BP to pay record USD 4.5bn after pleading guilty to 'manslaughter' in Gulf of Mexico disaster
British multinational oil and gas company, BP, has pleaded guilty to 'manslaughter' over the deaths of 11 men in the Gulf of Mexico disaster, and would now pay 4.5 billion dollars in a record settlement with US authorities.
The disaster took place on April 20, when an explosion ripped through the Deepwater Horizon offshore oil-drilling rig in the Gulf of Mexico, killing 11 workers and injuring 17 others.
The explosion, one of the worst offshore oil spill in US history, brought the company to its knees and, after Thursday's settlement, is likely to cost it at least 42 billion dollars, The Telegraph reports.
According to the paper, BP has also agreed to pay 525 million dollars to resolve securities claims with the Securities and Exchange Commission, over false estimates of the leakage rate.
"All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region," BP chief executive Bob Dudley said.
"We apologise for our role in the accident and, as today's resolution with the US government further reflects, we have accepted responsibility for our actions," he added.
BP would now be paying 4 billion dollars in criminal fines and penalties to resolve all criminal claims with the Department of Justice (DoJ), the largest criminal settlement in US history, the paper said.
It is thought BP will cover legal fees for its current and former employees, the paper added.