Talisman reaches financial settlement on Yme project

Talisman Energy Inc., Calgary, reached an agreement with Dutch maritime services group SBM Offshore NV to scrap the above-surface structure on the Yme oil platform in the Norwegian North Sea.

Terms call for taking down the above-surface structure and ending all joint venture activity with SBM. The agreement also calls for Talisman to pay $470 million to SBM.

Following an extended period of operational and execution delays, Talisman Energy Norge AS decided to remove the mobile offshore production unit (MOPU) from the previously abandoned field that was scheduled for redevelopment (OGJ Online, May 14, 2007).

SBM Offshore plans to scrap the MOPU, which it owns.

Ownership of the in situ subsea structure will be transferred from SBM Offshore to the Yme license holders, and they will assess alternative development concepts for the field.

Talisman holds a 70% stake in the PL 316 license that includes the Yme field. Revus Energy has 20% and Pertra has 10%. Talisman in May 2012 announced a $250 million writedown on the project and put production on hold. Previously, Yme production was expected to start this year.

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