BP chief admits oil-leak failings
THE boss of BP yesterday admitted the oil giant was “not prepared” for the catastrophic leak which has seen its shares plummet.
As efforts to plug the well continued in the Gulf of Mexico, Tony Hayward conceded that the company had been unable to cope with the effects of the disaster.
Mr Hayward said it was “an entirely fair criticism” that the company had not been fully ready for the emergency. “What is undoubtedly true is that we did not have the tools you would want in your tool kit,” he added.
However, Mr Hayward said BP had been successful so far in keeping most of the oil away from the US coast.
“Considering how big this has been, very little has got away from us.”
There was further bad news for BP yesterday as its credit rating was cut amid fears over the cost of the disaster. But its shares recovered slightly after losing around a third of their value.