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  • Mitsui Announces Settlement of Claims Arising from Gulf Oil Spill
    édité le 23/05/2011 - Plus de news de "Mitsui" - Voir la fiche entreprise de "Mitsui"


Mitsui Announces Settlement of Claims Arising from Gulf Oil Spill
Mitsui & Co., Ltd. (Mitsui) hereby announces that a US$1.065 billion settlement has been reached between several of its subsidiaries and certain BP p.l.c. subsidiaries (BP). The settlement resolves all of BP's claims against Mitsui's subsidiaries arising from the April 2010 oil spill incident involving a drilling rig in the Gulf of Mexico (Incident).
Under the terms of the settlement, a Mitsui subsidiary will pay BP US$1.065 billion - and BP will simultaneously waive and release all of its claims against the Mitsui subsidiaries. In addition, BP will fully indemnify Mitsui and its subsidiaries as to most of the claims, including those brought by various private businesses, governments, property owners and individuals that allege property damage, personal injury, and economic loss relating to the Incident and post-explosion clean-up efforts, as well as Natural Resource Damage (NRD) costs.
By this settlement with BP, Mitsui has significantly limited its exposure in this case - and consequently reduced the risk and uncertainty for its shareholders. Doing so will also make it possible for Mitsui to focus on the future growth of its business. Importantly, the payment is to be used for the claims of individuals and entities whose injuries and damages arise out of or relate to the Incident and so should contribute to the recovery of the Gulf Coast.
Since the occurrence of the Incident, BP has sent monthly invoices to MOEX Offshore 2007 LLC (MOEX Offshore), an indirect, partially owned subsidiary of Mitsui, for reimbursement of the costs associated with the Incident and interest thereon that BP claims it is owed by MOEX Offshore as a result of its 10 percent ownership interest in the lease of the property on which the Deepwater Horizon was drilling (Interest). Through these invoices, BP has sought approximately US$2.144 billion in total from MOEX Offshore for costs associated with the Incident based on the Interest. Payment of these invoices by MOEX Offshore, as well as additional claims for future costs incurred by BP, is now moot, given the settlement announced today. BP p.l.c. has projected that its total costs for the Incident will be in excess of US$40 billion, without considering potential recoveries from third parties, including the Mitsui subsidiaries.
As part of this settlement, MOEX Offshore will transfer the Interest and most of its claims against parties involved in the Incident to BP.

Excepted from BP's indemnification obligation are punitive damages solely to the extent arising from conduct of the Mitsui subsidiaries and civil penalties assessed against the Mitsui subsidiaries. As described in Mitsui's other disclosures, the Mitsui subsidiaries may be subject to liability for civil penalties under the Clean Water Act and state environmental laws.

MOEX Offshore is a wholly owned subsidiary of MOEX USA, which in turn is wholly owned by Mitsui Oil Exploration Co., Ltd. (MOECO), in which Mitsui holds a 69.91% equity interest.


Origine : Communiqué Mitsui

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