Halliburton reaches $1.1B oil spill settlement

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Halliburton reaches $1.1B oil spill settlement
In this aerial photo taken in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, the Deepwater Horizon oil rig is seen burning Wednesday, April 21, 2010. (AP Photo/Gerald Herbert)
** RE-TRANS WITH ALTERNATE CROP ** In this aerial photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, the Deepwater Horizon oil rig is seen burning Wednesday, April 21, 2010. (AP Photo/Gerald Herbert)
In this aerial photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, a boat with an oil boom tries to contain oil spilled from the explosion and collapse of the Deepwater Horizon oil rig, approximately seven miles from where the rig sunk, on Friday, April 23, 2010. (AP Photo/Gerald Herbert)
A cattle egret sits on a crew swing on the deck of the Joe Griffin at the site of the Deepwater Horizon oil rig explosion and oil spill in the Gulf of Mexico off the coast of Louisiana Sunday, May 9, 2010. (AP Photo/Gerald Herbert)
Oil, scooped up with a bucket from the Gulf of Mexico off the side of the supply vessel Joe Griffin, is seen in the hands of an AP reporter at the site of the Deepwater Horizon oil spill in the Gulf of Mexico, off the coast of Louisiana Monday, May 10, 2010. (AP Photo/Gerald Herbert)
The shoreline of the Chandeleur Islands, home of the Breton National Wildlife Refuge, is seen off the Southeastern coast of Lousiana Tuesday, April 27, 2010. The barrier islands are at risk from a growing oil spill and leak in the Gulf of Mexico, caused by the explosion and sinking of the Deepwater Horizon oil rig last week. (AP Photo/Gerald Herbert)
In this Wednesday April 21, 2010 photo released by the U.S. Coast Guard, a fire aboard the mobile offshore drilling unit Deepwater Horizon burns 52-miles southeast of Venice, La. Helicopters, ships and an airplane searched waters off Louisiana's coast Wednesday for missing workers after an explosion and fire that left an offshore drilling platform tilting in the Gulf of Mexico. (AP Photo/U.S. Coast Guard, Petty Officer 2nd Class Scott Lloyd)
In this aerial photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, the Deepwater Horizon oil rig is seen burning Wednesday, April 21, 2010. (AP Photo/Gerald Herbert)
In this aerial photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, a boat with an oil boom tries to contain oil spilled from the explosion and collapse of the Deepwater Horizon oil rig, approximately seven miles from where the rig sunk, on Friday, April 23, 2010. (AP Photo/Gerald Herbert)
Shrimping and fishing boats are seen docked at sunrise in Venice, La.,Tuesday, April 27, 2010. The The seafood industry in the Gulf of Mexico could be adversely affected by the growing oil slick that resulted from the explosion and sinking of the Deepwater Horizon oil rig last week. (AP Photo/Gerald Herbert)
FILE - In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. Deep-water drilling is set to resume near the site of the catastrophic BP PLC well blowout that killed 11 workers and caused the nation's largest offshore oil spill five years ago off the coast of Louisiana. (AP Photo/Gerald Herbert, File)
A dispersant plane passes over an oil skimmer as it cleans oil from a leaking pipeline that resulted from last week's explosion and collapse of the Deepwater Horizon oil rig in the Gulf of Mexico near the coast of Louisiana Tuesday, April 27, 2010. (AP Photo/Patrick Semansky)
This April 28, 2010 image made from video released by the Deepwater Horizon Response Unified Command, shows an in situ burn in the Gulf of Mexico, in response to the oil spill after the explosion on the Deepwater Horizon. (AP Photo/U.S. Coast Guard, Petty Officer 1st Class Justin Sawyer)
A Brown Pelican is seen flying away from a group of birds on the Chandeleur Islands off the coast of Louisiana, Friday, April 30, 2010. The wildlife along the Louisiana Coast are vulnerable to the looming oil spill from last week's collapse and spill of the Deepwater Horizon oil rig. (AP Photo/Gerald Herbert)
Out of work fishermen hired by BP PLC lay oil booms in preparation for the looming oil spill from the sinking of the Deepwater Horizon oil rig in Gulf of Mexico, off the coast of Louisiana Sunday, May 2, 2010. (AP Photo/Gerald Herbert)
A dying catfish that has been picked at by birds floats on the surface of the water in the Breton Sound of the Gulf of Mexico off the coast of Lousiana Monday, May 3, 2010. Fish and wildlife are vulnerable to the oil spill resulting the explosion and sinking of the Deepwater Horizon oil rig. (AP Photo/Gerald Herbert)
In this aerial photo taken in the Gulf of Mexico more than 50 miles southeast of Venice on Louisiana's tip, a boat with an oil boom tries to contain oil spilled from the explosion and collapse of the Deepwater Horizon oil rig, approximately seven miles from where the rig sunk, on Friday, April 23, 2010. (AP Photo/Gerald Herbert)
A rig drilling a relief well and support vessel are seen in the Gulf of Mexico, La., Tuesday, May 4, 2010, at the site of the recent collapse and spill of the Deepwater Horizon oil rig. (AP Photo/Eric Gay)
With a sheen of oil as far as the eye can see, the sun rises as the Joe Griffin arrives at the rig explosion site carrying the containment vessel which will be used to try to contain the Deepwater Horizon oil, Thursday, May 6, 2010. (AP Photo/Gerald Herbert)
Oil is seen swirling beneath the Joe Griffin as it arrives at the rig explosion site carrying the containment vessel, which will be used to try to contain the Deepwater Horizon oil, Thursday, May 6, 2010. (AP Photo/Gerald Herbert)
An oil-soaked bird struggles against the side of the HOS Iron Horse supply vessel at the site of the Deepwater Horizon oil rig explosion and spill in the Gulf of Mexico off the coast of Louisiana Sunday, May 9, 2010. (AP Photo/Gerald Herbert)
Oil is seen in the water from the bridge of the Joe Griffin at the site of the Deepwater Horizon oil spill in the Gulf of Mexico off the coast of Louisiana Tuesday, May 11, 2010. (AP Photo/Gerald Herbert, Pool)
A Louisiana National Guard helicopter carrying Louisiana Gov. Bobby Jindal flies over wetlands as workers lay oil boom, bottom, on Elmer's Island in Grand Isle, La., Thursday, May 20, 2010. Jindal was on an aerial tour to view oil from last month's Deepwater Horizon oil rig explosion in the Gulf of Mexico that has started drifting ashore along the Louisiana coast. (AP Photo/Patrick Semansky)
A seagul flies over the Chandeleur Islands, home of the Breton National Wildlife Refuge, is seen off the Southeastern coast of Lousiana Tuesday, April 27, 2010. The barrier islands are at risk from a growing oil spill and leak in the Gulf of Mexico, caused by the explosion and sinking of the Deepwater Horizon oil rig last week. (AP Photo/Gerald Herbert)
A Louisiana National Guard motor grader grades a beach as oil laps onto the shore on Elmer's Island in Grand Isle, La., Thursday, May 20, 2010. Oil from last month's Deepwater Horizon oil rig explosion in the Gulf of Mexico has started drifting ashore along the Louisiana coast. (AP Photo/Patrick Semansky)
Tug boats pull a tank, center, containing oil and water skimmed from the surface of the Gulf of Mexico near the coast of Louisiana, Friday, May 21, 2010. Oil from last month's Deepwater Horizon oil rig explosion in the Gulf has started drifting ashore along the Louisiana coast. (AP Photo/Patrick Semansky)
A worker rakes oil and debris that washed up onto a beach in Grand Isle, La., Saturday, May 22, 2010. Oil from last month's Deepwater Horizon oil rig explosion in the Gulf of Mexico has started drifting ashore along the Louisiana coast. (AP Photo/Patrick Semansky)
Workers collect oil and debris that washed up onto a beach in Grand Isle, La., Saturday, May 22, 2010. Oil from last month's Deepwater Horizon oil rig explosion in the Gulf of Mexico has started drifting ashore along the Louisiana coast. (AP Photo/Patrick Semansky)
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HOUSTON (AP) - Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.

The settlement, which is subject to court approval, will be paid into a trust until appeals are resolved over the next two years.

Halliburton was BP PLC's cement contractor on the drilling rig that exploded in the Gulf in April 2010, killing 11 workers and triggering the largest offshore oil spill in U.S. history.

The deal will settle claims assigned to Halliburton as a result of BP's settlement in 2012 and punitive damages from the loss of property or commercial fishing activity resulting from the oil spill.

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