The FPSO Kwame Nkrumah, which suffered a turret bearing failure earlier this year, now has confirmed hull and machinery insurance coverage, Tullow Oil announced.

The policy covers relevant operating and capital costs associated with both current and long-term operating procedures at the FPSO vessel. Tullow, operator of the Jubilee Field, said it will work closely with the loss adjusters and reinsurers to establish a payment schedule as remedial work continues.

Tullow said it also continues to work with its business interruption reinsurers on confirming coverage for loss of production and revenue caused by the failure.

—Staff Reports

Offshore