Weatherford International announced Monday that all claims against the company in the multi-district litigation over the cause of the Macondo blowout and oil spill were dismissed last Friday.
United States District Court Judge Carl Barbier, presiding over the litigation, said in his ruling on the company’s Motion for Summary Judgment, “there is no evidence that the Weatherford float collar used in the production string of the Macondo Well was defective and/or that any actions or inactions by Weatherford caused or contributed to the cause of the blowout and oil spill”.
In June 2011, Weatherford announced that its U.S. subsidiaries had reached agreement with BP to settle any claims that may have arisen between the companies relating to the Macondo blowout and oil spill. Under the agreement, BP agreed to indemnify Weatherford for current and future compensatory claims resulting from the incident.
The entire cost of the $75 million agreement with BP was funded by insurance policies that Weatherford had in place at the time of the incident. Friday’s ruling on the unopposed Motion for Summary Judgment resolved the residual exposure the Company faced in the civil litigation.
