BP is claiming its contractor, Halliburton, should pay for the entire clean up following the Deepwater Horizon oil spill in 2010.
In a filing at a court in New Orleans integrated oil company BP says the American oilfield services firm should pick up the tab for the clean up operation, which could come to as much as $60bn.
The court documents also make clear BP wants compensation for lost profits and "all other costs and damages".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BP and Halliburton both claim the other is responsible for the spill in April 2010
BP shares were up around 1% this morning on the news of the legal filing.
In the first few months after the disaster in the Gulf of Mexico BP shares lost 50% of their value. Since then the group has made a steady recovery although the stock is still down 27% on its pre-Deepwater Horizon level.
BS
