SBM Offshore N.V. : SBM Offshore and Yme Owners reach conclusion and financial
settlement on Yme Project
SBM Offshore and Talisman Energy Norge AS (Talisman), on behalf of itself and
its joint venture partners, have reached a decision to terminate the YME
MOPUstor project, including scrapping the existing above surface structure,
and ending all joint activity for an agreed cost.
Following an extended period of operational and execution delays, the decision
has been taken to remove the MOPU (Mobile Offshore Production Unit), which
will subsequently be scrapped. Ownership of the in situ subsea structure will
be transferred from SBM Offshore to the Yme license holders, as they assess
alternative development concepts for the field.
Subject to an upfront settlement payment of US$ 470 million made by SBM
Offshore, Talisman will complete the work necessary to ensure the safe
re-manning and will then remove the MOPU from the Yme field. SBM Offshore will
manage the transportation and ultimate scrapping of the facility.
All parties will terminate the existing agreements and arbitration procedures
with respect to the YME project.
"Delays to first production on the Yme project have been a great
disappointment to the Yme joint venture partners," said Paul Warwick,
Executive Vice-President Europe-Atlantic, Talisman Energy. "Recent analysis
has concluded that a new topsides solution is needed in order to develop the
Yme field. The arrangement with SBM Offshore allows the Yme joint venture
partners to continue to evaluate options for the Yme field."
Sietze Hepkema, member of the Management Board of SBM Offshore N.V. said:
"Today we have resolved the legacy difficulties of Yme at an agreed cost,
bringing an end to a period of significant uncertainty for the company. We are
confident that with an FPSO-focused strategy and our industry-leading
technological skills, SBM Offshore can take full advantage of the strong
long-term fundamentals in our markets."
About SBM Offshore
SBM Offshore N.V. provides floating production solutions to the offshore
energy industry, over the full product life-cycle. The Company is market
leading in leased floating production systems with multiple units currently in
operation, and has unrivalled operational experience in this field. The
Company's main activity is the design, supply, installation and operation of
Floating Production, Storage and Offloading (FPSO) vessels. These are either
owned and operated by the Company and leased to our clients or supplied on a
turnkey sale basis. Headquartered in Schiedam, the Company employs over 7,400
people worldwide, who are spread over five execution centres, eleven
operational shore bases, several construction yards and the offshore fleet of
vessels. Please visit our website at www.sbmoffshore.com
About Talisman Energy Inc.
Talisman Energy Inc. is a global upstream oil and gas company, headquartered
Talisman has two core operating areas: the Americas (North America and
Colombia) and Asia-
Pacific. Talisman is committed to conducting business safely, in a socially
responsible manner, and is included in the Dow Jones Sustainability (North
Talisman is listed on the Toronto and New York stock exchanges under the
symbol TLM. Please
visit our website at (www.talisman-energy.com).
For media enquiries or further information, please contact:
Talisman Energy contacts:
Grethe Elise Foldnes
Manager, External and Corporate Affairs
Phone: +47 52 00 18 85
Media and General Inquiries Shareholder and
Phoebe Buckland LyleMcLeod,
External Communications Investor Relations
Talisman Energy Inc. Talisman Energy
Phone: 403-237-1536 Phone:
E-mail: email@example.com E-mail:
SBM Offshore contacts:
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
To see the full version of this press release please click on the link below:
SBM Offshore press release
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information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE
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