April 16, was insured through Danube Insurance. Danube is a Bermuda based wholly Conoco owned captive.

According to Robin Kaye, Conoco's European insurance manager, Danube retains $50 million cover while cover above that amount is placed with other insurance and reinsurance companies.

Petrol stocks had been built up ready for a planned closure of the refinery for annual maintenance, so the company does not expect there to be a fuel shortage as a result of the fire. The whole plant will remain closed for two to three weeks.

Underwriters have said that last year's energy claims will harden the market and offshore reinsurance premiums in this area could rise by over 30 percent.

Current offshore premiums amount to around $700-$800 million, compared to capacity of about $3.2 billion.

The sunk Petrobas oil platform has already generated a claim of $485 million, a refinery explosion in Kuwait produced a claim of $650 million and there are two claims of over $300 million each for accidents at US Chevron operated refineries.

BANK BUYS BACK STK Bank buys back The Bank of Butterfield is offering to buy back shares from shareholders who own less than ten shares in the bank. This is part of the bank's share repurchase scheme.

The bank also announced under the same programme it will buy back the fractional element from shareholders who hold over ten shares which contain a fraction of a share. The repurchase price of $40 is at a premium to the current market price ($31 at close of market on Friday) to encourage acceptance of the offer.

There are currently 19.5 million shares in issue and 1,700 of them qualify under this offer. The bank said it remains committed to enhancing shareholder value but it has determined the processing and administration of these small shareholdings and fractional shares is no longer cost effective.

ON THE FRONTLINE STK On the Frontline news On Friday Frontline bought back 100,000 of the company's common shares for a price of NOK195.113.

Of the warrants issued by the company and expiring on May 11 2001, 2,402,388 were exercised. Frontline issued 240,210 shares in exchange for $3,822,1999.

1,969,110 warrants were not exercised and have therefore expired.

Frontline employees have exercised options to acquire a total of 28,500 shares in the company. They were acquired at a strike price of NOK44.50 per share and total proceeds were NOK1,268,250.

After this the total number of outstanding shares is 76,997,511. The shares acquired are done so in accordance with a board authorisation to buy back shares. 3,307,145 shares have been acquired within a total of 7,500,000 authorised.