Marsh is a leading broker and risk adviser for FSRU projects. Marsh Insights:

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1 DECEMBER 2012 Marsh Insights: lng FSRUs A guide to risk and insurance The energy industry is evolving. As the costs of traditional energy sources increase, so too will the demand for alternative sources. Many nations are reluctant to use nuclear energy, so a significant proportion of surplus demand will need to be met through new sources of cheap, clean-burning natural gas. Some sources suggest that global gas demand will grow by 50% before If this proves to be the case the supply will have to be provided, at least in part, by imported Liquefied Natural Gas (LNG). fsru project horizon The increase in gas demand has brought about the emergence of Floating Storage Regasification Units (FSRU). One reason for their growing popularity is the significant reduction in construction speed. It takes approximately 40 months to construct a conventional LNG revaporization terminal, whereas a FSRU using an LNG carrier can be constructed in just 24 months. FSRUs are also able to move location, something that onshore regasification facilities can not do, enabling them to relocate from one region to another as demand shifts, while retaining the ability to trade as an LNG carrier. The length of time required for the construction of FSRUs has resulted in a necessary shift away from building onshore LNG terminals, as many countries forecast increasing LNG demand over the next two years. FSRU s are becoming the terminal of choice in the 2-4 MTPA (million tons per annum) LNG import range, making them a costeffective, flexible alternative to meet increased regas demand. With a capex of roughly US$ million depending on location, there is also a sizeable business advantage when compared to an onshore LNG terminal, which typically has a capex of about US$1 billion. Marsh is a leading broker and risk adviser for FSRU projects.

2 REGASIFICATION TRAINS TRANSFORMING LNG AT -160 CELSIUS TO GAS AT HIGH PRESSURE STORAGE TANKS LOADING ARMS FOR RECEIVING LNG EXPORT MANIFOLD SEAWATER PUMPS FOR PUMPING SEAWATER TO REGAS TRAINS IN ORDER TO HEAT UP THE LNG There are currently 11 FSRUs in operation and an additional 33 in various stages of construction. In Asia alone, we may soon see as many as 20 new FSRU projects. The region s regas demand is expected to grow by 7.5 billion cubic feet per day over the next five years, while an FSRU has an average regas capacity of 350 million cubic feet per day. There are four types of construction that fall under the FSRU category: Jetty based ship-to-ship transfer where vaporizers are installed onboard one ship, is perhaps the most conventional. Buoy import systems involving subsea gas pipelines and LNG vaporization ships. Island jetty based ship-to-ship transfer systems. Converted LNG carriers with turret, subsea pipeline and vaporizer systems. A varied selection of insurance and risk solutions exist to meet the requirements that such a combination of regasification systems present. 2 Floating storage regasification units (FSRU) A guide to risk and insurance

3 Insurance program design The diagram below shows a typical project and operational insurance program design between a company terminal operator and an FSRU lessee. Typical project and operational insurance program design Companies terminal operators insurances should focus on their assets under construction (e.g. jetty, gas pipework, loading arms and tie ins to the gas grid) and protecting their terminaling revenue and their third party liabilities. CONSTRUCTION OPERATIONAL FULLY OPERATIONAL SUMMER 2014 SUMMER 2015 COMPANY INSURANCE JETTY & PIPING CAR & (DSU OPTION) & DTEP PROJECT CARGO (& DSU OPTION) (REGAS) MAINTENANCE (24M) PROJECT TPL OPERATIONAL TPL INC MTOL OPERATIONAL PD & BI & (LEASE FEE) CONTINGENT BI - FSRU & FSU HULL REFIT FSRU LEASE HULL & P&I LNG CARGO TERRORISM / DSU TERRORISM OPERATIONAL (OPTION) KEY CAR: DSU: DTEP: TPL: MTOL: PD: BI: P&I: Construction All Risks Delay in Start-UP Damage To Existing Property Third Party Liability Marine Terminal Operator s Liability Property Damage Business Interruption Protection and Indemnity FSRU leaseholders insurance will focus on the FSRU s hull insurances, including Protection and Indemnity (P&I), and any LNG cargo under their care and control. LNG cargo, including that purchased from a LNG producer, may need to be insured by the company, although this will depend upon delivery terms (for example, whether Free On Board insurance or Cost, Insurance and Freight insurance). Marsh 3

4 Construction All Risks (CAR) Coverage When tasked with insuring the construction of a jetty based gas import system, it should initially be established whether the jetty is linked to the mainland or island based. For island based jetties, the WELCAR construction form will be required rather than the onshore CAR insurance form, increasing the costs of project phase insurances. If the surrounding waters are known to be relatively benign and the jetty is linked to land, the Onshore CAR form would be recommended. Such choices raise many questions which Marsh, with extensive experience in this relatively new area, is uniquely positioned to answer. Onshore CAR versus Offshore WELCAR form for jetty construction Issue Onshore CAR WELCAR Offshore CAR Premium cost Lower cost option Up to 2-3 times the price of Onshore CAR Faulty Part Coverage Coverage included to full value on piping and Coverage sublimited for all jetty work onshore LNG facilities including trestles Stand-by Charge Coverage Sublimited for offshore fabrication vessels Normal Action of the Sea Coverage Excludes risk up to 1/20 year storm conditions Included DSU Coverage Available DSU is limited and expensive 4 Floating storage regasification units (FSRU) A guide to risk and insurance

