Weatherford settles with BP for Macondo claims

Offshore staff

GENEVA – Weatherford International Ltd. and BP have reached a settlement on any claims between the companies arising from the Macondo incident in the Gulf of Mexico.

Under the agreement, BP indemnifies Weatherford for “current and future compensatory claims resulting from the incident” and also for any “environmental, pollution, personal, business, property, and economic loss claims.”

On its part, Weatherford will provide $75 million to BP for application to the Gulf Coast recovery fund.

“Weatherford is particularly pleased that, as part of our continued commitment to the environment and worker safety, the settlement includes opportunities for us to partner with BP to improve offshore drilling operations,” added Bernard J. Duroc-Danner, president and CEO of Weatherford.

06/21/2011



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