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Business

Halliburton Reaches $1.1B Gulf Oil Spill Settlement

A sign for of Halliburton Co. (credit: Getty Images/Ronald Martinez

A sign for of Halliburton Co. (credit: Getty Images/Ronald Martinez

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HOUSTON, Texas (AP) – Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.

The settlement, which is subject to court approval, will be paid into a trust until appeals are resolved over the next two years.

Halliburton was BP PLC’s cement contractor on the drilling rig that exploded in the Gulf in April 2010, killing 11 workers and triggering the largest offshore oil spill in U.S. history.

The deal will settle claims assigned to Halliburton as a result of BP’s settlement in 2012 and punitive damages from the loss of property or commercial fishing activity resulting from the oil spill.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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