Oil giant Halliburton has agreed to a $1.1 billion settlement in Deepwater Horizon claims. The settlement agreement was reached just over a year after the Houston-based company admitted to destroying evidence and plead guilty to criminal charges for its role in the 2010 explosion and subsequent oil spill.

The agreement is still subject to approval by a federal court in Louisiana. The funds would be paid into a trust in three installments over two years, until appeals are resolved.

According to the company, the settlement covers:

  • Claims stemming from BP’s 2012 class-action settlement with thousands of individuals and businesses who claimed damages related to the disaster.
  • Punitive damage claims against Halliburton by those alleging damage from the disaster to property or commercial fishing operations.
  • Agreement that Halliburton is not liable for compensatory damages to those included in the 2012 BP settlement.

By agreeing to this settlement, Halliburton avoids future liability claims from business owners and others who claim their lives and income were destroyed after the oil spill.

The Deepwater Horizon explosion was the worst offshore oil disaster in United States history, which left 11 workers dead and sent millions of gallons of oil spilling into the Gulf of Mexico.

BP, which leased the Macondo well at the time the explosion occurred, faces fines of $20 to $40 billion under Clean Water Act and other environmental sanctions, in addition to the $40 billion in settlement, cleanup and criminal costs the company has already paid.

The offshore injury lawyers at Schechter, Shaffer & Harris, L.L.P., Accident & Injury Lawyers represent injured rig workers, vessel crews, barge and tug operators, and other maritime workers in accidents in Texas and across the globe.