Talisman, SBM agree to end Yme MOPUstor project

Talisman Energy Norge AS (TSX:TLM;NYSE:TLM) has agreed with SBM Offshore (AMS:SBMO) to terminate the YME MOPUstor project offshore Norway.

Offshore staff

CALGARY, Canada –Talisman Energy Norge AS (TSX:TLM;NYSE:TLM) has agreed with SBM Offshore (AMS:SBMO) to terminate the YME MOPUstor project offshore Norway. The agreement calls for scrapping the existing above-surface structure.

Ownership of the in situsubsea structure will transfer from SBM Offshore to the Yme license holders who plan to assess options for field development.

SBM Offshore will pay the Yme partners $470 million, then Talisman will ensure safe re-manning and will then remove the MOPU from Yme. SBM will manage the transportation and scrapping.

“Recent analysis has concluded that a new topsides solution is needed in order to develop the Yme field,” said Paul Warwick EVP, Europe-Atlantic for Talisman. “Our first priority will be to remove the existing platform, safely and expeditiously.”

3/12/2013

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