The Bureau of Ocean Energy Management (BOEM) had notified Stone in March that the company no longer qualified for a supplemental bonding waiver under stricter guidelines currently being implemented.
BOEM had identified some $565 million in plug-and-abandonment liability for Stone, a figure the regulator determined was too big a load for Stone to handle based on the company's valuation.
Stone responded by proposing a tailored plan to BOEM for financial assurances relating to its P&A obligations, including posting "some incremental financial assurances in favour of BOEM".
Currently,
