Taxpayers could face $200m bill if buyer cannot be found for rust-riddled oil platform

ABC | Nov 10, 2019 at 2:15 PM
  • An environmental time bomb is ticking in Australia’s northern waters and taxpayers might be forced to stump up $200 million to defuse it.
  • In July, regulators shut down one of the country’s biggest offshore oil platforms, the Northern Endeavour, after finding it riddled with rust, lacking a proper fire suppression system and “risks of a major accident event occurring”.
  • The administrator, KPMG, has until next week to find a new owner who will likely need to spend an estimated $50 million to repair the vessel at a dockyard in Darwin.