“In the early 1990s, in the face of prolonged low oil prices, a new mantra emerged – CRINE, Cost Reduction Initiative New Era, it saw operators and contractors working together to find new contracting models which would allow economically marginal projects to happen” explains Allen Leatt, IMCA’s Chief Executive. “In our current ‘new era’ we see a contracting philosophy by many oil companies that is dividing us, an exact opposite to what happened over 20 years ago. This is happening at the wrong time and in fundamentally the wrong spirit.
“In particular, the potential risks of unlimited liability – for pollution, damage to work and consequential losses – these are company killers and far too crude a way to engage with the supply chain in getting projects off the drawing board. Their impact on the marine contracting world is causing great concern within our global membership and is the focus of the seminar.
“Our seminar later this month provides an opportunity for those involved - contractors, operators, insurers, and lawyers – to come together to state and clarify their positon. The IMCA policy on the situation will be rolled out on 25 May.”
The programme in detail
The seminar, with its start time of 13:30 will be chaired by Nathalie Louys Chair of the IMCA Contracts & Insurance Workgroup, and General Counsel at Subsea 7, and Allen Leatt will deliver an introductory address.
Fabien Lerede, Standard P&I Club will consider ‘The insurance landscape: the extent of the contractor’s marine insurance P&I cover’; Jeremy Jiggins of Marsh will follow with ‘The insurance landscape: the extent of the oil company’s portfolio of cover’. ‘The legal landscape and the latest thinking in the allocation of indemnities and the liabilities for pollution and consequential losses’ is Clare Kempken of Ince & Co’s topic; and will be followed by David Blackmon of Heerema Marine Contractors looking at ‘Contractors taking responsibility but indemnifying responsibility’.
Following a networking break, Adam Constable of Keating Chambers will be considering ‘How to deal with risk in a changing market’; with Allen Leatt then providing ‘Some real life examples’. A 45-minute panel session: ‘A qualified move – keeping it FAIR’ involving David Brinley of Shell, Adam Constable, Ray Spreadbury of Marsh and David Blackmon follows.
The seminar will then provide an update on the IMCA Contracts & Insurance Workgroup with an introduction by Nathalie Louys followed by Andrew Hayward of Subsea 7 talking on ‘Compliance’ and Alessandro Rigutto of SBM speaking about ‘FPSO contracting principles’; and Simon Ellis of Subsea 7 giving a ‘BIMCO Supplytime Review’. The running order is subject to change.
Following closing remarks by Nathalie Louys a reception will be held in the Argyll Room at No 4 Hamilton Place with its terrace overlooking Hyde Park.
The seminar and reception are open free-of-charge to all IMCA members and interested parties.
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