09/02/2014 11:53 EDT | Updated 11/02/2014 05:59 EST

Halliburton to pay $1.1B US to settle Deepwater Horizon oil spill claims

Halliburton has agreed to pay $1.1 billion US to settle most of the claims against the company for its role in the devastating oil spill in the Gulf of Mexico after the Deepwater Horizon oil rig exploded in 2010.

The infrastructure conglomerate was contracted to handle the cement operations on BP's rig when the drilling hole blew in April 2010, killing 11 workers and spilling millions of barrels of oil into the Gulf.

The company had previously estimated it would end up paying about $1.3 billion related to its role in the disaster. BP's settlement in 2012 for its role included provisions that established Halliburton would end up paying a certain percentage of those costs.

The money will be paid into a trust until all appeals have been resolved in three instalments over the next two years.