Noreco loses Siri platform insurance case. Appeal imminent

Oslo-listed company Noreco has lost its case against insurers related to the financial claim sought due to the damage to the Siri platform in the Danish North Sea, discovered in 2009.

Noreco was in 2016, with its partners, awarded damages of $470 million, including interest, of which Noreco itself was entitled to around $270 million.

However, the company, which has, as part of the agreement with creditors,  been working to exit the oil and gas business and monetize its assets, was dealt a heavy blow on Friday.

Namely, the insurers on February 27, 2017, lodged an appeal with the Eastern High Court in Copenhagen in relation to the Siri insurance claim court case.

The Eastern High Court on Friday gave its ruling in which it awarded Noreco some $12.5 million with the addition of interest which brings the amount up to around $20 million.

In a statement on Friday, the Danish court said, it would absolve the insurers from Noreco claims related to the damage found on the Siri platform, on the grounds that “the insurance event is not considered to have occurred during the insurance period for the insurance covered by the case.”

Noreco said it believed that the ruling was made on the wrong premises. The company said it would make an appeal to the Supreme Court, and that the work on the preparation of the appeal had already begun.

Share this article

Follow Offshore Energy Today

Posted on May 4, 2018 with tags .

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply