Halliburton will pay $1.1 billion for the company’s role in the explosion of drilling rig Deepwater Horizon which played a large part in 2010’s Gulf of Mexico oil rig disaster.
The faulty cement mixture used to seal the oil well came from Halliburton, who also paid a separate $200,000 fine to the US Department of Justice for terminating evidence relating to the disaster after instructing employees to destroy structural tolerance experiments involving the cement mix used on Deepwater Horizon.
The settlement does not exempt Halliburton from state lawsuits and actually pales in comparison to the amount of money BP has shelled out since the incident.
BP has already paid out $27 billion between legal compensation and clean up efforts, and could be looking at paying another $18 billion in penalties under the US Clean Water Act before its all said and done.
