Capital/Financing Update • Sep 23, 2016
Capital/Financing Update
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information
RNS Number : 6142K
Tullow Oil PLC
23 September 2016
News Release
Jubilee Turret - Insurance Update
23 September 2016 - Tullow Oil is pleased to announce that Hull & Machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers following the failure of the turret bearing earlier this year. The Hull & Machinery policy, which is procured on behalf of the Joint Venture, covers relevant operating and capital costs associated with both current operating procedures at the FPSO and the long-term solution. As operator of the Jubilee field, Tullow will now work closely with the loss adjusters and reinsurers to establish an efficient payments schedule as remedial work continues. Tullow also continues to work with its Business Interruption reinsurers on confirming cover for loss of production and revenue caused by the turret bearing failure.
FOR FURTHER INFORMATION CONTACT:
| Tullow Oil plc (+44 20 3249 9000) Chris Perry George Cazenove Nicola Rogers |
Murray Consultants (+353 1 498 0300) Pat Walsh Joe Heron |
Notes to Editors
Tullow Oil plc
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 120 exploration and production licences across 21 countries which are managed as three business delivery teams: West Africa, East Africa and New Ventures.
Follow Tullow on:
Twitter: www.twitter.com/TullowOilplc YouTube: www.youtube.com/TullowOilplc
Facebook: www.facebook.com/TullowOilplc LinkedIn: www.linkedin.com/company/Tullow-Oil
Website: www.tullowoil.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGZLVZZGVZM
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.