A three-member arbitration panel unanimously ordered BP (Exploration) Alaska Inc. to pay the state $245 million, plus another $10 million in fines, by Dec. 3. The panel heard the case over four weeks last May and June in Anchorage, and reached its decision Oct. 31, the state said in a release Thursday announcing the award.
The amount of the settlement cannot be appealed.
"We're absolutely pleased with the result," Alaska Attorney General Michael Geraghty said.
He described it as "a win for all Alaskans, and we look forward to moving forward."