News - State
BP shares up after contractor settles Gulf claim
Posted: Jun 21, 2011 5:48 AM by Lauren Wilson & AP
LONDON (AP) - Shares in oil company BP have risen strongly after one of the company's contractors agreed to settle claims arising from the Gulf of Mexico oil spill.
BP's shares were up 2.9 percent at 442 pence in early trading Tuesday on the London Stock Exchange, after closing the previous data at 429.6 pence, the lowest since Dec. 1.
On Monday, contractor Weatherford U.S. LP agreed to pay BP $75 million to settle all potential claims between the companies from last year's rig explosion and oil spill.
Analysts at Evolution Securities in London say the deal will put more pressure on rig operator Transocean, cement contractor Halliburton and BP's partner in the well, Anadarko, to agree
settlements.
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