board to expand its territorial coverage for current policyholders.

TOPS president Mr. Doyle Stephens said effective from January 1, 1994, coverage will be available on a worldwide basis.

TOPS was formed at the start of the year by a group of risk and insurance managers who were concerned about a shrinking world insurance market and significantly rising rates for large offshore production platforms.

At its inception, TOPS had 16 shareholders made up of major international oil companies.

The company offers Total Loss coverage with an initial limit of up to $100 million for over 50 North Sea structures.