SBM Offshore Confirms Settlement with Extended Group of Insurers on its Yme Insurance Claim
August 11 2017 - 01:32AM
August 11, 2017
SBM Offshore confirms 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 continues to pursue its claim
against all remaining insurers including the two excess layers, the
trial of which is scheduled to commence October 2018.
Further details of this settlement and the claim
are confidential.
Corporate Profile
SBM Offshore N.V. is a listed holding company
that is headquartered in Amsterdam. It holds direct and indirect
interests in other companies that collectively with SBM Offshore
N.V. form the SBM Offshore group ("the Company").
SBM Offshore provides floating production
solutions to the offshore energy industry, over the full product
life-cycle. The Company is market leading in leased floating
production systems with multiple units currently in operation and
has unrivalled operational experience in this field. The Company's
main activities are the design, supply, installation, operation and
the life extension of Floating Production, Storage and Offloading
(FPSO) vessels. These are either owned and operated by SBM Offshore
and leased to its clients or supplied on a turnkey sale basis.
As of December 31, 2016, Group companies employ
approximately 4,750 people worldwide. Full time company employees
totaling c. 4,250 are spread over five regional centers, ten
operational shore bases and the offshore fleet of vessels. A
further 500 are working for the joint ventures with several
construction yards. For further information, please visit our
website at www.sbmoffshore.com.
The companies in which SBM Offshore N.V.
directly and indirectly owns investments are separate entities. In
this communication "SBM Offshore" is sometimes used for convenience
where references are made to SBM Offshore N.V. and its subsidiaries
in general, or where no useful purpose is served by identifying the
particular company or companies.
The Management Board
Amsterdam, the Netherlands, August 11, 2017
Financial Calendar |
Date |
Year |
Trading Update 3Q 2017 - Press Release |
November 8 |
2017 |
Full-Year 2017 Earnings - Press Release |
February 8 |
2018 |
Annual General Meeting of Shareholders |
April 11 |
2018 |
Trading Update 1Q 2018 - Press Release |
May 10 |
2018 |
Half-Year 2018 Earnings - Press Release |
August 9 |
2018 |
Trading Update 3Q 2018 - Press Release |
November 15 |
2018 |
Note: dates in bold have changed as
communicated in SBM Offshore's press release dated 10 July 2017
For further information, please contact:
Investor Relations
Bert-Jaap Dijkstra
Investor Relations Director
Mobile
NL:
+31 (0) 6 2114 1017
Mobile
MC: +33
(0) 6 4391 9302
Telephone:
+377 9205 1732
E-mail:
bertjaap.dijkstra@sbmoffshore.com
Website:
www.sbmoffshore.com
Media Relations
Vincent Kempkes
Group Communications Director
Telephone:
+31 (0) 20 2363 170
Mobile: +31 (0) 6 25 68 71 67
E-mail:
vincent.kempkes@sbmoffshore.com
Website:
www.sbmoffshore.com
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. Some of the statements contained in this release that
are not historical facts are statements of future
expectations and other forward-looking statements based on
management's current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results,
performance, or events to differ materially from those in such
statements. Such forward-looking statements are subject to various
risks and uncertainties, which may cause actual results and
performance of the Company's business to differ materially and
adversely from the forward-looking statements. Certain such
forward-looking statements can be identified by the use of forward-
looking terminology such as "believes", "may", "will", "should",
"would be", "expects" or "anticipates" or similar expressions, or
the negative thereof, or other variations thereof, or comparable
terminology, or by discussions of strategy, plans, or intentions.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in this release as
anticipated, believed, or expected. SBM Offshore NV does not
intend, and does not assume any obligation, to update any industry
information or forward-looking statements set forth in this release
to reflect subsequent events or circumstances. Nothing in this
press release shall be deemed an offer to sell, or a solicitation
of an offer to buy, any securities.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/63f1c678-9608-46d8-bc39-842e2bc3dbb8
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