Halliburton has reached an agreement to settle a substantial majority of the plaintiffs' class claims asserted against the company as a result of the April 20, 2010 Macondo well incident in the Gulf of Mexico.

The approximately $1.1 billion settlement, which includes legal fees, is subject to approval by the United States District Court for the Eastern District of Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years. The company's previously accrued loss contingency provision relating to the multi-district litigation proceedings is currently $1.3 billion.

The agreement includes the following:

◾ Claims against Halliburton that BP assigned to the settlement class in BP's April 2012 settlement, ◾ Punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon Incident, and ◾ Affirmation that Halliburton has no liability for compensatory damages to the members of the settlement class in the BP April 2012 settlement.

Tags: Halliburton