BP has announced that it has settled its lawsuit with one of its partners in the Deepwater Horizon oilrig for $1.1 billion.
Japanese company Mitsui, which does business in the United States as MOEX USA, owned a 10 percent stake in the failed Macondo well that led to the massive 2010 oil spill in the Gulf of Mexico.
In a statement released by BP on May 20, the oil company said it has agreed to indemnify MOEX in exchange for the settlement payment and all chargers against the Japanese company will be dropped.
BP recently billed Mitsui for $2.1 billion in costs related to the Deepwater Horizon oilrig explosion, ensuing oil spill and cleanup efforts.
BP still has ongoing suits against other Deepwater Horizon partners Transocean, Halliburton and Cameron International as part of the multidistrict litigation that is ongoing in the U.S. District Court for Eastern District of Louisiana.
U.S. District Judge Carl Barbier is overseeing the litigation that has consolidated tens of thousands of claims against BP and it's Deepwater Horizon partners.
Neither BP nor MOEX accepted liability for the oilrig explosion or the oil spill as part of their settlement.
Federal MDL 2:10-md-2179