BP Drops Fight Over $750 Million Deepwater Horizon Insurance
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BP Plc won’t seek to access Transocean Ltd.’s $750 million insurance policy for the Deepwater Horizon rig, which exploded while drilling a BP well in 2010, sparking the worst offshore spill in U.S. history.
London-based BP notified the Texas Supreme Court on Wednesday that the two companies resolved all differences over the drilling accident and spill in a confidential settlement reached May 20. BP withdrew its request for the state high court to reconsider its February decision that BP wasn’t entitled to Transocean’s insurance.