HOUSTON (CN) - Halliburton will pay $1.1 billion to settle claims related to the Deepwater Horizon disaster, the company said Tuesday.
The Houston-based oilfield services firm was named as a defendant along with BP in hundreds of lawsuits after the April 20, 2010 explosion on the Deepwater Horizon oil rig, which killed 11 workers and unleashed the nation's worst offshore oil spill, from the Macondo well.
Halliburton made the cement used to seal the well.
The deal is subject to approval by U.S. District Judge Carl Barbier of New Orleans, who is set to issue a ruling on the amount of culpability that BP, Halliburton and Transocean, the rig owner, have for the disaster.
Halliburton said in a statement that the settlement will take care of "a substantial majority of the plaintiffs' class claims" against the company, including punitive damage claims by property owners and commercial fishermen affected by the spill.