BP's Deep Water Horizon payouts hit $5bn

Over 62,000 claimants have been paid compensation

BP originally set aside $7.8bn for compensation claims.
BP originally set aside $7.8bn for compensation claims.

BP has revealed that it has paid over $5bn in compensation to people and businesses who were affected by the 2010 Deep Water Horizon spill in the Gulf of Mexico.

A total of $5.037 billion has been paid to over 62,000 claimants, the administrator, Patrick Juneau, said in a statement.

BP had originally set aside $7.8bn to resolve claims under the settlement. However, by February 2015 the company had boosted its estimate to $9.9 billion.

According to Juneau, more than half of the payouts so far have compensated businesses that suffered economic losses, with a significant percentage also going to the seafood industry.

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