October 21, 2010

Omega Protein gets US$19 million for BP oil spill damages

Omega Protein Corp, a fish oil and meal products maker, received US$18.7 million for damages caused by BP's Gulf of Mexico oil spill.

The company, which expects to get more, said it could not predict how much more it will get or when.

Omega Protein, which has a total market cap of US$110.9 million, got the money from the Gulf Coast Claims Facility (GCCF), which is administering funds paid by BP in connection with reimbursements for claims related to the Deepwater Horizon disaster.

In July, Omega Protein filed a claim with BP for reimbursement of costs or lost profits due to dwindled fish catch.

The company said it did not waive any claims or defenses against BP, the GCCF or any of the Deepwater Horizon defendants by accepting the payments.

Shares of the Houston-based company, which have risen 13% over the past three months, closed at US$6.13 Wednesday (Oct 20) on the New York Stock Exchange.