BP to get $1bn legal settlement from partner

(AFP)

BP secured a significant victory yesterday when one of its partners in the Macondo well at the centre of the Gulf of Mexico spill agreed to pay $1.1bn (£678m) to settle legal claims, putting pressure on the UK group's other partners to make similar moves.

The settlement with MOEX Offshore, the Mitsui unit which owned 10 per cent of the damaged well, will go towards the clean-up bill. In all, BP has set aside $41bn to cover the cost of the spill, including potential fines under US laws.

The first anniversary of the spill last month was marked by a flurry of lawsuits. BP filed suits against Halliburton, which cemented the well, Cameron, which manufactured the blow-out preventer safety device, and Transocean, the owner and operator of the Deepwater Horizon rig. It also sued Anadarko Petroleum, which owned 25 per cent of the well.