Insurance claim

SBM Offshore has settled its insurance claim related to the Yme project. The agreement now reached with remaining insurers of the project follows partial settlements announced on 17 July 2017, 11 August 2017 and 9 August 2018. Including the prior settlements, SBM Offshore’s insurance recoveries related to the Yme project represent a total amount of almost US$390 million, which includes a final increment of $48.5 million. After reimbursement of the significant claim-related expenses and legal fees, the remaining amount of the insurance recoveries will be shared equally between SBM Offshore and Repsol. As a result of this settlement the litigation against insurers and the associated trial will end.