As shares in BP continue to slide, wiping 50 billion dollars off its market value since last month’s oil rig explosion, the company has other costs to consider, those to its reputation.
To try to reassure locals on the front line of the ecological mess, BP’s chief Tony Heyward went down to Louisiana’s oil-tarred shoreline to inspect the damage for himself.
“We are here for the long haul,” said Heyward.
“We are going to clean every drop of oil off the shore. We will remediate any environmental damage and we will put the Gulf Coast right and back to normality as fast as we can.”
So far, the bill to control the leak has risen to the equivalent of 600 million euros, but that does not include the potential legal claims from the accident.
To defend its name, the company has taken out media advertisements and announced a multi-million euro research budget to look into the impact of the spill on the marine environment.