Free Market Evaluation - Send us your resume and we will give you free feedback
Sony Faces Constitutional Challenges after Hacking Incident
Sony Faces Constitutional Challenges after Hacking Incident
Uber Allowed to Operate in France Though Legal Issues Continue Worldwide
Uber Allowed to Operate in France Though Legal Issues Continue Worldwi...
Legal Fee Bill of $2.7 Billion to be Paid by Citigroup
Legal Fee Bill of $2.7 Billion to be Paid by Citigroup
Uber Driver Arrested in India for Alleged Sexual Assault of Passenger
Uber Driver Arrested in India for Alleged Sexual Assault of Passenger
Legal Job Listings

Halliburton Settles Oil Spill Claims at $1.1 Billion

halliburton

 

 

Summary: Halliburton oilfield service provider has agreed to pay $1.1 billion to settle claims against them for involvement in 2010’s Gulf of Mexico Oil Spill.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Halliburton Co, the largest oilfield service provider in the U.S., and one of three companies under fire for the 2010 Oil Spill in the Gulf of Mexico, has agreed to a $1.1 billion settlement meant to answer a series of lawsuits for its role in the largest offshore oil spill in U.S. history.

The company claimed in a statement earlier that they set aside $1.3 billion to handle costs, which is less than Transocean’s costs, when they agreed to pay $1.4 billion last year for its role. BP, the major player in the spill, has so far paid $28 billion.

The $1.1 billion will be set in a trust until all appeals are resolved, the company said, and will be paid in three installments these next two years. If a certain number of claimants fail to participate, Halliburton can terminate the trust.

The company had previously blamed BP for the incident, claiming it was BP’s decision to use only six centralizers, the cement units that stabilize well bores during cementing, a service Halliburton provided for BP.

“BP has claims against us for contribution for their exposure under the Clean Water Act,” said Chief Financial Officer Mark McCollum, as Reuters reported. “We do not think that stands the legal test because we are not under maritime laws.”

As for the settlement, Stewart Glickman, an equity analyst at S&P Capital IQ, approved of it, saying, “We think this is a smart move by Halliburton. While state claims by Louisiana and Alabama remain, we think this trims legal overhand.”

Now that most of their liability seems to be resolved, Halliburton hopes to center its attention back on innovating oilfield technology and progress its company, whose shares have gained 33 percent this last year.

Halliburton Settles Oil Spill Claims at $1.1 Billion by

Tagged: , , , , ,

Daniel June Posted by on September 2, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Legal Assistant / Secretary - Bilingual
USA-GA-Gainesville

~~Rapidly expanding General Law Firm seeking a Legal Assistant/Secretary to join our team at our Gainesville, Georgia location !  Our firm is a goal/target oriented, fast-paced environment with a...

Related Posts: