BP and Halliburton face bigger claims
BP and Halliburton are at greater risk of a substantial pay-out over the Gulf of Mexico oil spill after a US investigation claimed they knew cement used to seal the well was probably unstable, legal experts said on Friday.
One high-profile lawyer for individuals suing BP proclaimed the evidence a “game-changer”, while independent observers said it raised the chances of a gross negligence finding against the companies that could trigger penalties and court awards running into billions of dollars.
Shares in Halliburton continued to slide on Friday, falling 43 cents to $31.25 a share in morning trading in New York, as investors worried about the potential impact of the findings. The shares closed down 8 per cent on Thursday night at $31.68 a share after falling as much as 16 per cent earlier in the session. Investors seemed less concerned about the potential fallout for BP. Its shares closed up 0.66 per cent to 425.80p a share in London on Friday.