BP reaches settlement on Macondo claims

HOUSTON, May 21, 2015 – Transocean and Halliburton both announced on Thursday that they have settled all remaining issues with BP relating to the 2010 Macondo disaster in the Gulf of Mexico.

Switzerland-based rig contractor Transocean, which owned the Deepwater Horizon rig, announced that it will be paid $125 million by BP in compensation for legal fees. Transocean also stated that as part of another settlement, it had agreed to pay $212 million to two classes of plaintiffs.

Halliburton, which provided cementing services for the well, said in a separate statement that it had resolved all remaining issues with BP. Speaking about the settlement, Halliburton chairman and CEO Dave Lesar said, “We are pleased to have reached an amicable resolution with BP, our valued customer, that allows us to close another chapter in the Deepwater Horizon case for Halliburton.”

In 2014, Halliburton reached a settlement to pay $1.1 billion to settle a majority of Macondo lawsuits.

Read our latest insights on: