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Hurricane Energy PLC

Hurricane Energy buoy hook-up operation hits another snag

The Aoka Mizu vessel is returning to the Cromarty Firth to await delivery of a new pull-in rope

A schematic of the Hurricane early production system
A schematic of the Hurricane early production system

Hurricane Energy PLC (LON:HUR) will have to wait to complete the buoy hook-up operation as it makes the final, crucial preparations for its planned early production system on the Lancaster Field, in the waters west of Shetland.

On Saturday (Feb 2) the pull-in rope failed. There were no casualties and the buoy returned to its starting position and is not damaged.

READ: Hurricane Energy updates on operations amid predictions of worsening weather conditions

The Aoka Mizu vessel is returning to the Cromarty Firth to await delivery of a new pull-in rope, Hurricane said.

Last month, the company’s hook-up operation was foiled when a rope became snagged.

In a note to clients, analysts at SPAngel commented: “The continued issues with the morning buoy are unfortunate, but not altogether unheard of. Given that this equipment if not strictly ‘standard’ isn’t new technology, we believe that it has been a run or bad luck, opposed to anything more sinister.

“Consequently, any weakness on the back of this news is to be taken advantage by investors who back the longer-term valuation story.”

In late afternoon trading, shares in Hurricane Energy were 5.7% lower at 46.98p.

 -- Adds analyst comment, share price --

Quick facts: Hurricane Energy PLC

Price: £0.39

Market: LSE
Market Cap: £774.2 m
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