Daily Archives: July 17, 2017

County is one of 2 local governments in NC that has supported proposed drilling off the coast

SUNSET BEACH -- A shift in Brunswick County's stance on offshore drilling may have been portended by an elected Republican's rare visit to the headquarters of the county's Democratic Party.

Brunswick County Commissioner Mike Forte visited the Bolivia headquarters in April to give a state of the county speech. Afterward, as he went to the parking lot, Oceana organizer Randy Sturgill chased the commissioner down to learn his stance on offshore drilling.

That stance, Forte said, is simple: "I am against seismic testing. I don't want to see drilling, I don't want to see windmills. Don't screw with my beaches because you take the beaches out of Brunswick County and I become Columbus County."

Brunswick, one of two North Carolina counties to pass a resolution in favor of offshore drilling and seismic testing when the Obama administration was conducting its review of the matter, could be poised to either wipe that pro-drilling stance off the board or reverse course entirely as soon as next month. The vote comes at a time when the Trump administration's Department of the Interior is conducting new reviews of both seismic testing and offshore drilling.

The July 2015 vote in favor of seismic and offshore drilling -- and an August 2015 vote to not rescind the resolution -- meant Brunswick and Carteret were the only North Carolina counties to support offshore drilling, even as 32 other governments passed resolutions against drilling -- seismic or both.

Scott Phillips, Forte's predecessor, openly wrestled with his vote on the matter in 2015, ultimately casting the deciding ballot in favor of both offshore drilling and maintaining the resolution.

Opponents of seismic testing say the loud, regular blasts could cause harm to sensitive mammals living in the Atlantic. And they say drilling could leave the coast vulnerable to oil spills and other impacts of a heavy industry.

Those in favor of offshore drilling point to its potential economic impacts on the state, as well as American energy independence. They also say seismic testing is necessary because the previous tests happened decades ago and were sometimes extremely rudimentary in nature.

NOAA Marine Fisheries is accepting comments about seismic testing's impact on marine mammals until July 21, while the Department of the Interior is accepting comments about revision to its five-year offshore oil and natural gas plan until mid-August.

Forte, who will be one of several speakers at a Monday rally against offshore drilling and seismic testing, has emerged as the likely deciding vote in overturning Brunswick's ordinance. He said he will mostly be at the event to learn, but will likely pursue a new resolution on the matter shortly after.

"I'm gonna bring it up one way or the other," Forte said. I'm gonna bring up canceling that resolution or a whole new resolution. I just don't know how to do it yet."

A new resolution, Forte said, could come before the Brunswick board as soon as August.

Commissioner Pat Sykes, who serves on the Brunswick board with Forte, said she's hesitant to revisit the issue.

"It might not even happen here. I just don't see causing a stir when there's nothing there," she said, adding, "I just am not one to get involved unless I need to. It's not an issue for the county at this point."

Sturgill, the Oceana organizer, said he'd like to see coastal governments like Brunswick and Carteret reverse course.

"They represent coastal areas of North Carolina that are staunchly opposed to seismic, opposed to oil and gas drilling," Sturgill said, "and I think this message needs to go to these departments whether it be NOAA, BOEM, whatever, they need to know we're pretty much lockstep in opposition to this."

Reporter Adam Wagner can be reached at 910-343-2389 or Adam.Wagner@GateHouseMedia.com.

Original post:

Could Brunswick change course on offshore drilling? - The Daily News - Jacksonville Daily News

July 17, 2017 02:02 ET | Source: SBM Offshore N.V.

SBM Offshore has agreed Heads of Terms for settlement with a 73.6% majority group of the US$500 million primary insurance layer for the settling of insurers' shares of SBM Offshore's insurance claim relating to the Yme project.

The final agreement, which remains subject to contract, is expected to be formalized in the coming weeks.

Pursuant to the settlement, SBM Offshore will receive a cash payment of c. US$247 million in full and final settlement of its claim against the settling insurers. Following reimbursement first of legal fees and other claim related expenses incurred to date, the balance of the settlement monies will be shared equally between SBM Offshore and Repsol in accordance with the terms of their Settlement Agreement of 11 March 2013 which concluded the Yme project.

SBM Offshore continues to pursue its claim against all remaining insurers including the two excess layers, the trial of which is scheduled to commence October 2018.

Further details of this agreement and the claim are confidential.

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group ("the Company").

SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation and has unrivalled operational experience in this field. The Company's main activities are the design, supply, installation, operation and the life extension of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.

As of December 31, 2016, Group companies employ approximately 4,750 people worldwide. Full time company employees totaling c. 4,250 are spread over five regional centers, ten operational shore bases and the offshore fleet of vessels. A further 500 are working for the joint ventures with several construction yards. For further information, please visit our website at http://www.sbmoffshore.com.

The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication "SBM Offshore" is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.

The Management Board Amsterdam, the Netherlands, July 17, 2017

Note: dates in bold have changed as communicated in SBM Offshore's press release dated 10 July 2017

Disclaimer

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company's business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward- looking terminology such as "believes", "may", "will", "should", "would be", "expects" or "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.

SBMO Agreed Heads of Terms Settlement Yme: http://hugin.info/130754/R/2120620/807936.pdf

Related Articles

Schiedam, NETHERLANDS

More here:

SBM Offshore Has Agreed Heads of Terms for Settlement with a Majority Group of Primary Layer Insurers on Its Yme ... - GlobeNewswire (press release)

A new register of beneficial owners of overseas companies owning UK property is set to have a major impact on offshore investors. In 2016 the Government announced its intention to introduce a publicly accessible register of the beneficial owners of overseas companies owning UK property or engaging in UK government procurement.

This register would be the first of its kind in the world. The UK has already taken significant steps towards corporate transparency with the introduction last year of the people with significant control register (PSC register), a central, publicly accessible register of those who control UK companies and limited liability partnerships (LLPs).

The new register would apply to existing property ownership as well as to future property acquisitions. Following on from the 2016 announcement, the Department for Business, Energy & Industrial Strategy (BEIS) has now published a call for evidence on the proposals and on the impact of the new policy.

The new register wouldapply to new and existingproperty ownership.

This is framed as a consultation on the design of the proposals, rather than an opportunity to revisit fundamental questions such as whether the register should be open and accessible to the public, or indeed whether the UK should have a register at all.

However, there are indications that the Government may be prepared to revisit its decision to introduce a public register, at least to some extent if investors and others can demonstrate that the new disclosure regime is likely to deter legitimate investment in the UK to an unacceptable degree.

The call for evidence can be found at https://www.gov.uk/government/uploads/ system/uploads/attachment_ datafile/606611/beneficial-ownershipregister- call-evidence.pdf.

UK property as an investment proposition for overseas investors has been affected already by the increased taxation through SDLT, ATED, Capital Gains, tax on development profit and Inheritance Tax. These additional proposals will mean that any benefit from confidentiality of ownership will be removed.

Samantha Hook is a Partner in Howard Kennedys Real Estate team. She acts for investors owning property around the world. email: samantha.hook@howardkennedy.com. http://www.howardkennedy.com.

Read more:

Offshore investors - The Negotiator