BP (NYSE:BP) has announced that the company is establishing a $100 million fund to help aid unemployed rig workers. The Rig Workers Assistance Fund will be developed to assist those workers experiencing economic hardship caused by the drilling moratorium forced by the United States Government.
BP said the Rig Worker Assistance Fund fulfills the voluntary commitment BP announced on June 16, which was to provide $100 million in assistance, as a gesture of good will, for the people of the Gulf Coast region.
The fund will be administered through the Gulf Coast Restoration and Protection Foundation, a supporting organization of The Baton Rouge Area Foundation. BP believes that the Foundation will respond effectively to assist rig workers who are in need of financial assistance.
The Baton Rouge Area Foundation is writing grants from the donation, and hopes to release the details of the program within two weeks. Their goal is to begin taking applications for grants on September 1st.