Hi Pesa
No that is not correct.
NXS have never provisioned any amount for The legal claim, they only provided a note for the contingent liability.
The $59m is environmental provisions, roughly $25m Crux for well head removal, closure on the previous expl and appraisal wells. The balance is for when LT is finished and they have to abandon the field.
So the accounts will be hit with an extra $30m and potential asset impairment, that I suggest is why they remain suspended so as to buy time to get something done and turn the auditors around on impairment and avoid breaching the Note conditions on debt / equity covenants.
But I agree , to remain independent as they are, Crux needs to be sold, even $170m pays out the notes, Sedco and leaves $35m or so (under this scenario NXS are not under any pressure to repay the bank debt on LT).
They will need the dosh anyway to rectify LT immediate term
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Hi PesaNo that is not correct.NXS have never provisioned any...
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