Monday, February 13, 2012

Weatherford (NYSE:WFT) Cleared of Gulf Spill Claims

U.S. district court judge Carl Barbier has ruled that Weatherford (NYSE:WFT) wasn't part of the cause leading to the Macondo well oil spill in the Gulf of Mexico.

The decision centered around the float collar provided by Weatherford for the well. The judge said its performance had no part in the failure of the well or the resulting oil spill.

Consequently, all charges against the company have been dismissed.

Weatherford had paid BP (NYSE:BP) $75 million in order to indemnify it against any claims related to the spill. Any other claims against the company are now cleared.

Weatherford was trading at $17.83, up $0.03, or 0.20 percent, as of 10:41 AM EST.

No comments:

Post a Comment