Posted on April 7, 2016
By Wendy Laursen, The Maritime Executive
BP has been ordered to pay $5.5 billion to settle civil damages claims made by the U.S. as a result of the Deepwater Horizon oil spill. The amount will be paid over the course of 16 years.
Despite protests from both Congress and a broad coalition of environmental groups, the final settlement will allow BP to deduct a majority of the costs as an ordinary business expense.
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