“BP’s cost or time saving decisions without considering contingencies and mitigation” were “contributing causes” of the Macondo blowout in April last year, a final enquiry by the US Coast Guard and the offshore oil regulator concluded.
The 17-month enquiry also finds fault with rig owner Transocean and contractor Halliburton for their part in the catastrophe but concludes BP was ultimately responsible for making a series of decisions which ultimately led to the failure of the cementing of the well.
The explosion aboard the Deepwater Horizon killed 11 people and caused almost 5m barrels of oil to leak into the Gulf of Mexico.
BP’s shares rose as much as 4.8 per cent before the report was published on hopes that it would help the company avoid being found grossly negligent, which would increase its financial liabilities. The shares fell back slightly but still closed 3.5 per cent higher as the report implicated other parties.