BP to Sell Some Deep Water Assets in Gulf of Mexico

The expected $5.5 billion sale comes as BP tries to cover the cost of the 2010 spill

Oil company BP said Monday it is selling some deep-water assets in the Gulf Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP's drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere.

BP is selling its interests in three of the assets it operates: the Marlin hub, Horn Mountain and Holstein. The deal also includes BP's stakes in two non-operated assets, Ram Powell and Diana Hoover.