Halliburton finally settles Gulf of Mexico lawsuits

Emma Haslett
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Halliburton has agreed to pay $1.1bn to businesses and property owners affected by the Deepwater Horizon blowout

For those living in New Orleans and the cities around it, the six months between the blowout of the Deepwater Horizon well in the Gulf of Mexico well and it being declared officially "sealed" may have seemed like an age - but that was nothing compared to the length of the ensuing legal wrangles.

Now Halliburton, the BP contractor which was partially blamed for the 2010 disaster, has finally reached an agreement to pay $1.1bn (£660m) to settle its lawsuits. The money will be paid in three installments into a trust, which will be used to compensate property owners and commercial fisheries along the affected coastline.

The deal includes settlements related to an agreement BP struck with businesses in the area - although Halliburton added it had already set aside $1.3bn for legal costs. The final sum is still awaiting approval by the Louisiana District Court.

Shares in the company climbed in early trading, before falling 0.9 per cent in mid-afternoon.

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