BP leased the rig from Transocean. The April 2010 explosion of the rig killed 11 workers and sent oil spewing into the Gulf of Mexico for 87 days.
Court rulings have put the brunt of responsibility for the disaster on BP. But Transocean and Houston-based cement contractor Halliburton also were found to have some responsibility.
Halliburton reached a USD 1 billion settlement with plaintiffs last year.
The settlement will involve two classes of businesses and individuals. One class is already part of a settlement BP reached with plaintiffs in the case in 2012. The other is a new "punitive damages class" that for various reasons was not included in the BP settlement, perhaps because its members opted out or because they were not deemed by the courts to be eligible.