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Talisman in Yme deal

Talisman in Yme deal

Talisman Energy has struck a deal to scrap the platform at its troubled Yme oil project in the North Sea.

The Calgary-based oil and gas giant announced yesterday it has reached an agreement with the platform contractor, Dutch maritime services group SBM Offshore NV, to halt work on the production unit.

The agreement also includes the scrapping of the above-surface structure and the ending of all joint venture activity between Talisman and SBM.

Talisman and its partners have experienced several recent safety problems and delays at Yme, including the evacuation of 140 workers from the field’s mobile offshore production unit last July due to structural concerns.

Norwegian authorities had called for a revision of development plans at the site, and Talisman said a new solution is now needed to successfully develop the Yme field.

According to Talisman, SBM will make an upfront payment of $470 million in order to put an end to all agreements and arbitration procedures over the project.

The mobile offshore production unit will be removed by Talisman and SBM will then scrap it, the firm said.

Ownership of the on-site subsea structure will then be transferred from SBM to the Yme licence holders.

Trapoil Group yesterday agreed a £1.5m deal for Summit Petroleum’s 45% stake in the Orchid oil discovery on the UK Continental Shelf.

Completion of the acquisition is conditional upon consents from the Department of Energy and Climate Change and the other partners in the Orchid prospect Valiant and Atlantic.