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Tullow Oil shares slumped by over 11% yesterday after it revealed potential issues with its FPSO in Ghana.
An analyst warned the company might face an unplanned shut-in after the manufacturer of a turret on board the vessel identified problems with it.
“The implications are that the turret may require maintenance that results in an unscheduled shut-in,” RBC Capital Markets analysts wrote to clients.
Tullow said it has informed the government of Ghana of the change following an inspection.
In a statement, the company said as a precautionary measure, additional operating procedures were now being put in place to monitor the turret bearing and reduce the degree of rotation of the vessel.