BP bill for Deepwater disaster hits $42bn

British energy giant BP said net profits slumped by more than half in 2012 as the group was rocked by fines and asset sales linked to the 2010 Gulf of Mexico oil spill disaster, ahead of a US trial later this month.

The financial damage resulting from the Deepwater Horizon spill in the Gulf of Mexico continues to mount at BP, which incurred a further $4.1bn (€3.3bn) charge in the final three months of 2012, bringing the total clean-up bill so far to $42.2bn.

Earnings after taxation tumbled 54% to $11.582bn in 2012, compared with $25.7bn in 2011, BP said.