(Photo: Adobe Stock)Houston Offshore Energy Firm Challenges Bonding Rule by Suing Insurers
A Houston-based mid-size offshore energy exploration company is indirectly challenging stricter federal bonding requirements by suing its surety providers.
December 17, 2024 at 03:51 PM
4 minute read
What You Need to Know
- A mid-size Houston offshore oil and gas drilling company is suing its surety providers, claiming they colluded to force it to pay more collateral than necessary.
- The plaintiff's suit is also an indirect challenge to a BOEM rule finalized in April that requires more bonding capacity for small and mid-size offshore drillers.
A Houston-based mid-size offshore energy exploration company is indirectly challenging stricter federal bonding requirements by suing its surety providers.
W&T Offshore Inc. and affiliated plaintiffs filed suit in August in the U.S. District Court for the Southern District of Texas against Endurance Assurance Corp., Lexon Insurance Co. and other surety providers.
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