The settlement, which is subject to court approval, will be paid into a trust until appeals are resolved over the next two years.
Halliburton was BP PLC's cement contractor on the drilling rig that exploded in the Gulf in April 2010, killing 11 workers and triggering the largest offshore oil spill in US history.
The deal will settle claims assigned to Halliburton as a result of BP's settlement in 2012 and punitive damages from the loss of property or commercial fishing activity resulting from the oil spill.