Bankers Petroleum Ltd. says that its subsidiary, Bankers Petroleum Albania Ltd. (BPAL), has reached a full and final settlement with BP Oil International Limited (BPOI) in connection with the September 2013 lawsuit initiated by BPOI against BPAL at the High Court of Justice in London, England. The settlement is for a payment by BPAL to BPOI of US$16.5 million inclusive of all costs and interest.
The lawsuit was brought in connection with the termination by BPAL in November 2012 of a long term oil supply contract between BPAL and BPOI and initially sought damages of up to US$54.2 million for, among other things, the alleged wrongful termination of such agreement. BPOI's claim had recently been revalued at US$37.4 million to reflect movements in oil price since September 2013. As part of the settlement, neither party admitted to wrongful or illegal conduct, and both parties' claims and counterclaims will be dismissed.