Dril-Quip Cleared Of Gulf Spill Fault

Dril-Quip, which makes offshore drilling equipment that was on Deepwater Horizon during the blowout, said a judge dismissed all claims against the company.

HOUSTON (AP) — Equipment maker Dril-Quip Inc. says a federal judge found it didn't contribute to the Deepwater Horizon disaster two years ago.

Dril-Quip, which makes offshore drilling equipment that was on the rig at the time of the blowout, said Tuesday that U.S. District Judge Carl Barbier dismissed all claims against the company.

The company said the judge ruled Friday that Dril-Quip's equipment didn't appear to be connected to the well blowout on April 20, 2010.

The well, which was owned by BP PLC, Anadarko Petroleum Corp. and MOEX Offshore 2007 LLC, created the worst offshore oil spill in U.S. history.

BP expects to spend more than $40 billion to clean up the spill and repair damages. It asserts that other contractors including service company Halliburton Co. and rig owner Transocean Ltd. contributed to the disaster. Civil and criminal investigations are still working to determine who is responsible.

Its shares finished at $66.42 on Monday. That is midway between its 52-week low of $47.40 set in early August and its high of $82.49 in mid-February of 2011.

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