SBM Offshore and Yme Owners reach conclusion and financial settlement on Yme Project

SBM Offshore and Yme Owners reach conclusion and financial settlement on Yme 
Project 
SCHIEDAM, THE NETHERLANDS -- (Marketwire) -- 03/12/13 --  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 in Canada.
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 and
environmentally
responsible manner, and is included in the Dow Jones
Sustainability (North America) Index. Talisman is listed on the
Toronto and New York stock exchanges under the symbol
TLM. Please
visit our website at (www.talisman-energy.com). 
To see the full version of this press release please click on the
link below: 
SBM Offshore press release:
http://hugin.info/130754/R/1684573/551631.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(i) the releases contained herein are protected by copyright and    
other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: SBM Offshore N.V. via Thomson Reuters ONE 
[HUG#1684573] 
For media enquiries or further information, please contact: 
Talisman Energy contacts: 
In Norway:
Grethe Elise Foldnes
Manager, External and Corporate Affairs
Email: gefoldnes@talisman-energy.com
Phone: +47 52 00 18 85 
Media and General Inquiries
Phoebe Buckland
President
External Communications
Talisman Energy Inc.
Phone: 403-237-1536
E-mail: pbuckland@talisman-energy.com 
Shareholder and Investor Inquiries
Lyle McLeod
Vice-President
Investor Relations
Talisman Energy Inc.
Phone: 403-237-1020
E-mail: lmcleod@talisman-energy.com 
SBM Offshore contacts: 
Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com 
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: anne.guerin-moens@sbmoffshore.com
Website: www.sbmoffshore.com
 
 
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