Tullow Oil Ghana Limited has received $220 million from insurers as compensation for the damaged turret bearing that hangs on the Floating Production Storage Offloading Vessel (FPSO).
This is part of a sum of $270 million that the Lead Partner has requested from the Insurer.
Tullow, according to its Managing Director (MD), Mr. Charles Darko, is expecting the remaining $50 million to be paid soon as the insurers assess the invoice presented to them.
However, it is not clear if Tullow Ghana will be sharing this money among the Jubilee partners. Ghana has lost revenue from oil due to the damage.
Meanwhile, Tullow says it was still considering a permanent solution to the damaged turret bearing on the floating vessel used in producing and storing oil at the field.
Currently, the oil producer said, it has fixed the ship to the seabed to stabilise it and was considering a permanent solution to the problem.
Tullow made a revenue of $8 billion with gross profit of $3 billion. It had free cash flow of $2 billion and post-tax loss of $3 billion after impairments.
Its net debt reduced by $1 billion since year-end to $3.8 billion at the half-year following generation of free cash flow and $750 million Rights Issue in April 2017.
Insurance
…with Kofi Owusu Tawiah
