Tullow Oil Confirms Turret Bearing Cover
Tullow Oil plc announced Friday that hull and machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers, following the failure of the turret bearing earlier this year.
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.
Tullow revealed April 8 that the turret bearing on the FPSO Kwame Nkrumah had been damaged and was no longer able to rotate as originally designed, following a technical investigation.
Following the malfunction, FPSO Kwame Nkrumah was placed on ‘heading control’ through the use of tugs which minimize vessel movement around the bearing. New operating procedures, including the use of a dynamically-positioned shuttle tanker and a storage tanker, were implemented to assure safe production and off-take operations.
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