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Thursday, September 4, 2014
Halliburton Company has agreed to pay approximately $1.1 billion as settlement fees for its involvement in the 2010 Macondo oil spill incident in the US Gulf of Mexico (GoM) in 2010. Halliburton’s $1.1 billion settlement amount will be paid to a trust in three installments over the next two years. The company also said in a statement that the settlement is subject to approval by the United States District Court for the Eastern District of Louisiana.
The agreement clears Halliburton from any claim made against it by BP’s 2012 settlement, including compensatory damages. The agreement also involves settlement of property and commercial fishing industry-related damage claims by certain plaintiffs.
The incident in the GoM took place in April 2010 when Transocean Ltd.’s ultra-deepwater Horizon drilling platform sank following an explosion.
BP was the owner of the Macondo well and Halliburton had been contracted to provide cementing services. During the explosion and resultant fire 11 workers killed and millions of gallons of crude were spilled into the GoM.
All parties involved have tried to pass on the continued the blame with BP accusing Halliburton of using unstable cement slurry and Halliburton maintained it was BP’s poor well design and its willingness to overlook the risks related to the well.
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