Dutch FPSO owner SBM Offshore has reached a settlement with a majority of its insurers following a delayed North Sea project.
The deal has been struck with 73.6% of the $500m primary insurance group for a claim relating to the Yme platform.
SBM will receive cash of $247m in full and final settlement.
After paying lawyers' fees and other expenses, the money will be shared equally between SBM and Spanish oil company Repsol, according to their own settlement in 2013, which ended the Yme project.
