Macondo Blowout

BP PLC said it agreed with the core conclusion of a joint report that the deepwater Macondo well blowout and resulting explosion and fire on Transocean Ltd.’s Deepwater semisubmersible stemmed from multiple causes and decisions involving BP and contractors Transocean and Halliburton Co.

Cameron International Corp., which manufactured the blowout preventer used on Transocean Ltd.’s Deepwater Horizon semisubmerisble, agreed to pay a $250 million settlement to BP PLC, and BP agreed to indemnify Cameron for current and future compensatory claims associated with an oil spill.

The National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling found several immediate causes contributed to the Macondo well blowout on Apr. 20, 2010, although its Jan. 11 report concluded that the root cause was a failure of management by the three main companies involved in

A failure of management by the three main companies involved in drilling the Macondo deepwater oil well was the single biggest reason it blew out and exploded on Apr. 20, killing 11 workers and creating a massive spill, US President Barack Obama’s independent oil spill commission concluded.

BP PLC, operator of the Macondo well in the Gulf of Mexico, said a series of failures, both mechanical and human, made by “multiple companies” contributed to the well’s blowout and subsequent fire and explosion on Transocean Ltd.’s Deepwater Horizon semisubmersible.