Cost of accessing deepwater components far higher than the cost of component

Insurance contracts might not be best-designed for deepwater projects, because quite often the cost of an item several hundred metres under the surface paled into insignificance when compared with the cost of accessing it, noted Kevin Jarman at the Offshore Energy workshop at IUMI 2018 in Cape Town, South Africa. Jarman, CEO of adjuster MatthewsDaniel,…

Building The Unthinkable in the Offshore Energy World

Before Harrison spoke, James McDonald, chairman offshore energy Committee , Talbot Underwriting Lt, had introduced the workshop, noting that “we are building the unthinkable in the offshore energy world. As Nelson Mandela said, “it always seems impossible until it is done”. The deepest infrastructures installed on Stones field are at 2,896m. In 2015 and 2016,…

Oil companes’ squeezing of costs could lead to increased risk: Surveyor

The collapse in the oil price from 2014 to 2016 caused oil companies to begin a process that eventually slashed the breakeven cost for extracting crude by 50%, down to $40 from $80. Although the recovery of the oil price to $78 has led to oil companies “making hay”, they have not been “sharing the…

Global marine premiums up by 2% but challenges remain for marine underwriting, says IUMI

Against a positive backdrop of a benign claims environment in some sectors, IUMI’s statistics showed an increasing mismatch between premium income, covered risk and claims costs. On a global average basis, buffers to cover extraordinary single or accumulation losses were non-existent. IUMI’s vice-Chair of the Facts & Figures Committee, Astrid Seltmann, said that global marine…

Local Bournemouth protest against “reckless” oil plans

Local residents gathered on Saturday September 8th to protest on Bournemouth beach to protest against what they called reckless oil rig plans. Corallian Energy, the oil and gas licence operator for the area of seabed some 8km off Poole beach, and a similar distance from Studland, plans to start drilling an appraisal well in the…

Storm Gordon makes uneventful landfall after GoM platforms closed as a precaution

Oil was at just below $78 a barrel on Wednesday after US Gulf tropical storm Gordon weakened and moved away from oil-producing areas. There had been concern the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from the storm Gordon. But by Wednesday the storm was weakening, reducing its…

Resolve completes heaviest salvage lift in the Americas

Resolve Salvage and Fire Americas has successfully raised sunken derrick barge DB1, thus executing the heaviest salvage lift ever accomplished in the Americas. Resolve said that a one-piece lift of the DB1 represented the most environmentally friendly removal method compared with other proposals to section the vessel in pieces, but noted that implementing such a…

ConocoPhilips settles dispute with Venezuela’s PDVSA

US-based energy company ConocoPhillips has signed a $2bn settlement agreement with Venezuelan state-owned oil company PDVSA. PDVSA has agreed to pay $500m within a period of 90 days from the time of signing, with the rest being paid quarterly over a period of 4.5 years. The agreement resolves a dispute between the two operations after…

PDVSA reaches deal over storage fees owed to NuStar Energy

Venezuela’s state-owned oil and natural gas company Petróleos de Venezuela SA (PDVSA) has reached an agreement with creditor US-based energy firm NuStar Energy LP over storage fees owed by PDVSA to NuStar Energy. The agreement will permit PDVSA to resume use of a key storage terminal in the Caribbean, NuStar Energy said on August 20th,…

Markel Intl names Engelen as senior marine & energy liability underwriter

London, UK-based specialist insurer Markel International, a subsidiary of US-based insurer Markel, has named Simon Engelen as Senior Marine & Energy liability underwriter. Engelen, with 16 years’ experience, joins from MS Amlin where he served as Marine Liability Class Underwriter for four years. Prior to that, held the same role at WR Berkley and had…