(Bloomberg) -- BP Plc won’t seek to access Transocean Ltd.’s$750 million insurance policy for the Deepwater Horizon rig, whichexploded while drilling a BP well in 2010, sparking the worstoffshore spill in U.S. history.

London-based BP notified the Texas Supreme Court on Wednesdaythat the two companies resolved all differences over the drillingaccident and spill in a confidential settlement reached May 20. BPwithdrew its request for the state high court to reconsider itsFebruary decision that BP wasn’t entitled to Transocean’sinsurance.

The U.S. appeals court in New Orleans bounced the case to theTexas Supreme Court in August 2013 for guidance on how to interpretthe insurance policy under Texas law. Earlier, it sided withBP.

The Texas high court interpreted the policy and associateddrilling contract in favor of Vernier, Switzerland-basedTransocean, as had U.S. District Judge Carl Barbier of New Orleans,who oversees consolidated oil-spill litigation at the trial level.BP will also withdraw its appeal of Barbier’s ruling at the appealscourt, according to the company’s filing in Austin.

The case is In Re Deepwater Horizon, 13-0670, Supreme Court ofTexas (Austin). The related appeal is In Re Deepwater Horizon,12-30230, U.S. Court of Appeals for the Fifth Circuit (NewOrleans).

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