BP has introduced a reverse auction into its latest panel tender process, an announcement which comes in the same week as the energy giant lost an appeal to restrict access to its $20bn compensation fund for the Deepwater Horizon disaster. The FTSE 100 company confirmed this morning (22 May) that it has issued invites to existing and potential panel member firms, and revamped the process with the introduction of an online reverse auction element to make the bidding process more transparent, quicker and efficient.
The current panel includes Magic Circle firms Linklaters and Freshfields Bruckhaus Deringer, as well as Norton Rose Fulbright, Olswang, Herbert Smith Freehills, Field Fisher Waterhouse, CMS Cameron McKenna and Pinsent Masons.
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