BP Appeals 'Gross Negligence' Oil Spill Ruling

Written By Unknown on Jumat, 03 Oktober 2014 | 14.47

Oil giant BP has asked for a court ruling that it was "grossly negligent" for the Gulf of Mexico spill to be overturned.

BP made the request to a US court to reconsider a judgment handed down last month, which increases its potential liabilities by about $18bn (£11.1bn).

It said Louisiana district court Judge Carl Barbier's ruling was based on evidence he had agreed to exclude from the ongoing trial.

The company said he should therefore review his decision or give it a new trial over the 2010 spill, which saw millions of barrels of oil spread in the gulf.

The evidence in question surrounds expert testimony about how the Macondo well's casing was weakened and breached, part of a series of eight alleged errors linked to the blowout.

"BP respectfully requests that the court eliminate its theory that this series of acts amounted to gross negligence," the company said in its motion.

"In the alternative, BP would be entitled to a new trial."

The ruling last month assigned BP 67% of responsibility for the spill, while drilling rig owner Transocean Ltd was assigned 30% of blame, and cementing contractor Halliburton 3%.

The legal action is the latest motion by BP to curb fines stemming from the case, however Judge Barbier has rejected most of them.

The company has already set aside more than $42bn (£26bn) in provisions for the worst offshore spill in US history, which killed 11 workers.

The additional $18bn fines may come when the judge assigns damages under the federal Clean Water Act, next year.

BP's shares are now trading at around 30% lower than before the accident, and have never fully recovered.

On Thursday, Brent crude was trading at a 27-month low, putting more pressure on the industry with price cutting.

The company's shares are now trading at virtually the same price as this time last year.

The oil major is an important part of many UK pension fund portfolios.


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