BP agrees to $1 billion settlement with MOEX

May 20, 2011 - 2:37 AM

LONDON (AP) — BP PLC says MOEX Offshore 2007 LLC, its minority partner in the blown-out Deepwater Horizon well, has agreed to pay the British company $1.065 billion to settle all claims between the companies over the accident in the Gulf of Mexico.

BP said Friday that it will immediately put the payment into the $20 billion trust it has established to meet individual, business and government claims relating to last year's oil spill.

Chief Executive Bob Dudley says the settlement is an "important step forward for BP."

MOEX Offshore 2007 LLC had a 10 percent interest in the Macondo well. BP says the payment — to be paid by its parent company, MOEX USA Corp. — is not an admission of liability by any party regarding the accident.