logo
Plus   Neg
Share
Email

SBM Confirms Settlement With Extended Group Of Insurers On Yme Insurance Claim

SBM Offshore (SBFFY.PK) confirmed that a settlement contract has now been executed with an extended group of primary layer insurers further to its announcement on July 17, 2017 that Heads of Terms had been agreed. The final settlement includes one additional primary layer insurer.

As a result, SBM Offshore has entered into a binding settlement with 83.6% of the US$500 million primary insurance layer against a cash payment of US$281 million in full and final settlement of its claim against participating insurers.

Upon receipt, the settlement monies will be used first to reimburse legal fees and other claim related expenses incurred to date. The balance of the settlement monies will then be shared equally between SBM Offshore and Repsol in accordance with the terms of their Settlement Agreement of March 11, 2013 which concluded the Yme project.

SBM Offshore said it continues to pursue its claim against all remaining insurers including the two excess layers, the trial of which is scheduled to commence October 2018.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Payment solutions giant Mastercard has won a patent for a payment system linking Blockchain-based assets to fiat currency accounts. The US patent is a new method to speed up digital currency payments. The document, published by the U.S. Patent and Trademark Office or USPTO, explained that it is a method for managing fractional reserves of blockchain currency. MGM Resorts International Inc. filed federal lawsuits against more than 1,000 victims of last October's deadly mass shooting in Las Vegas in an effort to avoid liability for the incident. MGM owns the Mandalay Bay Resort, from where the gunman Stephen Paddock had launched the attack. Paddock opened fire on a large crowd at an open-air country music concert, killing 58 people. Morgan Stanley (MS) reported 43 percent growth in profit for the second quarter, reflecting strong performance in Investment Banking and sales and trading. Quarterly net revenues rose 12 percent from the prior year. Both earnings per share and revenues topped analysts' expectations.
Follow RTT