FPSO PETROJARL BANFF IS IN "STABLE POSITION"

Floating Production & Storage Offloading (FPSO) vessel Petrojarl Banff remains in a stable position after drifting 250m off location during a storm 190km east of Aberdeen on December 8. Licence holder Canadian Natural Resources, Canada's second-largest energy company by market value, said that "a secure line has been attached from a tug to the vessel to provide additional station-keeping support", adding that an operation was underway to prepare to remove the FPSO from the oil field for repair. The FPSO lost tension in five of its 10 anchors during the storm. There were reports of this being a $300m-plus loss. The insured loss as a result of Maersk's Gryphon FPSO accident earlier this year approached $1bn. CNR's annual report states that it maintains "a comprehensive property loss and business interruption insurance programme", but gives no further details of its cover.