Kraken woes won’t deter Cairn on North Sea investment
ByAllister Thomas and Mark Lammey
Capricorn Energy CEO Simon Thomson. Image: Capricorn Energy.
Cairn Energy’s chief executive has said costs around the Kraken project will not deter the firm from further investment in the North Sea.
The Scottish oil firm yesterday posted a loss of almost £1billion in its full-year results for 2018, largely due to a protracted legal dispute with the Indian government.
It also booked impairment costs of £125m from the Kraken field, which it lowered production estimates for following a series of outages on the production vessel and weather-related incidents.
