SBM Offshore is pleased to announce full and final settlement of its insurance claim related to the Yme project. The agreement now reached with remaining insurers of the Yme project follows partial settlements announced on July 17, 2017, August 11, 2017 and August 9, 2018.
Including the prior settlements, SBM Offshore's insurance recoveries related to the Yme project represent a total amount close to US$390 million, which includes a final increment of US$48.5 million.
After reimbursement of the significant claim related expenses and legal fees, the remaining amount of the insurance recoveries will be shared equally between SBM Offshore and Repsol (on behalf of the Yme license) in accordance with the terms of their Settlement Agreement of March 11, 2013 which concluded the Yme project.
As a result of this settlement the litigation against insurers and the associated trial which was due to commence on October 1, 2018 will be put to an end.
Bruno Chabas, CEO of SBM Offshore, commented:
"Today's settlement of this large insurance claim related to a project that ended in 2013 allows us to close this outstanding item from the past and to now fully concentrate on growing our business in an industry that shows strong signs of recovery."