Tullow Oil PLC Jubilee Turret - Insurance Update (2634L)
September 30 2016 - 2:00AM
UK Regulatory
TIDMTLW
RNS Number : 2634L
Tullow Oil PLC
30 September 2016
News Release
Jubilee Turret - Insurance Update
30 September 2016 - Tullow Oil is pleased to announce that it
has received confirmation from its Lead Insurers that they accept
there is a recoverable claim with respect to the Group's corporate
policy for Business Interruption insurance following damage to the
Jubilee turret bearing earlier this year. This follows Tullow's
announcement on 23 September 2016 that Hull & Machinery cover
for Jubilee has also been confirmed.
The Business Interruption policy, which is procured for Tullow's
interest in its major producing assets, covers loss of revenues as
a result of production outages. Cover includes production losses at
the Jubilee Field associated with the failure of the bearing and
the downtime associated with the work programme to re-establish
normal operations. Tullow will continue to work closely with the
loss adjusters and insurers to establish an efficient payments
schedule as remedial work continues. Tullow will provide an update
on the progress of this project in its next Trading Statement on 9
November 2016.
FOR FURTHER INFORMATION CONTACT:
Tullow Oil Murray Consultants
plc (Dublin)
(London) (+353 1
(+44 20 498 0300)
3249 9000) Pat Walsh
Chris Perry Joe Heron
George Cazenove
Nicola Rogers
================= ===================
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
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