Halliburton agrees to billion dollar oil spill settlement
HOUSTON - Halliburton has agreed to pay $1.1 billion to settle a large portion of claims from the 2010 Gulf of Mexico oil spill.
The settlement is subject to court approval. Halliburton was BP's cement contractor on the drilling rig that exploded in the Gulf, killing 11 people and triggering the largest offshore oil spill in U.S. history.
The money would be paid into a trust until appeals are resolved over the next two years. The deal covers claims assigned to Halliburton in BP's settlement made in 2012, including punitive damages.