A judge has approved McDermott International Inc.’s plan to settle as many as 300,000 asbestos injury claims with a price tag that will range from $375 million to $955 million for the company, depending on whether Congress creates a national trust fund to handle all such cases.

U.S. District Judge Sarah Vance signed off on the agreement Tuesday, contained in a bankruptcy reorganization plan for the Babcock & Wilcox Co., a wholly owned McDermott unit that has been the target of asbestos claims.