Halliburton says it has agreed to pay $1.1bn to settle a substantial portion of claims arising from its role in the 2010 Gulf of Mexico oil spill.

The settlement announced on Tuesday would be paid in three installments into a trust until appeals are resolved over the next two years. It is subject to court approval.

Halliburton said the money would be paid to the Gulf fishing industry and other victims of the Deepwater Horizon disaster, including some claims made in suits against oil giant BP.

Under contract with BP, Halliburton constructed the cement casing of the offshore deepwater Macondo well that blew out on April 20, 2010, killing 11 people.

The blast sank the BP-leased Deepwater Horizon drilling rig and sent 4.9 million barrels of oil gushing into the Gulf over 78 days, soaking shores in several states, killing wildlife, and shutting down the fishing industry on much of the US gulf coast.

In 2013 Halliburton was fined for destroying evidence relating to the accident.

Rig contractor Transocean, which employed nine of the workers killed, agreed to pay $1.4bn in settlement last year, while BP has paid about $28bn so far.