LONDON (Alliance News) - Bankers Petroleum Ltd Monday said it will pay "considerably" less than anticipated after it reached a full and final settlement with BP Oil International Ltd, part of BP PLC, after the oil major initiated a lawsuit against Bankers in 2013.
The company said its Albanian subsidiary, Bankers Petroleum Albania Ltd, has reached the settlement with BP Oil International after BP filed a lawsuit against the company in September 2013 after Bankers terminated a long term oil supply contract between the two parties.
The settlement that has been agreed will see Bankers pay BP a total of USD16.5 million, inclusive of all costs and interest.
BP originally sought damages totalling USD54.2 million, but Bankers said "BP's claim had recently been revalued at USD37.4 million to reflect movements in the oil price".
"As part of the settlement, neither party admitted to wrongful or illegal conduct, and
both parties' claims and counterclaims will be dismissed," said the company.
Bankers shares were up 0.6% to 171.00 pence per share on Monday afternoon while BP shares were down 1% at 442.10 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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