Milford Haven Port Authority has settled the last of its compensation claims following the Sea Empress oil disaster.

In an announcement on Tuesday, the authority confirmed that it had resolved two major claims against it following the grounding of the tanker off St. Ann's Head seven years ago when more than 70,000 tonnes of crude oil spewed into the sea around the Pembrokeshire coast.

The claims were for £36.8m (plus interest and costs) from the International Oil Pollution Compensation (IOPC) Fund, which sought to regain the cost of the compensation it paid out as a result of the incident, and over £10m (with interest and costs) from Chevron Texaco, in compensation for the loss of the cargo.

Through a process of legal mediation with the IOPC Fund and commercial negotiation with Chevron Texaco, the Port Authority, with their insurers, agreed terms which are in full and final settlement of both claims.

Said Milford Haven Port Authority chief executive, Ted Sangster: "I am delighted to confirm that the two claims which had been laid against Milford Haven Port Authority in the wake of the Sea Empress grounding in 1996 have finally been resolved.

"With this long-running issue now behind us, I and my colleagues can now look forward to concentrating our efforts fully on continuing the successful development of our business and of the waterway," he continued.

"The management time involved in defending these claims has been immense. We always maintained a robust defence against the claims, but fighting them has inevitably been a distraction from our statutory and commercial objectives.

"We have, nonetheless, in the seven years since the incident, made substantial changes and introduced, along with all other UK ports, innovations in our safety and port operations," he explained.

"We also continue, as the largest port in Wales and as a Trust port, to be a major contributor to the local Pembrokeshire economy by developing and maximising the use of our assets and facilities.

"Reaching these settlements is a huge weight off our collective minds, and we now look forward to this busy, successful and very beautiful Haven being known for something other than the Sea Empress."