BP Exec: Company Expects To Exceed $75 Million Liability Cap

16th Jun 2010 20:55

By Tennille Tracy Of DOW JONES NEWSWIRES A BP executive said in prepared remarks Wednesday that the company expects to exceed the $75 million liability cap in the Oil Pollution Act and that BP will not seek reimbursement under the Oil Spill Liability Trust Fund. "I can ...reiterate that BP does not believe that the $75 million cap in the OPA '90 statute is relevant," said Darryl Willis, vice president for resources for BP America, in testimony prepared for a hearing of a panel of the U.S. Senate's Homeland Security Committee. Willis also said the company will pay "income placement" to people who lost their livelihoods as a result of the spill and will do so for as long as the people cannot earn a living. "We intend to continue replacing this lost income for those impacted for as long as the situation prevents them from returning to their work," he said. Willis said BP has already paid $71 million in claims. -By Tennille Tracy, Dow Jones Newswires; [email protected] (END) Dow Jones Newswires June 16, 2010 15:55 ET (19:55 GMT)