BP PLC has ended its conflict over the 2010 Deepwater Horizon Oil Spill with the oil-services firms Transocean Ltd. and Halliburton Co., the Wall Street Journal reports.
Officials at the multinational oil and gas company said they were "pleased to have resolved with Halliburton and Transocean the final remaining disputes stemming from the Deepwater Horizon accident," according to a statement.
"We have now settled all matters relating to the accident with both our partners in the well and our contractors."
Transocean, based in Switzerland, is expected to pay $212 million to litigants that introduced four claims on environmental grounds. Halliburton, based in the United States, did not release specific information about the agreement.
BP officials worked alongside their counterparts at Transocean and Halliburton when the oil spill occurred. The former was in charge of operating the drilling rig while the latter took care of cementing and other tasks.
"These settlements provide substantial closure to five years of litigation and we are confident that this agreement can be a significant step forward in our efforts to renew our partnership with BP," Transocean President and Chief Executive Officer Jeremy Thigpen said, according to the Wall Street Journal.
Despite advances in agreements between the companies responsible for the oil spill, BP remains in court for cases related to the incident.
BP is headquartered in London.
