Insight and Intelligence on the Global Facultative Markets

19 May 2012

2011 upstream energy losses set to reach $3bn

3 January 2012

While the upstream energy market experienced a largely catastrophe-free year, recent significant risk losses have seen the sector's total reach nearly $3bn in 2011, according to an industry source.

January's Gryphon floating production storage and offloading vessel (FPSO) loss, estimated at nearly $1bn, was joined in the last few weeks of 2011 by heavy damage to another North Sea FPSO, the Petrojarl Banff, and the total loss of the Kolskaya jack-up rig, which capsized off Russia's east coast.

According to...

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