Ghana FPSO insurers face $345m repair bill

Tullow Oil has said that a temporary fix could see the Kwame Nkrumah FPSO vessel off the coast of Ghana back to full operating capacity by the end of 2016. Tullow said that it intended to fix a faulty turret on the FPSO, one which had limited production for several years. That eventually resulted in the company declaring force majeure in March this year. Tullow Oil said the cost of fixing the turret could be up to $345m. It has notified claims under a joint venture H&M policy and its own business interruption policy to the relevant insurers.

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