A North Sea Renaissance?

11 November 2018: On Thursday, an Aframax crude oil tanker and a Norwegian navy frigate collided off Norway’s west coast, just north of the Sture oil terminal.  While the frigate, the “KNM Helge Ingstad”, sustained significant damage, the oil tanker only reported minor damage, no injuries and no pollution.  As a precaution, Equinor temporary closed the Sture oil terminal and the Kollsnes gas processing plant.  While the incident will likely have a limited impact on the oil & tanker market, it has focused our attention on the continued importance of the North Sea oil market.

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