Fingrid and Elering to waive enforcement of seizure of Eagle S

Fingrid and Elering have decided to waive enforcement of the seizure of the Eagle S oil tanker due to the financial risk involved. The costs of taking over and maintaining the vessel would likely be higher than the value of the vessel. Instead, the transmission system operators will seek compensation through legal means.

The decision to waive enforcement of the seizure does not affect further legal actions. Fingrid and Elering will sue for damages caused by the Eagle S.

- We do not see the enforcement of the seizure as economically viable. However, under no circumstances do we want to give up claims. We will continue to seek compensation through legal means for the Estlink2 cable damage from those responsible, commented Fingrid's CEO Asta Sihvonen-Punkka.

At this stage, Fingrid and Elering will pay the repair costs to make the interconnector available as quickly as possible.

The maintenance costs of Eagle S alone are estimated to be up to $15,000 per day. Additional costs would also arise from setting up securities and placing the vessel. The transmission system operators also estimate that selling the vessel would be practically very difficult during the legal process, which can last up to five years.

For more information

Asta Sihvonen-Punkka, President & CEO, Fingrid Oyj, puh. 030 395 5235

Marina Louhija, General Counsel, Fingrid, puh.  030 395 5289