Under intense pressure from President Barack Obama, BP Plc agreed on Wednesday to set up a $20 billion fund for damage claims from its huge Gulf of Mexico oil spill and suspended dividend payments to its shareholders.

The deal gave Obama his most tangible success since the crisis began 58 days ago and came after weeks of criticism of his handling of the disaster. It also eased U.S. pressure on BP, whose share price has withered amid uncertainty over the spill’s cost to the British energy giant.

Obama announced the agreement after White House officials held four hours of talks with BP executives, who emerged to offer an apology to the American people for the worst oil spill in U.S. history.