Halliburton agrees $1.1bn Gulf oil spill settlement

Halliburton Corporation said it has reached a $1.1 billion (£0.7bn) settlement for claims related to its role in BP’s 2010 oil spill in the Gulf of Mexico. The company, said […]

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By Priyanka Shrestha

Halliburton Corporation said it has reached a $1.1 billion (£0.7bn) settlement for claims related to its role in BP’s 2010 oil spill in the Gulf of Mexico.

The company, said to be North America’s major oil services provider, was contracted by BP to cement the Mocando oil well in the event of a disaster.

The settlement, which includes legal fees, is a small fraction of the damages paid out by the companies involved in the accident, which left 11 workers dead, spilled millions of gallons of oil into the Gulf and soiled beaches.

It is subject to court approval and will be paid into a trust until appeals are resolved in the next two years, Halliburton said.

Earlier this month, BP was found to be “grossly negligent” over the oil spill, which means it could potentially face a multi-billion dollar fine.