This follows the failure of the vessel’s turret bearing earlier this year.
The policy covers relevant operating and capital costs associated with both current operating procedures at the FPSO and the partners’ long-term solution to keep the vessel on the field.
Tullow will now work with the loss adjusters and reinsurers to establish an efficient payments schedule as remedial work continues. It maintains dialogue with its Business Interruption reinsurers on confirming cover for loss of production and revenue caused by the failure.
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