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BP finally agrees record breaking Deepwater Horizon settlement

BP finally agrees record breaking Deepwater Horizon settlement
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US Attorney General Loretta Lynch has announced BP is to pay over $20 billion arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.

The settlement launches one of the largest environmental restoration efforts after hundreds of kilometres of coastline were polluted in worst offshore spill in US history.

The agreement adds to the $43.8 billion BP had previously set aside for criminal and civil penalties and cleanup costs. The company has said its total pre-tax charge for the spill is now around $53.8 billion.

BP’s shares rose nearly 3 percent in New York on the news as investers praised the agreement as essentially it caps liabilities that could have been much larger.

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