Insurers Lloyd’s Insurance Company and Arch Insurance told London’s High Court that the damaged Nord Stream pipeline could be repaired in about three years. In the same court, they are contesting a compensation payout to the pipeline’s operator.
According to the insurers’ estimate, the repairs would require the purchase of new pipes worth tens of millions of euros. Russia may also have to be involved in the work, as it has the necessary pipe-laying vessels.
The entire project could take about 36 months. That period includes designing the works, obtaining permits, procuring materials, mobilizing contractors and carrying out the repairs themselves.
Lloyd’s and Arch are challenging the insurance claim, arguing that under the terms of the policy, damage linked to war and the actions of state actors is not covered.
The pipelines are owned and operated by Switzerland-based Nord Stream AG. Its main shareholder is Russia’s Gazprom, which holds 51%. Before sanctions were imposed, the remaining stakes belonged to companies from Germany, France and the Netherlands.