Halliburton (HAL) announced Tuesday that it’s paying $1.1 billion to put to rest lawsuits related to the Deepwater Horizon oil spill in the Gulf of Mexico in 2010 which killed 11 workers.
The Houston-based company, which was the cement contractor for the BP well, was accused by both BP (BP) and victims of the oil spill for faulty cement work on the Macondo well. Halliburton stated in a release that an agreement still need to be cleared by a Louisiana court.
According to the release, the amount will “be paid into a trust until all appeals have been resolved in three installments over the next two years,” and also includes legal fees.
The settlement is the largest for Halliburton so far, according to Bloomberg. Meanwhile, the other companies involved in settling claims have spent more to settle claims related to the spill. Transocean (RIG) paid $1.4 billion last year, according to Bloomberg, while BP has paid over $28 billion and could potentially face billions more.
BP started paying out claims back in July, according to Coins2Day.
Last year, Halliburton admittedly destroyed evidence related to the Macondo well and plead guilty for its role in the spill. In the past, the company has paid $1.3 billion in losses related to the disaster litigation, according to the release.