April 17, 2020 / 12:51 PM / a month ago

Tidewater says Husky declares force majeure for PGR offtake agreements

(Reuters) - Tidewater Midstream (TWM.TO) said on Friday Canadian oil and gas producer Husky Energy (HSE.TO) has delivered a force majeure notice on offtake agreements from the Prince George Refinery because of drop in demand for refined products due to the coronavirus outbreak.

Companies invoke force majeure when they cannot meet their contractual obligations because of circumstances beyond their control.

Tidewater said it is evaluating the merits of the force majeure, and expects its first- and second quarter earnings to be impacted by between 10% and 20%.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber

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