BP has agreed to indemnify Weatherford in relation to economic claims from people affected from the spill and environmental damage.
However, the settlement - the second BP has reached with parties involved in the well - still leaves Weatherford exposed to possible government fines and punitive damages.
Japanese trading house Mitsui, which owned a 10 per cent stake in the Macondo well through its exploration unit, agreed in May to pay $1.1bn towards the spill clean-up in what was seen as a key victory in BP's battle to share the costs of the disaster.
"It's not groundbreaking ... because Mitsui set the precedent," said Investec analyst Stuart Joyner. "The payment is symbolic, $75m is neither here nor there in the context of the wider fund. I wouldn't overstate the importance, but it's a step in the right direction."
BP said it was working to ensure its other partners in the well, including Anadarko Petroleum Corp, Transocean Ltd and Halliburton Co , also contribute to clean-up costs.
Weatherford had in April said it swung to a first-quarter profit of $59.2m versus a year-before loss of $68.4m.