Tullow Oil PLC Jubilee Turret - Insurance Update (6142K)

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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         Murray Consultants 
  plc                (+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.

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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

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September 23, 2016 02:00 ET (06:00 GMT)