SBM Offshore and Yme Owners reach conclusion and financial settlement on Yme
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
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
manage the transportation and ultimate scrapping of the
All parties will terminate the existing agreements and arbitration
with respect to the YME project.
"Delays to first production on the Yme project have been a great
to the Yme joint venture partners," said Paul Warwick,
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
for the Yme field."
Sietze Hepkema, member of the Management Board of SBM Offshore N.V.
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
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
the Company and leased to our clients or supplied on a turnkey
basis. Headquartered in Schiedam, the Company employs over 7,400
people worldwide, who are spread over five execution centres, eleven
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
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
visit our website at (www.talisman-energy.com).
To see the full version of this press release please click on the
SBM Offshore press release:
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originality of the information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE
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
Talisman Energy Inc.
Shareholder and Investor Inquiries
Talisman Energy Inc.
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
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