Bloomberg: Halliburton Co. agreed to pay $1.1 billion to settle a number of oil spill lawsuits.
Bloomberg: Halliburton Co. agreed to pay $1.1 billion to settle a number of oil spill lawsuits.
The agreement is subject to court approval and includes legal fees, the Houston-based company said in a statement today. Halliburton was accused by spill victims and BP Plc of doing defective cementing work on the Macondo well before the April 2010 Gulf of Mexico oil spill. Halliburton blamed the incident on decisions by BP, which owned the well.
The settlement comes as the judge overseeing oil-spill cases weighs fault for the disaster. An agreement now averts the company’s risk of a more costly judgment for some spill victims and removes much of the uncertainty that has plagued Halliburton for the past four years as investors waited to see the payout tally. With its biggest piece of liability resolved, Halliburton can refocus its attention on developing new oilfield technology that will help it boost profits worldwide.
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