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.