Talisman said in a statement that it will also scrap the existing above-surface structure and end all joint activity for an agreed cost.
As per the deal, the Netherlands-based contractor SBM Offshore will make an upfront payment of $470m to Talisman for removing the Mobile Offshore Production Unit (MOPU) from the Yme field.
SBM will then take up the transportation and final scrapping of the facility. Under the agreement, the ownership of the in situ subsea structure will be transferred from SBM Offshore to the Yme license holders.
Talisman Europe-Atlantic executive vice-president, Paul Warwick, said the deal is a good settlement for the company, the Yme partners and Norway.
"This arrangement should allow the partners to move forward to examine options for the Yme field, without incurring significant additional costs related to the existing topsides," Warwick added.
"Recent analysis has concluded that a new topsides solution is needed in order to develop the Yme field. Our first priority will be to remove the existing platform, safely and expeditiously."
Located 160km (99 miles) north-east of the Ekofisk oil field, the Yme platform has been unmanned since July 2012, when it was evacuated due to safety concerns.
The Calgary Herald quoted SBM as announcing it has accounted for $200m of the total payable amount in December 2012, and proposes to charge the remainder to its first-half 2013 results.
Talisman has also sold a 49% stake in its UK North Sea properties to Chinese state-owned firm Sinopec, reported the publication.
Image: Talisman will remove the Mobile Offshore Production Unit (MOPU) from the Yme field. Photo courtesy of freedigitalphotos.net / think4photop.