- Halliburton (NYSE:HAL) says it has agreed to settle a substantial majority of the plaintiffs’ class claims asserted against it due to the 2010 Macondo well incident in the Gulf of Mexico for ~$1.1B.
- The settlement is subject to approval by the U.S. District Court for eastern Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years.
- HAL’s previously accrued loss contingency provision relating to the litigation proceedings totaled $1.3B.
- HAL was accused by spill victims and BP of doing defective cementing work on the Macondo well before the Gulf spill; HAL blamed the incident on decisions by BP, which owned the well.
- HAL +0.6% premarket.