CORRECTED-Talisman's faulty Yme platform to go in 2014

Wed May 22, 2013 10:11am EDT
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(Corrects 8th para to show that a new development plan would be submitted under certain conditions, Yme costs in 9th para)

* New development plan for Yme field seen in 2014-2015

* No new cost estimate yet for the project - Talisman Energy

By Gwladys Fouche

OSLO, May 22 (Reuters) - Talisman Energy expects to remove the faulty platform at its Yme oilfield in the North Sea next year and to submit a new plan for a new installation by the first half of 2015, it said in the first timeline provided since the troubled project was suspended last year.

The Canadian firm has been under fire over the development of the field, with extensive faults found on the platform that meant it could have collapsed in a storm.

Yme is one of several factors that have shaken investors' confidence in the company, whose shares have halved since February 2011.

The problems at Yme and delays by BP and Eni have led Norwegian authorities to investigate why some major projects are running late and costing more than planned.

Yme was due to start production last year but was until now suspended indefinitely.   Continued...