IMCA’s 2016 Contracts & Insurance Seminar, being held in London at No. 4 Hamilton Place on Wednesday 25 May, will focus on the deterioration in contracting terms in the post-Macondo and post-$100 barrel oil business environment. In particular, the seminar will consider the potential risks of unlimited liability – for pollution, damage to work and consequential losses – and their impact on the marine contracting world.
“Unlike our industry’s past response to challenging times, such as in the CRINE era twenty years ago when oil companies and contractors worked together to find better and more efficient ways of contracting, the current approach looks to be the exact opposite.
“Oil companies have the ultimate responsibility if things go badly wrong to the country in which they operate. Contractors understand their requirement for the supply chain to have ‘more skin in the game’ as it is often called, but the current course is simply not sustainable and a better formula needs to be found.
“The situation is confusing, and whenever there is a lack of clarity there will be litigation. The insurance sector is also caught up in this confusion, since the ‘knock for knock’ principle has worked extraordinarily well for many decades. Our members, quite justifiably, and regardless of size and ownership, feel hard done by, since marine contractors rarely if ever touch the oil and feel the logic of this treatment being meted out is unsound.
“We are in somewhat uncharted territory, and the IMCA Contracts & Insurance Seminar provides an opportunity for those on both side of the fence – contractors, insurers and client companies – to state, and clarify, their position. We will be launching our policy on the situation at the seminar.”
The seminar will be chaired by Nathalie Louys Chair of the IMCA Contracts & Insurance Workgroup, and General Counsel at Subsea 7, and Allen Leatt will deliver a keynote address. The afternoon will see a mix of presentations from industry experts, including leading law firms, insurance experts, operator interests, and IMCA members; and a panel session involving industry experts. The full programme of speakers is currently being finalised and will be available shortly.
The seminar is open free-of-charge to all IMCA members and interested parties. Places are limited so early booking firstname.lastname@example.org is recommended. The afternoon seminar will be followed by a reception to which all delegates are invited.
- IMCA is an international association with over a thousand members in more than 60 countries representing offshore, marine and underwater engineering companies. IMCA has four technical divisions, covering marine/specialist vessel operations, offshore diving, hydrographic survey and remote systems and ROVs, plus geographic sections for the Asia-Pacific, Central & North America, Europe & Africa, Middle East & India and South America regions. As well as a core focus on safety, the environment, competence and training, IMCA seeks to promote its members’ common interests, to resolve industry-wide issues and to provide an authoritative voice for its members.
- IMCA publishes some 200 guidance notes and technical reports – many are available for free downloading by members and non-members alike. These have been developed over the years and are extensively distributed. They are a definition of what IMCA stands for, including widely recognised diving code of practice, DP documentation, marine and ROV good practice guidance, the Common Marine Inspection Document (CMID) – now available electronically as eCMID, safety recommendations, outline training syllabi and the IMCA competence scheme guidance. In addition to the range of printed guidance documents, IMCA also produces safety promotional materials, circulates information notes and distributes safety flashes.