Halliburton announced Tuesday it reached a $1.1 billion settlement for a majority of the claims for its role in the 2010 BP oil spill in the Gulf of Mexico.

The settlement is subject to approval by the U.S. District Court for the Eastern District of Louisiana.

The amount will be paid in three installments over the next two years, and will be put into a trust until all appeals are resolved, the company said.

Halliburton had set aside $1.3 billion for costs related to the incident.

The Deepwater Horizon accident spilled 4.9 million barrels of oil into the sea, according to the U.S. government.

Eleven workers were killed in the accident.

Transocean agreed to pay $1.4 billion in settlement last year.

BP has paid around $28 billion to date.


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