Norske Skog Saugbrugs has reached a final insurance settlement of NOK 540 million for the damages caused by the rockslide at its facility on April 27, 2023.
The amount will be jointly covered by the insurance company, the Norwegian Natural Perils Pool, and reinsurers.
CEO Geir Drangsland expressed satisfaction with the outcome, highlighting the open and professional dialogue throughout the process. “This settlement provides time and flexibility to invest and develop Saugbrugs for the future,” he stated.
Although the final settlement is slightly below previous estimates, it allows Saugbrugs to determine how and when to allocate the funds for its business activities. The full amount is expected to be paid in the first quarter of 2025 and will be reflected in the company’s EBITDA for that period.
Norske Skog is a major producer of publication paper with strong market positions in Europe and Australasia. The company operates four mills in Europe and one in Australia, producing publication and recycled packaging paper, energy, and bioproducts. It continues to diversify, with a new containerboard production line set to launch in Golbey in early 2025. The group employs approximately 2,100 people and is listed on the Oslo Stock Exchange under the ticker NSKOG.
