Oil and gas producer Canadian Natural Resources (CNR) said yesterday its Banff floating, production, storage and offloading (FPSO) vessel would resume work in the UK North Sea in the first half of 2014.
The FPSO and subsea infrastructure suffered storm damage in December 2011.
Removing the ship from the Banff/Kyle development meant suspended production, costing 3,500 barrels of oil per day.
The FPSO is currently undergoing repairs but Calgary-based CNR said associated costs, net of insurance recoveries, were unlikely to be significant.
It added: “The financial impact to operations has been mitigated through receipt of business interruption insurance proceeds.”
CNR did not say how much the total insurance payout would be.
In September, it emerged that insurance payouts on a North Sea FPSO which broke loose in a storm had reached nearly £440million.
Maersk Oil North Sea’s Gryphon Alpha vessel broke four of its 10 anchor chains in the incident in February 2011.
The firm’s accounts for 2012 showed Maersk received £439million from insurers and experts estimated the final cost could be as much as £640million.