SBM Offshore gets insurance payout after rig failure

The Dutch offshore company has reached a settlement with a majority group of insurers in the case related to damaged drilling rig Yme, which resulted in large costs for SBM Offshore.

SBM Offshore has reached a settlement with 73.6 percent of the group of insurers in the company's damage claim related to drilling rig Yme in the North Sea, where the company in 2012 discovered defects in the rig's construction and wound up scrapping it.

The incident was costly for SBM Offshore, which had leased the rig to Canadian Talisman, as the latter had to shut down production in the Yme field and subsequently book a significant impairment.

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