SBM Offshore to Get Yme Platform Fixed by Year End, Dispute Continues with Talisman

Yme, a mobile offshore production facility located south of Norway in approximately 93 meters of water depth.

Dutch oil services company SBM Offshore NV (SBMO.AE) Friday confirmed earlier reports that said it will fix the faulty legs of its Yme oil and gas platform, together with its commissioner Talisman Energy (TLM).

The company said it has presented a plan to the Petroleum Safety Authority Norway regarding repairs to the grouting of the platform’s legs. The repairs are scheduled to be completed before the end of this year.

After completion of the repairs, inspectors will return to the platform to review its safety as it will have been unattended for a long period of time, the company said. Following this review, Talisman and SBM Offshore will be able to agree any future plans for the platform.

The Yme platform was evacuated in mid July after cracks in the platform’s legs were discovered. Studies showed the flaws meant risk of collapse during a storm.

SBM Offshore and Talisman are in a long dispute over the damages, financial and operational, relating to problems with the Yme platform.

– Robert van den Oever, (c) 2012 Dow Jones & Company

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