Tullow Oil slumps as it flags potential issue on Jubilee field vessel

Shares in Tullow Oil sank after the oil and gas exploration company said it had identified a potential issue with the turret bearing on the vessel serving its Jubilee field offshore Ghana.

The company said that following a recent inspection of the turret area of the vessel by SOFEC, which is the original turret manufacturer, a potential issue was identified.

As a precautionary measure, additional operating procedures to monitor the turret bearing and reduce the degree of rotation of the vessel are being put in place.

“SOFEC will now undertake further offshore examinations and Tullow will work with SOFEC to determine what further measures will be required,” the company said, adding that oil production and gas export is continuing as normal.

At 0915 GMT, Tullow shares were down 7.6% to 176.80p.