BP to settle Gulf spill case for a record of $4.5billion

BP to plead guilty to manslaughter and agree to pay $4.5billion in a record settlement with US authorities

12:26 18 November 2012

BP, in their effort to settle civil and criminal liabilities over the Deepwater Horizon rig explosion in April 2010, will reportedly plead guilty to manslaughter over the deaths of 11 men and agree to pay $4.5bilion in a record settlement with US authorities. The explosion is considered by some as being the worst offshore oil spill in the US history.

Reuters reported that the oil giant is expected to plead guilty to criminal misconduct, and the $4.5billion settlement is not expected to cover federal civil claims, which includes those related to private civil claims, Clean Water Act, or state economic loss claims.

Bob Dudley, BP's chief executive said: "All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region."

"From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf.

"We apologise for our role in the accident, and as today's resolution with the US government further reflects, we have accepted responsibility for our actions."