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June 1, 2020

58 Tullow offshore workers test positive for Covid-19

By JP Casey

Tullow Oil has announced that 58 of its offshore workers at its Ghanaian operations have tested positive for Covid-19, yet the company has made no plans to scale back production.

The affected employees included one worker on board a floating production and storage facility, alongside 57 who were aboard the facility’s tanker. All 58 have been brought back to shore for treatment and isolation, increasing the strain on healthcare workers in an area that has seen a significant number of cases. Ghana has reported over 8,000 cases, the 60th-most in the world, and earlier in May, 695 workers in a single factory in the coastal town of Tema tested positive for the virus.

The news is the latest setback for Tollow, which has seen its share price tumble in recent months. The London-headquartered company, which operated facilities off the shores of seven African countries, has seen its share price collapse from $175.03 in December to $73.99 by the new year. More recently, the price tumbled 30% in a single day in March as the global collapse in crude oil prices rocked the oil and gas industry. While the company’s stocks regained over one dollar in value between the end of May and the start of June, this remains a negative trend for the company.

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