BP settles with Gulf rig contractor

BP settles with Deepwater Horizon rig contractor

BP has reached an out-of-court settlement with one of the companies it contracted for work on the Deepwater Horizon rig.

The deal will see Weatherford - one of the world’s largest oil services providers - pay BP $75 million.

Weatherford made a device designed to help contain the cement at the bottom of the well. In exchange for the cash BP will cover the company against certain claims resulting from the accident, such as those relating to pollution damage.

BP said the money would go towards the 20-billion-dollar fund it created to compensate individuals and businesses in the aftermath of the spill.

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