BP Plc (BP/), operator of the Macondo well that caused the U.S.’s worst oil spill, may reach a settlement for the disaster this week after a partner agreed on fines, an Oppenheimer & Co. analyst said.
Mitsui & Co. (8031)’s MOEX Offshore 2007 LLC will pay $90 million to the U.S. and five states to settle pollution violations related to 2010 spill. While BP will probably have to accept different terms as the operator, the settlement suggests that BP would pay $585 million for violations, less than 20 percent of what the company has provisioned, said Fadel Gheit, an analyst at Oppenheimer in New York. BP rose to the highest since March in London trading.
via Fuel Fix » BP spill deal possible this week after Mitsui, analyst says.