5 insurance and contract risk mitigation FSRUs employ tried and tested technology. However, risk management of FSRUs, both for construction and operation phases, presents a complex web of insurance and contractual responsibilities. With so many different entities interacting, new risks and contingencies have arisen. Likely events Insurance protection Contractual risk mitigation Weather-related issues Windstorm with related tide/ swell forces. Vessels moored to jetty systems. Interruption of entire process for repairs/replacement. Property damage insurances: Pre-operational: FSRU marine risks conversion/ CAR policies. Jetty CAR/DSU policy. Operational: Ships/FSRU marine hull risks policies. BI and FSRU contingent BI. Liability insurances: Pre-operational. P&I risks ships/fsru. Jetty/pipelines. Extent of force majeure clauses in FSRU lease agreements. Responsibility for safe mooring. Risk of loss provisions arising out of FSRU lease agreements. Inter alia treatment of respective liability risk from FSRU. Responsibilities defined for safe operation and weather related shutdown and emergency procedures. Ship Collision Damaging FSRU or jetty, with LNG/Gas escape and fire potential. Liquefied Natural Gas Carriers (LNGCs) moored to jetties similarly at risk. Interruption of entire process for repairs etc. Property damage insurances: Ships/FSRU marine risks policies. Jetty/pipelines all risks. Liability insurances: LNG ships/fsru. Jetty/pipelines. Marine terminal operator s liability. Charterers liability. Review insurance requirements of LNG shippers. Examine mutual inter alia liability caps between and third party LNG shippers and FSRU owners. Ensure wide form BI wording includes vessel collision coverage. Review tug services contract for safe berthing procedures. FSRU process issue Mechanical breakdown with fire. Interruption for repairs etc. Property damage/hull insurances: FSRU - marine risks policies. LNG/gas all risks cargo. BI. Terminal property damage. Contingent BI insurance for FSRU. Negotiate for continuing costs in the event of FSRU non-performance. KEY CAR: P&I: DSU: BI: Construction All Risks Protection and Indemnity Delay in Start-up Business Interruption Marsh 5

6 conclusion An FSRU project needs a sound risk management approach, whereby contract risk issues are taken and assessed alongside the insurance strategy. Risk and insurance issues will vary according to the: Location and gas supply systems in place. Type of FSRU jetty interface solution envisaged. Proposed FSRU lease agreement. Gas off-take agreement and the back to back gas supply agreement in place. Nature of port terminaling arrangements envisaged. Risks should be assessed and mitigated using the support of risk engineers, contract managers and marine safety specialists. Sophisticated insurance solutions should be built for both project and operational phases to protect the balance sheets of both parties to FSRU agreements. 6 Floating storage regasification units (FSRU) A guide to risk and insurance

7

8 contact paul nicholson Marsh Ltd, Tower Place, London EC3R 5BU +44 (0) bob morrison Marsh Ltd, Tower Place, London EC3R 5BU +44 (0) Beijing Unit 1506, North Tower Beijing Kerry Centre 1 Guang Hua Road, Chao Yang District Beijing, , China Tel: Cape Town Block A, The Boulevard Searle Street, Woodstock P.O. Box 253, Cape Town, 8000 South Africa Tel: Calgary 222-3rd Avenue S.W. Suite 1100 Calgary Alberta T2P 0B4 Canada Tel: Dubai 16th Floor, Al Gurg Tower 3 Plot Riggat Al Buteen, Baniyas Road, Deira P.O.Box 14937, Dubai United Arab Emirates Tel: Houston 1000 Main Street, Suite 3000 Houston, Texas United States Tel: London Tower Place London EC3R 5BU United Kingdom Tel: +44 (0) Madrid Edificio Puerta Europa, Paseo de la Castellana, 216 Madrid, E Spain Tel: Moscow Serebryanicheskaya Embankment 29 Moscow, Russian Federation Tel: Mumbai , Tower 2, One Indiabulls Centre Jupiter Mills Compound, 841 Senapati Bapat Marg Elphinstone Road (W) Mumbai, , India Tel: New York 1166 Avenue of the Americas New York, New York United States Tel: Oslo Vika Atrium, Munkedamsveien 45 D Oslo, N-0123 Norway Tel: Perth Level 28, Exchange Plaza 2 The Esplanade Perth, WA 6000 Australia Tel: Rio de janeiro Av. Rio Branco, º andar CEP Rio de Janeiro, RJ Brazil Tel: San Francisco 345 California Street Suite 1300 San Francisco, CA United States Tel: Singapore 8 Marina View #09-02 Asia Square Tower 1 Singapore Tel: Visit our website at: The information contained herein is based on sources we believe reliable and should be understood to be general risk management and insurance information only. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such. In the United Kingdom, Marsh Ltd. is authorised and regulated by the Financial Services Authority for insurance mediation activities only. Copyright 2012 Marsh Ltd All rights reserved

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