BP shares fall as oil giant handed record fine

Shares in BP have plunged to 422.35p on the London Stock Exchange today (November 16th) after the Department of Justice handed the oil giant a record criminal fine as part of a $4.5 billion (£2.8 billion) settlement regarding the Deepwater Horizon disaster of 2010.

This is the biggest fee of its kind in the history of the US and decision-makers have said BP must hand over $4 billion, with this sum including a $1.26 billion fine as well as payments to science and wildlife organisation involved in the clean-up and preservation operations resulting from the leak.

BP will plead guilty to 14 criminal charges as part of the agreement and the company has conceded to apologise for the role it played in the disaster and that it regrets the loss of life.

Chief executive of BP Bob Dudley said: "We apologise for our role in the accident and as today's resolution with the US government further reflects, we have accepted responsibility for our actions."

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