drilling the well earlier this month.

On the upside, BP says its will use the $250 million from Cameron to pay for cleanup and other damages associated from the spill and the two companies have pledged to improve safety in the drilling industry by doing more to improve blowout preventers.

Thus far, BP has spent some $7.5 billion on damage claims from the spill, but billions of dollars in additional fines are expected as the blame game continues.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

Share

Featured Articles

5 minutes with Stuart Broadley, Energy Industries Council

EIC CEO Stuart Broadley reveals the challenges that lie ahead for oil and gas firms now net zero is becoming an increasingly important goal for businesses

SAP: Is 'complex' wind energy supply chain slowing adoption?

SAP digital supply chain and manufacturing expert Darcy MacClaren warns complex logistics and complicated regulations are limiting wind energy adoption

Decentralised energy key to circumventing grid delays

Aggreko is advising the sector to consider short to mid-term decentralised energy solutions as an effective means of maintaining business continuity.

Renewable energy to become top source of electricity by 2025

Renewable Energy

Nuclear energy — the unsung hero of the climate challenge

Renewable Energy

UK and US announce energy partnership

Oil & Gas