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16 Dec 2011

BBC News

BP announces Cameron settlement over Gulf oil spill [USA]

Oil giant BP has agreed a settlement with contractor Cameron International over the Gulf of Mexico oil spill. Cameron was the designer and manufacturer of the blow-out preventer on the Deep Water Horizon project, which failed during the spill. Under the agreement, which settles all claims between the firms, Cameron will pay BP $250m (£161.3m). The money will be put into the $20bn trust BP set up for victims of the disaster, in which 11 people died. The agreement is not an admission of liability by either Cameron or BP for last year's explosion, which led to the release of an estimated 780 million litres (206m gallons) of crude oil into the Gulf of Mexico. The firms say the blast was the result of "complex and interlinked causes" involving multiple companies. [also refers to MOEX, Andarko, Halliburton, Weatherford International]