Democratic Unionist MP Nigel Dodds, who has campaigned for compensation for UK victims, said the Foreign Office unit was a "belated but welcome" move.

BBC: 'No U-turn' on Libya compensation

The 54-year-old executive currently runs BP's unit responsible for clean-up operations and compensation program in the Gulf of Mexico.

FORBES

The decline, combined with an increase in hourly compensation, led to a 4.5 percent increase in unit labor costs.

FORBES: Are you working harder, smarter?

Compensation should instead be based on phantom stock values, calculated by an independent internal unit.

FORBES: Sarbox Says: Dodd-Frank Will Fail