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I deal in Licence Agreements... everyday. It's what I do. I have been on both sides of a Licence Agreement (a licencee and a licensor).
I can tell you, very clearly, that I cannot fire or be fired under the terms of these agreements. There are, typically, clauses that allow for the termination of the agreement under certain circumstances. There are also clauses where each party Warrants certain things (such as having the right to enter into the agreement, that they are solvent, etc).
While Termination of the agreement is possible, it can only occur under certain circumstances. Without having that agreement in front of me, I cannot say if this particular agreement can be Terminated based on this particular event.
More to the point, there is probably a clause in the Agreement that stipulates the Licensee's (that would be BP in this case) responsibility to clean up any mess it makes in course of business.
Again, without the Agreement in front of me, this is all speculation at best.
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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