Halliburton reaches $1.1B oil spill settlement

FILE - In a Wednesday, April 20, 2011 file photo, people gather near crosses -11 for the workers who died in the Deepwater Horizon oil rig explosion and one for the Gulf of Mexico, center. (AP Photo/Patrick Semansky, File)
FILE - In a Wednesday, April 20, 2011 file photo, people gather near crosses -11 for the workers who died in the Deepwater Horizon oil rig explosion and one for the Gulf of Mexico, center. (AP Photo/Patrick Semansky, File)

HOUSTON (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.

 

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