CONFIDENTIAL SETTLEMENT AGREEMENT, MUTUAL RELEASES AND AGREEMENT TO INDEMNIFYSettlement Agreement • August 5th, 2015 • Transocean Ltd. • Drilling oil & gas wells
This Confidential Settlement Agreement, Mutual Releases and Agreement to Indemnify ("Agreement") is entered into this 20th day of May 2015 (the "Effective Date"), by BP Exploration & Production Inc. and BP America Production Co. (collectively "BP") and Transocean Offshore Deepwater Drilling Inc., Transocean Deepwater Inc., Transocean Holdings LLC, and Triton Asset Leasing GmbH (collectively "Transocean"). Where applicable, BP and Transocean will be referred to collectively as the "Parties" and individually as a "Party."
In Re: Oil Spill by the Oil Rig "Deepwater Horizon" in the Gulf of Mexico, on April 20, 2010, MDL No. 2179 Term Sheet Agreement for a Transocean and PSC/DHEPDS SettlementSettlement Agreement • August 5th, 2015 • Transocean Ltd. • Drilling oil & gas wells
WHEREAS, on April 20, 2010, a blowout, explosion, and fire occurred aboard the Deepwater Horizon ("DWH"), as it was engaged in drilling activities on the MC252 well off the coast of Louisiana (also known as the Macondo well). These events led to a large discharge of oil into the Gulf of Mexico. On August 10, 2010, the Judicial Panel on Multidistrict Litigation ("MDL") centralized all federal actions (excluding securities suits) in the United States District Court for the Eastern District of Louisiana before the Honorable Carl J. Barbier (the "Court"). Eventually, hundreds of cases with thousands of individual claimants were consolidated with this MDL No. 2179.
