The model estimates the impacts on business and leisure visitors separately. Our analysis quantifies the initial impacts on tourism volumes and spending using available data for the period since the explosion of the deepwater horizon. Oil spill by the oil rig deepwater horizon in the gulf of mexico on april 20, 2010, mdl 2179, united states district court, eastern district of louisiana rec. Oil spill by the oil rig deepwater horizon in the gulf of mexico, on april 20, 2010, this document applies to. Business economic loss claim which it submitted to the settlement program. New deepwater horizon punitive damages settlement class new class description. Bp board of directors, bp employees, environmental activists, and tourism companies. In this regard, bp and bps counsel agree that this agreement is fair, reasonable, and an adequate resolution of the deepwater horizon economic litigation. About floridas deepwater horizon program on april 20, 2010, the offshore oil drilling platform deepwater horizon exploded in the gulf of mexico, causing the largest oil spill in u. While the fire on the platform was still being contained transocean and bp were assessing their options.
Pouring oil over the balearic tourism industry munich personal. That is, the baseline forecast provides us with a model of what would have been absent the oil spill. Deepwater horizon florida department of environmental. On 20 april 2010, a fire was reported on a transoceanowned semisubmersible drilling rig, deepwater horizon. Bp has begun to make interim payments to compensate for lost income resulting from the oil spill. Settlement in this complex litigation is appropriate.
Despite claims made by oil companies that offshore drilling is. Transocean is the company that owned and staffed the deepwater horizon rig. Summary of information concerning the ecological and. Several companies were involved in the deepwater horizon disaster. Click here for an alert about the june 8, 2015, claims submission deadline and how to submit any claims to the dwh program timely.
Medical benefits settlement thirdparty lien procedures procedures shall have the same meaning given to such terms in the medical benefits class action settlement agreement settlement agreement approved on january 11, 20. Established a fund to promote tourism and the gulf seafood industry. As a result of the disaster, three funding streams were created. An economic analysis of the deepwater horizon economic. Although the settlement agreement does not establish a right of automatic appeal to the district court, the district court that authorized the settlement has retained the discretionary. The deepwater horizon oil spill disaster in 2010 marked the worst. By national ocean economics program noep definition, the ocean economy. The impact of the bp oil spill on visitor spending in.
The civil and criminal proceedings stemming from the explosion of deepwater horizon and the resulting massive oil spill in the gulf of mexico began shortly after the april 20, 2010 incident and have continued since then. United states district court eastern district of louisiana in re. If you or your business were harmed by the deepwater horizon oil spill, you. The deepwater horizon economic and property damages settlement the settlement program is no longer accepting new claim forms.
Abstract the deepwater horizon oil spill of 2010 significantly impacted the gulf coast economy. Deepwater horizon oil rig explodes killing 11 workers and injuring 17 more 4. Class members have separate rights and options with respect to each settlement including filing one or more claims, opting. A failed usiness shall be an entity that commenced operations prior to november 1, 2008, and that, subsequent to may 1, 2010 but prior to december 31, 2011, either i ceased operations and wound down, or ii entered bankruptcy through the filing of a petition for. A map of the deepwater horizon cumulative oil slick footprint, provided by skytruth. In its latest deepwater horizon ruling, the texas supreme.
In the united states district court for the eastern district of louisiana in re. Leisure visitors are more likely to be negatively affected by the oil spill. The final claim filing deadline was midnight prevailing central time on june 8, 2015. Although it is far too early in our research to draw conclusions, here are some initial thoughts on the ways that the deepwater horizon spill affected tourism in the. It fouled the coasts of florida, alabama, mississippi, louisiana and texas and launched a sixyear long environmental and legal battle. A stakeholder analysis of the bp oil spill and the. Agreement, those definitions shall apply in the seafood compensation program. It is the intent of the parties to capture within the new class definition all potential claimants who are not excluded from the new class in accordance with section 4b and who may have valid maritime law standing to make a punitive damages claims under.
