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BP (BP) Temporarily Suspended From New U.S. Government Contracts

 November 28, 2012 09:26 AM

(By Balachander) BP Plc (NYSE: BP) (LON: BP) is temporarily suspended from new contracts with the U.S. government, the Environmental Protection Agency (EPA) said. U.S.-listed shares of BP fell 1.55 percent in premarket trading on Wednesday.

"EPA is taking this action due to BP's lack of business integrity as demonstrated by the company's conduct with regard to the Deepwater Horizon blowout, explosion, oil spill, and response, as reflected by the filing of a criminal information," the agency said in a statement.

On November 15, 2012, BP agreed to plead guilty to charges related to the 2010 Deepwater Horizon disaster that killed 11 people and caused the largest environmental disaster in U.S. history.

[Related -Call Options Active in Yahoo! Inc. (YHOO)and BP plc (ADR) (BP)]

According to the EPA, the BP suspension will temporarily prevent the company and the named affiliates from getting new federal government contracts, grants or other covered transactions until the company can provide sufficient evidence to EPA demonstrating that it meets Federal business standards.

The suspension does not affect existing agreements BP may have with the government, the agency said.

American depositary receipts (ADRs) of BP closed at $41.35 on the NYSE on Tuesday.

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