U.S. Awards to BP (BP) Accelerate in Year Following Deepwater Horizon Incident
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BP plc (NYSE: BP) came under much ridicule following the Deepwater Horizon incident in 2010 and for good reason: it cost lives and was one of the worst environmental disasters to happen in the U.S.
That doesn't mean it can't vie for a few government contracts, right?
According to Bloomberg-compiled data, BP did better at getting contracts in the year following the event, doubling awards over that time. Data show that BP recorded about $2.51 billion of U.S. government awards for the year ended September 30, 2012, from $1.04 billion of awards in 2010. BP's share of the military's petroleum market also rose from 8.5 percent up to 12 percent.
BP has been suspended from winning new contracts since November 28th, after it agreed to plead guilty to criminal charges.
Basically, the U.S. gave more work to a company which was under criminal investigation. One rep for the Defense Logistics Agency said that BP bid just like any other company and was the "lowest cost to the U.S. government."
For more color on the November event and potential fallout to BP, click here. Shares are down about 1 percent on the session.
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That doesn't mean it can't vie for a few government contracts, right?
According to Bloomberg-compiled data, BP did better at getting contracts in the year following the event, doubling awards over that time. Data show that BP recorded about $2.51 billion of U.S. government awards for the year ended September 30, 2012, from $1.04 billion of awards in 2010. BP's share of the military's petroleum market also rose from 8.5 percent up to 12 percent.
BP has been suspended from winning new contracts since November 28th, after it agreed to plead guilty to criminal charges.
Basically, the U.S. gave more work to a company which was under criminal investigation. One rep for the Defense Logistics Agency said that BP bid just like any other company and was the "lowest cost to the U.S. government."
For more color on the November event and potential fallout to BP, click here. Shares are down about 1 percent on the session.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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