MOEX Offshore 2007, a Japanese company and one of BP's partners in the failed oil well in the Gulf of Mexico has agreed to pay BP 1.065 billion U.S. dollars over last year's disaster that unleashed the worst oil spill in U. S. history, BP said Friday.

MOEX Offshore 2007, which had a 10 percent interest in the Macondo well, "has joined BP in recognizing and acknowledging the findings by the Presidential Commission that the accident was the result of a number of separate risk factors, oversights and outright mistakes by multiple parties and a number of causes," BP said in a news release.

The Japanese company also "has recognized and acknowledged the conclusions of the United States Coast Guard that, among other things, the safety management systems of both Transocean and its Deepwater Horizon rig had significant deficiencies that rendered them ineffective in preventing the accident," BP said. "MOEX has concluded that entering into a settlement with BP is in its best interest."

Under the settlement agreement, MOEX USA Corporation, the parent company of MOEX Offshore 2007, will pay BP 1.065 billion dollars. BP will apply the payment to the 20 billion trust it established to meet individual, business and government claims, as well as the cost of the Natural Resource Damages, according to BP.

"This settlement is an important step forward for BP and the Gulf communities," said BP group chief executive Bob Dudley. "MOEX is the first company to join BP in helping to meet our shared responsibilities in the Gulf, and Mitsui, through MOEX USA Corporation, is showing great corporate citizenship in standing behind its affiliate and making a contribution to meet the costs of this tragic accident. We call on the other parties involved in the Macondo well to follow the lead of the MOEX and Mitsui parties. "

The settlement is the most recent step BP has taken to raise funds to help BP meet its commitments in the Gulf of Mexico. BP has so far concluded agreements for asset divestments totaling approximately 25 billion U.S. dollars, BP said.