Maritime New Zealand's handling the grounding of the Rena is to be examined in an independent review.

Details will be announced on Friday which will mark one year since the container ship struck the Astrolabe Reef off the coast of Tauranga. About 350 tonnes of oil escaped, some washing up along the Bay of Plenty coastline.

Work on the wreck is continuing and 1003 containers have been removed so far.

Maritime NZ spokesman Steve Rendle today said an independent review was standard practise for any organisation after a major event.

It was not a government inquiry and wouldn't involve hearings, he said.

Who would conduct the review and how long it would take was still being finalised and would be announced on Friday.

"It will look at the response to the incident and people outside the agency that we worked with, someone will have a chat with them and get their assessment.

"It is very much looking at our response rather than anything wider."

The Government and the Rena's owners, the Daina Shipping Company yesterday reached a financial settlement over the grounding.

Daina will pay $27.6 million to settle the claims of the Crown and public bodies including Maritime NZ, the Bay of Plenty District Health Board, the Environmental Protection Agency, the Transport Agency and the Minister of Local Government as the territorial authority for Motiti Island.

It could leave a shortfall of about $20 million on the clean-up costs, which were so far around $47 million.

If Daina decided to apply for and are granted a resource consent to leave part of the wreck in place as a diving attraction, the company would make an additional payment of $10.4 million to the Crown.

- © Fairfax NZ News