It didn’t take long for the Halliburton Company, one of three parties (BP, Transocean and Halliburton) responsible for the Deepwater Horizon Oil Spill disaster to agree to a settlement offer — $1.1 billion.
Escambia County issued this press release:
Upon court approval, the settlement will ensure that Halliburton avoids future punitive and compensatory lawsuits which could have been filed if the company was found to have committed fraud or gross negligence in the case of the disaster. Although, Halliburton will likely avoid many of the lawsuits they could have been subject to had they not settled, the company will still remain liable for private civil claims and state compensatory lawsuits.
Upon approval of the proposed settlement by a federal judge, an allocation order will be determined. Until then, funding allocations resulting from the settlement and the settlement’s impact on Escambia County remains unknown.
Sources:
Halliburton’s $1.1 Billion Spill Agreement Avoids Bigger Payouts, ROFFS, 2014-09-03 http://www.roffs.com/2014/09/halliburtons-1-1-billion-spill-agreement-avoids-bigger-payouts/#/
Halliburton reaches $1B Gulf Oil Spill Settlement, Freenewspos.com, 2014-09-03: http://www.freenewspos.com/en/home-news-article/b/1159955/settle%20claims/halliburton-reaches-1b-gulf-oil-spill-settlement