BP settles oil spill-related claims with Halliburton, Transocean

BP PLC has settled with oilfield services provider Halliburton Co. and contract driller Transocean Ltd. cross claims related to the 2010 Gulf of Mexico oil spill, the worst offshore disaster in U.S. history.

Under the U.S. Clean Water Act, however, BP still faces a potential fine of up to $13.7 billion, according to Reuters.

Transocean, which owned the Deepwater Horizon rig, had settled its Clean Water Act liability for $1 billion. Transocean officials say BP will pay the company $125 million in compensation.

Halliburton said in September that it reached a $1.1 billion settlement for a majority of claims related to its role in the oil spill.

Read more from Reuters.