Halliburton has agreed to pay $1.1 billion to settle a majority of plaintiff claims brought over the company's role in the 2010 BP oil spill in the Gulf of Mexico.

The settlement is subject to court approval and will be paid into a trust until all appeals have been resolved over the next two years, Halliburton said in a news release.

The Deepwater Horizon blowout killed 11 rig workers and unleashed the biggest oil spill in U.S. history. The federal government estimates more than 200 million gallons poured out of the ruptured well, located nearly a mile underwater off southeastern Louisiana. The environmental effects of the disaster are still being determined, and BP says it has paid out $32 billion for cleanup, compensation and penalties.