Decision on Siri platform insurance case appeal set for November

Oslo-listed company Noreco expects to receive an answer before the years’ end from the Danish Appeals Permission Board regarding a recently lost case related to an offshore platform damage.

Namely, Noreco in May 2018 lost a case against insurers related to the financial claim related to the Siri platform damages.

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

The insurers then lodged an appeal in February 2017 with the Eastern High Court in Copenhagen in relation to the Siri insurance claim. In its ruling, the Court in May awarded Noreco only $12.5 million with the addition of interest which brings the amount up to around $20 million.

The Danish court explained that “the insurance event is not considered to have occurred during the insurance period for the insurance covered by the case.”

Following the ruling, Noreco said it would make an appeal to the Supreme Court, and that the work on the preparation of the appeal had already begun.

On Monday, the company said that it should get a response in the first half of November after the process saw delays of several deadlines.