There are a couple of rock formations on the map that you can use for cover. It has a big cyclops eye in the middle of it's face. I noticed that every sniper shot to the eye resulted in critical damage. Keep shooting his eyeball and when he starts to attack take cover behind the rocks.
Yes I suggest bringing a powerful shield, sinper, LMG, Rocket launcher, and use the remaining inventory space for health kits.
The rock formations will eventually blast apart if you linger there long enough. Just keep on the move to avoid too much damage from flying spikes that explode and keep shooting at the eye. If you get down to your last wind shoot a tenticle and it will bring you back. Most importantly, watch out for his beam attack. That will end your run quickly, that is where those rock formations come into play. Even though he can hit you behind them with the beam attack, it does not damage you.