Energy market prepares for $470mn Noreco fight

The upstream energy market has appealed to overturn a judgment
that would force it to pay a claim worth $470mn that sources
indicated was reserved until the fourth quarter in the low tens of
millions.
The appeal relates to the Danish Maritime and Commercial High
Court's judgment on 15 December 2016 that the 24 energy
insurers on Norwegian oil company Noreco's all-risk policy
should pay $470mn for damage caused to the Siri oil platform in
2009, and subsequent interest payments....