BP Settles With Cal Dive Over Deepwater Horizon Spill
19 Aprile 2016 - 11:00PM
Dow Jones News
BP PLC has agreed to pay Cal Dive International Inc. more than
$3.5 million for damages tied to the Deepwater Horizon oil spill,
which six years ago spewed millions of barrels of oil into the Gulf
of Mexico and triggered a six-month drilling moratorium.
Cal Dive, an underwater welding, repair and construction
business that filed for chapter 11 protection last year, is urging
the judge overseeing its bankruptcy to approve the settlement. If
approved, the payout would close the book on a lawsuit the company
filed in federal court in 2013 seeking compensation for lost
revenue and business opportunities tied to the spill and subsequent
drilling ban.
Cal Dive says it can't afford to pursue the lawsuit any further
and that the $3.53 million payout is in the best interest of its
creditors. The judge is set to consider approval of the deal at a
hearing Friday in a Wilmington, Del.
The Cal Dive settlement comes on the heels of a major ruling
earlier this month in which U.S. District Judge Carl Barbier, who
is overseeing thousands of spill-related lawsuits, signed off on an
estimated $20 billion settlement, resolving years of litigation
over the 2010 spill.
After the disaster, a number of companies operating on the Gulf
Coast, including Cal Dive, filed lawsuits against BP and others for
hindering their businesses through actions leading up to and
following the spill. Those lawsuits were eventually consolidated in
a trial before Judge Barbier.
During the trial, the judge ruled that BP had been "grossly
negligent" and found evidence of "willful misconduct" in the
explosion that killed 11 rig workers and ultimately released about
3.2 million barrels of oil into the Gulf of Mexico, the largest
marine oil spill in U.S. history. The judge allocated 67% of the
blame for the incident to BP, court papers show.
In the penalty phase of the trial last month, Judge Barbier
ruled BP wasn't liable for losses related to the six-month
moratorium on deep-water drilling imposed by the federal government
following the catastrophe.
"In light of Judge Barbier's recent ruling limiting the scope of
the BP entities' liability for claims arising from the government
imposed moratorium, the risks associated with continued litigation
are considerably enhanced," lawyers for Cal Dive said in Monday's
court papers. Without the settlement, the lawyers say it could take
years to resolve the "extremely complicated" litigation.
Cal Dive sued BP over a long list of alleged damages related to
the spill, the government-imposed ban and damage to its ships
caused by the oil. In the lawsuit, Cal Dive said BP knew about
"significant problems" at the Deepwater Horizon rig and then
"downplayed the severity of the spill and was unprepared for the
massive cleanup effort required."
BP declined to comment Tuesday. But the oil giant didn't admit
any wrongdoing, according to court papers, and the agreement
stipulates that the payout to Cal Dive is "purely by way of
compromise and settlement."
In return for the payment, Cal Dive is releasing BP and its
affiliates from "all past, present or future claims" related to the
spill and the moratorium, and the company will withdraw from all
class-action lawsuits. It also agreed not to publicly disparage
BP.
Houston-based Cal Dive sends divers to install and repair
underwater oil and gas drilling platforms, pipes and other
infrastructure in the Gulf of Mexico. It also operated in Mexico,
Australia, Indonesia, Malaysia and other countries through
affiliated companies that weren't affected and didn't file for
bankruptcy.
Its divers can work at depths as great as 1,000 feet and can
stay underwater for up to a month at a time living in hyperbaric
chambers. But falling oil prices, a heavy debt load and
"unseasonably adverse weather and third-party contractor delays,"
overcame the business, court papers show.
Cal Dive, which hasn't posted profits since 2009, filed for
bankruptcy last year after skipping a $2.2 million interest
payment. The company has since been selling off its assets in
bankruptcy and winding down its business.
Patrick Fitzgerald contributed to this article.
Write to Tom Corrigan at tom.corrigan@wsj.com
(END) Dow Jones Newswires
April 19, 2016 16:45 ET (20:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Grafico Azioni Cal Dive (CE) (USOTC:CDVIQ)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Cal Dive (CE) (USOTC:CDVIQ)
Storico
Da Set 2023 a Set 2024