Investing.com investing.com 06 Jan, 2021 11:45 am

For Energy Firms, As COVID Stress Fades, Injury Settlements Loom

For Energy Firms, As COVID Stress Fades, Injury Settlements Loom
Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: ConAgra Foods Inc, Brent Oil Futures, Crude Oil WTI Futures, Natural Gas Futures. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com

After a year of financial stress from reduced oil and gas demand and other virus-related disruptions, the energy industry could be on the hook again for something it hasn’t been unduly bothered with in a while: on-site accident compensation.p The COVID-19 pandemic reduced activity in oil and gas fields and other energy worksites in 2020, resulting in fewer litigation cases for worker injuries and deaths.As the most dangerous industry in America, oil and gas exploration and production company workers face more hazards than on any other job, legal experts say.Even when oil and gas companies themselves implement proper safety training and procedures, people on such sites—which include rig workers, derrick hands, pipeline operators, roustabouts, platform staff, truck drivers and other crew members—can face danger from equipment provided by third-party manufacturers and contractors.

According to the International Association of Oil & Gas Producers’ 2019 safety report, industry fatalities worldwide had dropped from 30 in 2017 to 27 in 2018.12 trial, TEAM Inc (NYSE: TISI ), a Sugarland, Texas company that provides industrial solutions for the energy industry, is being sued for the 2018 deaths of two persons, Jesse Henson and Damien Burchett, who perished at a power plant accident in Kansas.

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