MONDAY 24 DEC 2012 10:17 AM


BP’s reputation took a dive after Deepwater Horizon. In the years since, it has clawed its way back into the lives of Americans and Brits with an effort culminating in its highly regarded sponsorship of the London Olympics.

On Friday, the U.S. courts approved the settlement BP has offered the Gulf Coast victims of the catastrophic oil spill. For BP, this is promising, as it allows the company to pay its settlement and avoid further litigation, but also avoid further media scrutiny.

BP’s value on both the FTSE-100 and NASDAQ stock exchanges has improved since the debut of the Gulf tourism campaign at the beginning of the month. What remains to be seen is the impact the settlement and BP’s public relations efforts will have on its reputation.

“We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the gulf and is in the best interests of BP's stakeholders," BP spokesman Scott Dean says. "Today's decision by the court is another important step forward for BP in meeting its commitment to economic and environmental restoration efforts in the gulf and in eliminating legal risk facing the company.”

But that’s not all. BP is following up the approval of its settlement with a marketing campaign aimed to promote Gulf tourism. This coincides with an online campaign featuring Gulf Coast businesses owners and residents promoting tourism. Both have been moderately well received on social media.

To read more about reputation in the extraction industries, click here.

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