BP reaches a 'turning point'

Oil industry giant BP has reached a "turning point" following the Deepwater Horizon disaster, it has been claimed.

BP boss Bob Dudley made the comments following the publishing of third-quarter profits showing a big rise.

It reported profits of $5.14bn (£3.2bn), almost triple the $1.85bn replacement cost profit it made in the same period a year ago, when it was hit by heavy costs as a result of the huge oil spill in the Gulf of Mexico.

"The company has steadied, turned round and now, this month, with high-margin assets returning on stream, we have reached a clear turning point," Mr Dudley said.

He added that BP had stayed committed to the clean up of the Deepwater Horizon spill, saying that "safety and risk management at the absolute heart of our business".

As a result of the announcement, the oil industry's shares have risen by three per cent.

BP has recently awarded AMEC a contract worth £150 million for work on the main platform design for Clair Ridge.