Halliburton, Transocean settle certain remaining Macondo claims

Halliburton and Transocean have settled claims left from the 2010 Macondo oil spill in the Gulf of Mexico.

Offshore staff

HOUSTON/ZUG, SwitzerlandHalliburton and Transocean have settled claims left from the 2010 Macondo oil spill in the Gulf of Mexico.

Halliburton (NYSE: HAL) has reached an agreement withBP Exploration & Production Inc. to resolve remaining issues, which includes indemnities between the parties and dismissal of all claims against each other, stemming from the oil spill.

Halliburton had settled punitive damages claims by plaintiffs who allege damages to property or associated commercial fishing.

Transocean (NYSE: RIG) has reached two separate agreements that resolve “substantially all outstanding claims” against the company arising from the spill. One agreement is with the Plaintiffs’ Steering Committee and the other is with BP Exploration & Production Inc. and BP America Production Co.

Subject to approval by the US District Court for the Eastern District of Louisiana, Transocean will pay two classes of plaintiffs a total of $212 million. One class of plaintiffs comprises private plaintiffs and local governments that could potentially assert claims under maritime law. The second class is private plaintiffs who previously settled economic damages with BP and were assigned certain claims BP had made against Transocean.

Under the terms of the agreement with BP, BP has agreed to indemnify Transocean for compensatory damages, including natural resource damages. In turn, Transocean will indemnify BP for personal and bodily injury claims of Transocean employees and claims relating to any future cleanup.

05/21/2015

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