Norway seeks to recover costs from StatoilHydro

OSLO (AFP) - Norway's government went to court Monday against oil giant StatoilHydro in a bid to secure compensation for having to pay what it deemed an disproportionate share of cost over-runs in the construction of an offshore platform 10 years ago.

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The state is StatoilHydro's principal shareholder.

The overall cost of the Aasgard platform, built in 1999 in the Norwegian Sea, exceeded the original budget by 17 billion kroner (2.0 billion euros, 2.9 billion dollars at current rates) to land at nearly 66 billion kroner.

The trial opened Monday in Stavanger, southwestern Norway. The amount being claimed by the government was not disclosed.

But Ola Morten Aanestad, a spokesman for StatoilHydro, which was responsible for the development of the platform, said the conflict centred on 4.0 to 7.0 billion kroner after taxes.

"We believe that the claim by the state is without foundation," he said.

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Last Updated (Monday, 19 October 2009 14:14)

 
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