MOEX Offshore and MOEX USA Agrees to Settle Clean Water Act Claims

February 18, 2012 Project

MOEX Offshore 2007 LLC (MOEX Offshore) and MOEX USA Corporation (MOEX USA) have agreed to a settlement in the amount of $90 million to resolve federal Clean Water Act claims and other possible civil and administrative penalty claims arising from the April 20, 2010 Deepwater Horizon Incident. As a part of the settlement, the United States will provide MOEX Offshore, MOEX USA, Mitsui Oil Exploration Co., Ltd. (MOECO) and their affiliates, directors and other related individuals (MOEX Released Parties) with a covenant not to sue for the above-mentioned civil and administrative penalty claims.

In connection with the settlement, certain of the Gulf States will receive payments allocated to them in the settlement if they provide the MOEX Released Parties with a release and covenant not to sue that covers certain state law civil and administrative penalty claims. A portion of the settlement amount will be used to fund Supplemental Environmental Projects that are to provide environmental benefits. The settlement terms are contained in a consent decree that was lodged on February 17, 2012 with the United States District Court in the Eastern District of Louisiana.