SBM Pays Talisman $470M Over Flopped Norway Oil Project

Law360, New York (March 12, 2013, 4:56 PM EDT) -- SBM Offshore NV has paid a $470 million settlement to Canada-based Talisman Energy Norge AS to end the doomed Norwegian Yme oil field project that was plagued by bad weather and production delays, the Dutch offshore services contractor said Tuesday.

SBM’s announcement of the settlement with Talisman and Talisman’s joint venture partners follows a year of periodic reports by the Dutch giant about problems including bad weather conditions in the North Sea toward the end of 2011 and “unreasonable” demands by client Talisman, according to SBM...
To view the full article, register now.