Omega Protein gets largest GCCF settlement

Omega Protein announced yesterday the final settlement of all of its claims for costs and damages incurred as a result of the oil spill caused by the Deepwater Horizon explosion on April 20, 2010. As a result of the final settlement, on April 18, 2011, the company received an additional payment of $26.2M, net of fees and expenses, from the Gulf Coast Claims Facility, or GCCF.

In total, the company has received payments of $44.8M, net of fees and expenses, from the GCCF, including emergency payments of $7.3M and $11.4M in September and October of 2010, respectively. As a part of the final settlement, the company released and waived all current and future claims against BP (BP) and all other potentially responsible parties with regard to the oil spill.

Read: Omega Protein, GCCF Final Settlement-1