SBM Offshore: settlement with insurers complete.
(CercleFinance.com) - SBM Offshore said on Friday that a contract has now been executed with a group of insurers relating to the settlement of a scrapped offshore project.
As a result, the Dutch maritime oil and gas engineer has entered into a binding agreement that will generate a cash payment of 281 million dollars in full and final settlement of its claim against the insurers.
The group said the proceeds will be used to reimburse legal fees and other claims-related expenses incurred to date.
The rest of the money will be shared equally between SBM Offshore and its Spanish partner Repsol.
SBM Offshore has said that it continues to pursue its claim against all remaining insurers, with a trial set to begin in October 2018.
The matter relates to Norway's Yme offshore production unit, which was terminated in 2013 after months of operational and execution delays.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
As a result, the Dutch maritime oil and gas engineer has entered into a binding agreement that will generate a cash payment of 281 million dollars in full and final settlement of its claim against the insurers.
The group said the proceeds will be used to reimburse legal fees and other claims-related expenses incurred to date.
The rest of the money will be shared equally between SBM Offshore and its Spanish partner Repsol.
SBM Offshore has said that it continues to pursue its claim against all remaining insurers, with a trial set to begin in October 2018.
The matter relates to Norway's Yme offshore production unit, which was terminated in 2013 after months of operational and execution delays.
Copyright (c) 2017 CercleFinance.com. All rights reserved.