Cameron International, the maker of the Deepwater Horizon blowout preventer, has entered into a settlement with BP whereby it will pay $250 million to the oil giant. BP said the settlement was “in the mutual best interests,” of the two companies. The companies are dropping all claims against one another.

As has been reported, and mentioned again in this issue, the non-jury trial in New Orleans is slated to begin in February. The trial will determine fault relating to the explosion and oil spill. The settlement by BP with Cameron won’t end the legal fighting over the blowout of the Macondo well, which was owned by BP and two partners, MOEX and Anadarko. BP has already settled claims with those two companies and a third company, Weatherford, the maker of a part used in the well. Bob Dudley, BP group chief executive, said that the settlement with Cameron allows BP and Cameron to put their “legal issues behind us and move forward to improve safety in the drilling industry.” This settlement will have no real effect on the exposure of BP and Cameron to all of the victims of the disaster.

Source: Associated Press