Cameron International, the maker of the so-called “blowout preventer” that failed to cap last year's massive oil spill in the Gulf of Mexico, will pay BP $250 million under a legal agreement reached today.
The companies are dropping all claims against one another as BP told the press that it was “in their mutual best interests, and the agreement is not an admission of liability by either party.”
The federal trial over the spill will begin in February and determine fault in April for the explosion and subsequent oil spill of over 200 million gallons of oil off the coast of Louisiana. Although today's announcement puts legal issues between the BP and Cameron on the back burner, other companies persist in refusing to accept responsibility for their roles in the accident or to help in restoration efforts.
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Furthermore, tensions between Halliburton and BP are getting intense after BP accused the company for covering up evidence about a cement mixture used in drilling the well earlier this month.
On the upside, BP says its will use the $250 million from Cameron to pay for cleanup and other damages associated from the spill and the two companies have pledged to improve safety in the drilling industry by doing more to improve blowout preventers.
Thus far, BP has spent some $7.5 billion on damage claims from the spill, but billions of dollars in additional fines are expected as the blame game continues.