1. LawStack
  2. Title 30 - Mineral Resources
  3. Chapter V - BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR
  4. Subchapter B - OFFSHORE
  5. Part 553 - OIL SPILL FINANCIAL RESPONSIBILITY FOR OFFSHORE FACILITIES
  6. Subpart C - Methods for Demonstrating OSFR
  7. 30 CFR § 553.28
30 CFR § 553.28
What financial test procedures must I use to evaluate the amount of self-insurance allowed as OSFR evidence based on unencumbered assets?
July 29, 2020
CFR

(a) Divide the total amount of the stockholders'/owners' equity listed on the balance sheet by 4.

(b) Divide the value of the unencumbered U.S. assets by 2.

(c) The smaller number calculated under paragraphs (a) or (b) of this section is the maximum allowable amount you may use to demonstrate OSFR under this method.

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§ 553.27 When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?
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§ 553.29 How can I use insurance as OSFR evidence?

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