Weatherford Settles With BP Any Claims Between the Companies Related to the Macondo Litigation

Weatherford International Ltd. WFT today announced that its U.S. subsidiary has reached agreement with BP BP to settle any claims that may have arisen between the companies relating to the Deepwater Horizon incident and oil spill. Under the settlement, BP will indemnify Weatherford for current and future compensatory claims resulting from the incident and the impacts from that event. Under the agreement, BP will indemnify Weatherford for environmental, pollution, personal, business, property and economic loss claims. The two companies have agreed to work with each other to improve the safety of offshore drilling. The entire cost of this settlement is being funded under insurance policies that Weatherford had in place at the time of the incident. As part of the settlement, Weatherford will provide $75 million to BP to be applied to the Gulf Coast recovery fund established for residents, businesses and others claiming injury or damage from the oil spill.