SBM Offshore Has Agreed Heads of Terms for Settlement with a Majority Group of Primary Layer Insurers on Its Yme Insurance Claim
(Thomson Reuters ONE) -
July 17, 2017
SBM Offshore has agreed Heads of Terms for settlement with a 73.6% majority
group of the US$500 million primary insurance layer for the settling of
insurers' shares of SBM Offshore's insurance claim relating to the Yme project.
The final agreement, which remains subject to contract, is expected to be
formalized in the coming weeks.
Pursuant to the settlement, SBM Offshore will receive a cash payment of c.
US$247 million in full and final settlement of its claim against the settling
insurers. Following reimbursement first of legal fees and other claim related
expenses incurred to date, the balance of the settlement monies will be shared
equally between SBM Offshore and Repsol in accordance with the terms of their
Settlement Agreement of 11 March 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 agreement 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, July 17, 2017
+-----------------------------------------+-------------+------+
| Financial Calendar | Date | Year |
+-----------------------------------------+-------------+------+
| Half-Year 2017 Earnings - Press Release | August 9 | 2017 |
+-----------------------------------------+-------------+------+
| 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(at)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(at)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.
SBMO Agreed Heads of Terms Settlement Yme:
http://hugin.info/130754/R/2120620/807936.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SBM Offshore N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.07.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 552503
Anzahl Zeichen: 7447
contact information:
Town:
Schiedam
Kategorie:
Business News
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