The deepwater horizon economic settlement reparation payments have been. If the claimant is a failed business or a failed startup business in zone a or zone b, and the claimant also meets the tourism definition, the claimant is not. The deepwater horizon oil spill began leaking thousands of gallons of oil per day at. Business economic loss claims businesses satisfying the tourism definition and located in. Bp is the company who leased and provided the supervisors aboard the rig, in addition to being 65%. On april 20, 2010, the deepwater horizon oil rig exploded. As set forth in the deepwater horizon economic and property damages settlement agreement, an rtp risk transfer premium shall mean the amount paid to a claimant for any and all.
Deepwater horizon was an ultra deepwater, dynamically positioned, semisubmersible offshore drilling rig owned by transocean. Nevertheless, any term specifically defined within the seafood compensation program, shall be interpreted as set forth in this seafood compensation program, notwithstanding any contrary definition in the deepwater horizon economic and property damages settlement. The deepwater horizon oil spill also referred to as the bp oil spill, oil leak, or oil disaster. The most obvious segment affected would be the 10% of louisiana visitors in 2009 reporting trip activities including outdoor. These organizations share technical and operational knowledge among companies to help prevent another catastrophic event, while ensuring that industry can quickly. Moore, and mark herman of covington represented bp in insurance recovery litigation arising from the. If you or your business were harmed by the deepwater horizon oil spill, you may be able to get payments and other benefits from two separate legal settlements. We then model continuing effects on visitor volume using inputs. The deepwater horizon oil spill usc marshall university of. Government nor the national commission on the bpdeepwater horizon oil. The complaint and petition of triton asset leasing gmbh, et al. Which company or companies are liable for a loss depends on the nature of the claim. Whereas, pursuant to its terms, the master settlement agreement became effective on the date upon which the last state executed the master settlement agreement and its state release, which occurred on october, 2015. The explosion of the deepwater horizon oil rig and subsequent oil spill into the gulf of mexico has led to substantial damages, particularly in the form of lost wages and income.
Exhibit 2 tourism definition exhibit 3 seafood distribution chain definitions. In september 2009, the rig drilled the deepest oil well in history at a. Therefore, if you are in one of the following businesses or work for such a business, you are in the tourism industry. The parties agree that this agreement is subject to the effective date. Bdo knowledge webinar recovering from deepwater horizon. On april 20, 2010, the deepwater horizon oil rig exploded off the gulf coast, killing 11 people and injuring 17. The aim of this paper is to determine the adequacy of deepwater horizon economic settlement payments in achieving full recovery and restoration of the gulf coast. A decision by the court supervised settlement program may be appealed to an appeal panel.
Oil spill by the oil rig deepwater horizon in the gulf of mexico, on april 20, 2010 this document relates to. The record reflects that the claim was denied upon a finding by the claims administrator that the claimant is a business in the oil and gas industry and, in keeping with section 2. These procedures define the process by which the claims administrator. Seafood retailer, as set forth in seafood distribution hain definition, the claimant is not required to provide any evidence of causation.
It is the most comprehensive picture of the location, type, cost, funding sources, and scope of gulf of mexico oil spillrelated recovery, restoration, and research projects. Replaced by courtsupervised settlement program we used data on paid claims from 82210 to 3112 our focus was on tourism related claims in the data used boem definition of tourism. Assessing the impact of the deepwater horizon oil spill on. As set forth in the deepwater horizon economic and property damages settlement agreement, an rtp risk transfer premium shall mean the amount paid to a claimant for any and all alleged damage, including potential future injuries, damages or losses not currently known, which. Welcome to the deepwater horizon medical settlement web site advisory effective feb 26, 2018, all correspondence for the deepwater horizon medical settlement should be addressed to. They have included an extensive claims settlement process for a guilty plea to criminal charges by bp, and an ongoing clean water act lawsuit brought by the u. Deepwater operators in the gulf of mexico also formed a consortium able to rapidly respond to any well containment event, using lessons learned from the deepwater horizon incident.
Bp argues that claimant is not a tourism business and, under the settlement agreement, claimant is eligible for the rtp of 0. Gulf of mexico more with the deepwater horizon spill than with the. Oil spill by the oil rig deepwater horizon in gulf of mexico on april 20, 2010 official courtauthorized website. Pdf tourism as one of the most economically important industries is also one of the most. The deepwater horizon dwh project tracker is a centralized directory of projects funded as a result of the deepwater horizon oil spill.