Standard Life Investments:Fully Support BP CEO,Management Team

11th Jun 2010 19:42

LONDON (Dow Jones)--BP PLC (BP, BP.LN) investor Standard Life Investments said Friday that it fully supports BP Chief Executive Tony Hayward and his management team and believes the U.K. oil major is "doing its utmost" to deal with the impact of the oil spill in the U.S. Gulf of Mexico. "It is our considered view that BP is doing its utmost to deal with the impact of recent tragic events in the Gulf of Mexico and will fulfil its responsibilities," SLI said in a statement. "We believe that BP has sought to act with complete integrity, consequently we remain fully supportive of Tony Hayward and his management team." Standard Life Investments said it is among the top 10 investors in BP stock. BP shares closed up 7.4%, or 27 pence, at 392 pence Friday in London. Investors regained some confidence in the oil major's ability to cope with the political and financial fallout from the massive oil spill. Reports that U.K. Prime Minister David Cameron is poised to weigh in with political support are helping BP's shares, said one trader, who asked not to be named. The British government Thursday asked the U.S. to "remember the economic value BP brings to people in Britain and America." Also, several brokerage notes have recently suggested that even under extreme scenarios, BP shares are substantially oversold and offer value, the trader said. -By Leia Parker, Dow Jones Newswires; +44-20-7842-9260; [email protected] (END) Dow Jones Newswires June 11, 2010 14:42 ET (18:42 GMT)