Triangle Energy, the majority owner of the shuttered Cliff Head oil platform, has refused to pay wages to the workers who keep the facility safe, prompting the offshore safety regulator to act.
It is the latest event in this week’s long-expected unravelling of a joint venture with two owners with almost no revenue and a $200 million decommissioning liability that is not represented in their accounts.
The move by regulator NOPSEMA comes after Triangle’s minor partner and fellow ASX-listed junior, Pilot Energy, entered voluntary administration on Tuesday.
The next day, Triangle Energy (Operations) Pty Ltd, the entity that runs Cliff Head day-to-day and is owned equally by Pilot and Triangle, entered voluntary…