BP reaches settlement with Weatherford, will use money to

POSTED: Tuesday, June 21, 2011 - 3:35pm

UPDATED: Tuesday, June 21, 2011 - 4:16pm

BP has reached an out of court settlement with one of the companies it contracted for work on the Deepwater Horizon rig.

The deal means Weatherford U.S. will pay BP $75 million for work done on the rig before it exploded on April 20 last year.

BP says they'll use the money for the $20 billion fund to compensate people and businesses still suffering from the Crisis on the Coast.

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