Stay Connected

SBM writes off book value of Yme platform

Offshore staff

MONACO – SBM Offshore (AMS:SBMO) is taking a $400-million impairment charge on its contract for the Yme jackup platform in the Norwegian North Sea.

Delivery issues and structural problems following installation continue to delay the Talisman-operated project.

SBM has also taken a $29-million charge for additional costs related to the Deep Panuke platform project offshore Eastern Canada, which is also behind schedule.

CEO Bruno Chabas said: “Defining the way forward for Yme has been lengthy and arduous. However, we have made significant progress and are now able to take the tough decision to fully impair the full book value of the platform and provide for settlement costs. In the weeks ahead, we aim to move forward from alignment with our client on the targeted outcome, to the practical steps of an agreement.”

12/20/2012

Trending News

OTC 2013: Saudi Aramco to open research center in Houston

May 7, 2013

Saudi Aramco has announced the opening of three research centers in the United States.

OTC 2013: NOIA president addresses GoM resurgence

May 7, 2013

Randall Luthi, president of the National Ocean Industries Association (NOIA), praised the role of oil and gas producers in his address at the Offshore Technology Conference. 

OTC 2013: Subsea monitoring, sensing systems shown by GE

May 7, 2013

Two subsea monitoring and sensing systems are featured by GE Measurement and Control at the Offshore Technology Conference.

Control systems aid heavy transport vessel maneuvers

May 7, 2013

Dockwise has contracted Emerson Process Management to supply the control systems for the giant new semisubmersible heavy transport vessel Dockwise Vanguard.

HRT agrees to terms for controlling stake in Polvo offshore Brazil

May 7, 2013

BP has agreed to sell its 60% interest in the Polvo oil field offshore Brazil to HRT Oil & Gas for $135 million.