Insight and Intelligence on the London & International Insurance Markets

9 February 2012

West Atlas rig loss to cost energy market $700mn+

11 November 2009

The commercial energy (re)insurance market is facing its biggest loss of the year from the blowout and subsequent fire at the West Atlas rig in the Timor Sea off the western coast of Australia, with a total estimated loss of some $721mn.

The rig, itself contracted from Norwegian company Seadrill, was drillingdevelopment wells for Montara - a newly installed but as yet uncommissioned wellhead platform owned by a subsidiary of Thai Oil firm PTT Exploration and Production (PTTEP). One of...

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