SBM Offshore (SBFFY.PK) and Talisman Energy Norge AS, on behalf of itself and its joint venture partners, have decided to terminate the YME MOPUstor project, including scrapping the existing above surface structure, and ending all joint activity for an agreed cost. Following an extended period of operational and execution delays, this decision was taken to remove the Mobile Offshore Production Unit or MOPU, which would subsequently be scrapped.
The company added that the ownership of the in situ subsea structure would be transferred from SBM Offshore to the Yme license holders, as they assess alternative development concepts for the field. Subject to an upfront settlement payment of $470 million made by SBM Offshore, Talisman would complete the work necessary to ensure the safe re-manning and would remove the MOPU from the Yme field, while SBM Offshore would manage the transportation and ultimate scrapping of the facility.
All parties would end the existing deals and arbitration procedures with respect to the YME project.
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