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BP announced settlement with Moex/Mitsui of claims related to the Deepwater Horizon accident

May 20/2011

(BP) -- BP has reached agreement with MOEX Offshore 2007 LLC (MOEX) and its affiliates, Mitsui Oil Exploration Co., Ltd. and MOEX USA Corporation to settle all claims between the companies related to the Deepwater Horizon accident.

MOEX which had a ten per cent interest in the Macondo well has joined BP in recognising 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 and a number of causes.

Like BP, MOEX Offshore has also recognised and acknowledged the conclusions of the United States Coast Guard that, among other things, the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident. MOEX has concluded that entering into a settlement with BP is in its best interest. The agreement is not an admission of liability by any party regarding the accident.

Under the settlement agreement, MOEX USA Corporation, the parent company of MOEX Offshore 2007, will pay BP USD 1.065 billion. BP will immediately apply the payment to the USD 20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages.

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