(Adds analyst, CFO comments; updates shares)
Sept 2 (Reuters) - Halliburton Co, North America'stop oilfield services provider, said it reached a $1.1 billionsettlement for a majority of claims related to its role in BPPlc's oil spill in the Gulf of Mexico in 2010.
The settlement, which includes legal fees, is subject toapproval by the U.S. District Court for the Eastern District ofLouisiana, Halliburton said.
The amount, to be paid in three installments over the nexttwo years, will be put into a trust until all appeals areresolved, the company said.
"We think this is a smart move by Halliburton," said StewartGlickman, an equity analyst at S&P Capital IQ. "While stateclaims by Louisiana and Alabama remain, we think this trimslegal overhang."
Halliburton, whose shares were marginally lower on Tuesday,had set aside $1.3 billion for costs related to the incident.
The Macondo well blowout and rig explosion in April 2010killed 11 people and spilled millions of barrels of oil for 87days after the blast.
The settlement protects Halliburton from certain punitivedamages if the court were to rule later that the company hadbeen negligent or 'grossly negligent' for its role in theblowout, Chief Financial Officer Mark McCollum said.
A decision is awaited from U.S. District Judge Carl Barbierin New Orleans ascertaining the extent of negligence of BP,Halliburton and rig contractor Transocean Ltd.
Transocean agreed last year to pay $1.4 billion to settleU.S. government charges for its role in the disaster. BP, whichalso faces potential fines under the Clean Water Act in theUnited States, has so far paid about $28 billion.
"BP has claims against us for contribution for theirexposure under the Clean Water Act," McCollum said at theBarclays CEO energy-power conference on Tuesday.
"We do not think that stands the legal test because we arenot under maritime laws."
Halliburton provided cementing services for BP at the well,including the placement of "centralizers" that help stabilizethe well bore during cementing.
The company had earlier blamed BP's decision to use only sixcentralizers - to save "time and money" - for the blowout.
Halliburton's shares were down 0.18 percent at $67.49 inafternoon trading on the New York Stock Exchange. (Reporting by Swetha Gopinath in Bangalore; Editing bySaumyadeb Chakrabarty, Kirti Pandey and Savio D'Souza)