The 61-year-old actor will star alongside Mark Wahlberg in the film, which is based on the 2010 BP oil rig explosion in the Gulf of Mexico.
He will play "a stubborn BP representative" who underestimates the danger of the work being undertaken on the rig, according to The Hollywood Reporter.
The incident left 11 people dead and oil gushing into the sea for nearly three months.
Wahlberg leads the cast as an electrician based on the oil rig, with Dylan O'Brien recently reported to have signed up for a role.
"Lone Survivor" star Peter Berg is set to direct from a screenplay by Matthew Michael Carnahan, Matthew Sand and Academy Award nominee JC Chandor.
"Deepwater Horizon" currently has a US release date of September 30, 2016.
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