LONDON - BP has struck a deal to receive approximately $ 1 billion of one of its partners in the blown-out Gulf of the Mexico minority, raising hopes, it will successfully pursue other involved companies and reduce its costs of the disaster.
BP PLC, said Thursday that MOEX Offshore 2007 LLC, which had a 10 per cent interest in the Macondo well has agreed to pay 1.065 billion to settle all claims between the companies on the accident on the Deepwater Horizon platform.
"Under the regulations, MOEX, a unit of Japanese trading house Mitsui & Co., agreed to recognize the results by the Presidential Commission for the United States that the accident" was the result of a number of distinct risk factors", the omissions and the pure and simple errors by multiple parties and a number of causes."
It also acknowledges the findings of the U.S. Coast Guard, "security of Transocean's Deepwater Horizon platform and management systems had important gaps" which made them ineffective in the prevention of the accident.
Shares of BP closed 2.7 per cent higher to 460 pence after another minority partner in the ($7.50) that analysts, said the deal puts pressure on BP, Anadarko, to reach a similar deal and leaves rig operator Transocean open to a combined assault of compensation.
Analyst of values securities evolution Richard Griffith said success on these fronts would reduce its estimate of the total liability of BP, which is currently at 25-30 billion dollars.
"Critical Mitsui joined BP in recognizing that the accident was the result of a number of risks and actions by multiple parties," said Griffith. "" "". "Perhaps more significantly is the wider recognition that the management systems of the safety of the Transocean on the platform were deficient, and where this could lead BP and its partners in the licence to pursue Transocean compensation, thus reducing the overall size of the net debt to BP".
Jonathan Jackson, Chief of the shares to Killik & Co., said it was "somewhat disappointed" by the size of the colony, but the news was positive.
"It is the first time that a company involved in the well was joined by BP to help cover the expenses of the accident and it seems to reinforce the likelihood that BP will not be found a gross fault, a result which would add greater responsibility sanitation Act"Jackson says."
He added that BP could reach a comprehensive settlement which rolls up a unique agreement liability for fines, damages and other penalties.
BP said Friday that he would continue to pursue Texas Anadarko, which had a 25 percent interest in the well, based on Switzerland Transocean and cement contractor Halliburton to pay their share of billions of dollars in cleanup costsdamage of oil spill and pollution fines.
MOEX also filed cross-claims against Transocean and Halliburton, which BP said Friday "designed and pumped the unstable cement that the Presidential Commission has been a major cause of the accident."
However, Transocean said the Deepwater Horizon rig is in"healthy" and had passed inspection by the coast guard.
"As the owner and operator of the Macondo well, BP has clear financial incentives to assign blame to other parties, but its public posturing is not supported by the whole of the evidence in this case," society said in a statement by e-mail. "Government investigations have correctly concluded that the incident of Macondo was caused by a failure of the cement into the well."
BP has already reserved a charge of $ 32.2 billion to cover costs in the long term of the spill in the Gulf. The $ 30 billion in sales of assets at the end of the year it aims to consolidate funds.
BP Director General Bob Dudley said that Mitsui "is showing great corporate citizen in standing behind its subsidiary and making a contribution to the costs of this tragic accident."
"We call on the other parties involved in the Macondo well to follow the example of the MOEX and Mitsui parties", he added in a statement.
MOEX colony will be immediately deposited into the trust of $ 20 billion, BP has set up to respond to individuals, businesses and the Government of the oil spill claims last year.
MOEX had filed legal action in New Orleans on April 20 anniversary of the Gulf spill, ask a federal judge to declare that he was not liable for damages and expenses resulting from cleaning of the worst in the offshore oil spill in the history of the United States. MOEX was joined by Anadarko in pursuing BP, with both companies saying that London-based BP was responsible for blowing and the spill.
BP said that payment of MOEX announced Friday - to be paid by its parent company, MOEX USA Corp. - not an admission of liability by any party to the accident. Companies agreed to drop the mutual claims against the other.
The news of the colony coincided with a report of financial-based services, London Group Investec calling on BP to following the company into three separate groups - focused on the United States, Great Britain and emerging countries.
Investec noted that BP has less of the market by 14% in terms of dollars and is down 5% on the year to date.
"BP business model is broken, in our view," Investec analysts Stuart Joyner and Angus McPhail said in a note. "However, we believe that it may resume its reputation as the industry thought leader by dividing the company in three."
The pair has suggested a U.S. Unit listed in New York containing refining and gas exploration & production American companies of BP. A separate company of exploration & production could be listed in London focused on Britain and mature markets, analysts said, with one unit of high growth targeting developing countries listed in London and Mumbai and Hong Kong.
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