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SBM Offshore Agrees Heads of Terms on Yme Insurance Claim

Source: www.gulfoilandgas.com 7/17/2017, Location: Europe

SBM Offshore has agreed Heads of Terms for settlement with a 73.6% majority group of the US$500 million primary insurance layer for the settling of insurers’ shares of SBM Offshore’s insurance claim relating to the Yme project. The final agreement, which remains subject to contract, is expected to be formalized in the coming weeks.

Pursuant to the settlement, SBM Offshore will receive a cash payment of c. US$247 million in full and final settlement of its claim against the settling insurers. Following reimbursement first of legal fees and other claim related expenses incurred to date, the balance of the settlement monies will be shared equally between SBM Offshore and Repsol in accordance with the terms of their Settlement Agreement of 11 March 2013 which concluded the Yme project.

SBM Offshore continues to pursue its claim against all remaining insurers including the two excess layers, the trial of which is scheduled to commence October 2018.

Further details of this agreement and the claim are confidential.

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