The troubled oil company is a top-tier sponsor of the London Olympics in a deal valued at around $58 million. BP has come under criticism in the United States for its handling of the massive oil spill in the Gulf of Mexico.
Coe described BP on Friday as a "valued and trusted partner." He says "they clearly have a big issue to deal with and are dealing with it as a world-class company."
BP became a London Olympic sponsor in July 2008. The company is also a sponsor of the U.S. Olympic Committee.