By Marcus Leach

BP and MOEX Offshore have come to an agreement regarding the claims between the two companies relating to the Deepwater Horizon rig accident.

MOEX, who owned 10% of the Macondo well that leaked millions of gallons of oil into the Gulf of Mexico, will pay BP $1.065 billion (£657m)

BP will put the money into the $20 billion trust it established to meet claims relating to the oil spill.

The settlement excludes fines, penalties or punitive damages that may be applied in future.

"MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf," said BP chief executive Bob Dudley.

"We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties."