Halliburton Reaches Settlement On Claims Related To Macondo Well Incident

(RTTNews) - Halliburton (HAL) announced Tuesday that it 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.

In addition, the settlement is subject to an agreed-upon level of participation by the current claimants which, if not achieved, allows Halliburton to terminate the agreement.