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Technip appeals Medgulf win at Court of Appeal over 'existing property' exclusion, seeking US$10m indemnity for liability from Al-Khafji platform collision

Published on: 03 May 2024

Published by a Law360 reporter
Legal News
Article summary

Technip Saudi Arabia Ltd

Technip Saudi Arabia Ltd told the Court of Appeal that Mediterranean and Gulf Cooperative Insurance and Reinsurance Co (Medgulf) owes it funds to partially refund a US$25m payout it made after a supply vessel under its operation struck a platform in the Gulf during operations. The engineering company is appealing a July 2023 High Court ruling that Medgulf had no obligation to indemnify because the policy did not respond to this incident. Technip argues High Court Judge Richard Jacobs misconstrued the wording of the policy. According to Peter MacDonald Eggers KC of 7KBW, for Technip, correctly read, the existing property endorsement does not eliminate cover for Technip’s liability for property owned by Al-Khafji joint operation not expressly scheduled, and the judge’s contrary findings were erroneous. The row arose after Technip paid US$25m to the owner of the platform into which the vessel collided...

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