Weatherford To Pay BP $75M For Deepwater Spill

Law360, New York (June 20, 2011, 9:33 PM EDT) -- Weatherford U.S. LP will pay $75 million to BP PLC to settle potential claims related to the Deepwater Horizon incident, and BP will indemnify Weatherford in some possible future litigation, the oil giant said Monday.

"This settlement allows BP and Weatherford to put our legal issues behind us and move forward together in strengthening processes and procedures, safety, and best practices in offshore drilling," BP America President Lamar McKay said. The companies executed mutual releases as part of the deal, BP said.

Weatherford made the so-called...
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