Noreco Settles Claim for Pipeline Rupture in Siri Area

Siri Center
(Click to Enlarge)

Noreco has settled an insurance claim relating to rupture of the water injection pipeline in the Siri Area, between Siri and Nini. Under the agreement, Noreco receives a total of US $20.9 million in coverage under its insurance policy.

Noreco has settled an insurance claim against its underwriters related to a rupture of a water injection pipeline between the Siri and Nini platforms in Denmark. The pipeline ruptured in 2007, and the repair and replacement was completed in Q3 2009. Under the settlement, Noreco receives a total of US $20.9 million related to loss of production income and repair and replacement costs. Net of payments made in advance, Noreco will get US $15.8 million in payments in Q4 2009. This is in line with Noreco's expectations and will therefore not have any significant impact on the company's income statement.

Noreco actively manages business risk through insurance policies and use of financial derivatives (including oil price put options).

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manufacturing Production Technician I
Expertise: Fabrication|Mechanic|Welding
Location: Carencro
Procurement / Subcontracts Administrator
Expertise: Contracts Administration
Location: Cincinnati, OH
United States Duncan: Entry Level Elect/Mechanical Technician
Expertise: Electrical Technician|Mechanical Technician
Location: Duncan, OK
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours