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BP reaches settlement with maker of failed preventer

3 years ago December 16, 2011 Dec 16, 2011 Friday, December 16 2011 Friday, December 16, 2011 5:40:51 AM CST in News
Source: Associated Press

NEW ORLEANS - BP will receive $250 million from the maker of the blowout preventer that failed to stop oil from spewing out of BP's fractured well in the Gulf of Mexico, according to the Associated Press.

Under the agreement announced Friday, BP and Cameron International Corp. will drop all claims against each other.

BP says the money will be deposited into the $20 billion fund set up to compensate victims of the April 2010 oil spill.

BP says the agreement was not an admission of liability by either party.

The settlement comes in advance of a federal trial over the spill.

The non-jury trial is set to begin in February and will determine fault in the explosion of the Deepwater Horizon rig.

The oil spill was the nation's worst offshore oil disaster.

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