SBM Offshore, Repsol to Get $247 Million in Yme Insurance coverage Settlement  |  Rigzone


July 17 (Reuters) – Dutch oil marketplace companies team SBM Offshore and Spanish electricity firm Repsol will share an insurance plan payment of $247 million, fewer authorized charges, similar to a troubled Norwegian offshore venture, SBM stated on Monday.

SBM stated it had attained an settlement in basic principle with almost 3 quarters of the insurers who presented $500 million of most important include for the Yme venture with a last settlement envisioned to be wrapped up in the coming weeks.

SBM will obtain a dollars payment of about $247 million in whole and last settlement with these insurers. Just after authorized fees and other fees have been paid, the proceeds will be shared equally with Repsol in line with a 2013 settlement, the corporation stated.

The team stated it proceeds to go after its claim from all remaining insurers. The whole claim presented by SBM Offshore to its insurers in 2014 in relation to the Yme platform was for $1.28 billion.

“The news is optimistic because it wipes out a major scar from the earlier”, KBC analyst Tom Simonts stated.

SBM built the Yme oil platform for Canadian oil corporation Talisman Vitality and its partners but faced specialized troubles completing the venture, which was evacuated in the summer season of 2012 owing to basic safety issues. Talisman was afterwards bought by Repsol.

Simonts also stated the target for SBM now shifts to Brazil, where the corporation is searching to settle a corruption probe with authorities that has prevented it from bidding for operate in a major industry. (Reporting by Manon Jacob and Wout Vergauwen Enhancing by Amrutha Gayathri and Adrian Croft)

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