Tullow Oil 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.