New Norway lifeboat rules ‘could cost $10bn’

An impact assessment report from Norway’s PetroleumSafety Authority (PSA), which proposed the new standards, estimated directcosts will be between Nkr11 billion and Nkr26 billion (between $1.9 billion and$4.1 billion).

Norwegian oil and gas association Norog reckons thePSA has greatly under-estimated the costs. The body estimates that, togetherwith indirect costs, the new standards “will cost Nkr61 billion ($10 billion),or maybe much more”.

Norog