BP agrees to pay investors $175m over Gulf spill

BP has settled a lawsuit arising from the 2010 Deepwater Horizon oil spill by agreeing to pay investors who bought American Depository Shares $175m.

The investors bought the shares in 2010 after the Deepwater Horizon rig was hit by an explosion but before the full scale of the subsequent oil spill became apparent. They claimed the company had concealed the extent of the disaster.

The $175m is payable in the 2016-17 year, BP said in a statement.

“This settlement does not resolve other securities-related litigation in connection with the Gulf of Mexico oil spill,” BP said.