Company Overview of MOEX Offshore 2007, LLC

MOEX Offshore 2007 LLC, a minority partner in BP's blown-out well in the Gulf of Mexico has agreed to pay $90 million in a settlement with the federal government and Gulf states to resolve allegations the company violated the Clean Water Act. MOEX Offshore owned 10% interest in the Macondo well, about 50 miles off the Louisiana coast. The well blew out in April 2010, destroying the BP-leased rig Deepwater Horizon. It killed 11 men and resulted in the nation's worst offshore oil spill. The agreement filed in U.S. District Court in New Orleans calls for MOEX to pay $45 million in civil penalties to the federal government and $25 million to the Gulf states affected by the spill. The company also agreed to pay $20 million for coastal protection projects.