Contractual Allocation Of Risks / Insurance Requirement FPSO Projects Presentation Lillehammer Energy Claims Conference 2012
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1 Contractual Allocation Of Risks / Insurance Requirement FPSO Projects Presentation Lillehammer Energy Claims Conference 2012 Homyar Jilla Head of Construction Risk Management Shell Risk & Insurance 28 February 2012
2 DISCLAIMER STATEMENT This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forwardlooking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, objectives, outlook, probably, project, will, seek, target, risks, goals, should and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results 2
3 Agenda Owned and Leased FPSO Hazard Risks in Oil & Gas Operations Liability, Indemnity & Insurance Standard Risk Allocation in an Offshore Contract Typical Risk Allocation Matrix Owned FPSO Leased FPSO Typical Insurance Requirements Q & As 3
4 Trivia (2) Correct Answer is B There are about 220 vessels out there, combination of Leased and Owned FSOs - FPSOs. We believe there are around 184 FPSOs currently operating around the World. 5
5 Trivia (3). How may of them are Leased by the Operator, i.e. in care custody and control of the Contractor, who would operate it on behalf of the Principal? A. + or - 25%? B. + or 50%? C. + or 75%? 6
6 Bonga Main Infrastructure - Nigeria 120 Kms off the coast of Niger Delta Water depth > 1000m FPSO supplied by 32 subsea wells Oil 225 Mbbl/d Gas 150 MMscf/d 8
7 Bonga Main Infrastructure - Nigeria 9
8 BC 10 Development - Brazil 110 kms off South East Coast of Brazil Moored in 1,780 m of water, placing it in some of the deepest waters for a FPSOs in the World. Multiple field; 10 subsea wells, tied back to a centrally located FPSO Oil 100 Mbbl/d Gas 50 MMscf/d 10
9 Prelude FLNG Combining the FPSO and LNG experience and Technologies to build a FLNG. FLNG Size 489m x 74 m Production Rate 3.8MTPA of LNG plus associated condensate and LPG 11
10 FPSO Owned or Leased Why do Operator/s lease a FPSO? Why not own it? It s probably more cost effective to own a vessel rather than to lease it in the long run, nonetheless, there may be a good Business Case for leasing one: Initial Capital investment Speed and efficiency - Short time delivery. Life of the field Maximise the use of available resource / manpower Near cost certainty Option to buy out during the leased period Typically small to medium FPSOs are often leased; refit and or conversion of an existing vessel could be done more economically and within a very short period Large FPSOs are often purpose built; they are likely to be owned rather then leased. 12
11 Hazard Risks in Oil & Gas Operations Risk of Owner/Operator and Contractor/Subcontractor for own people and own property damage (including damage to Permanent Work) Risk of liability to the Third Parties for: Personal injury, property damage, consequential losses, pollution Risk of pollution of contamination from the parties equipment/assets or the reservoir Risk of consequential losses Who is responsible for what and how much? Depends on the applicable law and Contract terms (Liability, Indemnity and Insurance provisions) 13
12 Liability, Indemnity & Insurance Liability & Indemnity = legal and Financial responsibility Who is responsible to pay if damage / injury occurs? Absence of a contract: Applicable law; negligence based; strict liability As per contractual risk allocation (L&I provisions); an indemnity is a contractual obligation to hold the other party harmless (pay compensation) Insurance: Provides the financial means to support the liability / indemnity obligations Does not allocate responsibility for the loss/damage Risk Allocation must drive insurance not the other way around 14
13 Standard Risk Allocation in Offshore Contracts Risk of injury to own personnel and own property is allocated on a knock for knock / mutual hold harmless basis Risk of liability to third parties as a result of the operator s or contractor s conduct is allocated on a fault/negligence basis Consequential losses are usually mutually excluded Pollution Risk is often allocated on a knock for knock basis with each party assuming the risk of pollution emanating from its property and owner taking responsibility for pollution from the Well 15
14 Advantages of Knock for Knock Why K-4-K? Why not make the party negligent be responsible for the loss? Clear and predictable risk allocation Driven by sphere of control: Each party best positioned to manage the risk of injury to its people and damage to its property Reduces insurance costs Encourages open exchange of information Enables disputes to be resolved and compensation paid (relatively!) quickly Reduces blame culture 16
15 Typical Risk Allocation Matrix (Owned FPSO) Risk Injury to Company Group employees Injury to Contractor Group employees Damage to Company Group Property including wreck & debris removal Damage to Contractor Group Property including wreck & debris removal Damage to the FPSO Pollution emanating from Company Group Property including FPSO and Reservoir Pollution emanating from Contractor Group Property Company Group Consequential Loss Contractor Group Consequential Loss Company Group Following the Handover Contractor Group (includes Contractor s other contractors, agents and representatives) Up to the Handover Third Party Liability (other than pollution liability) Negligence based 17
16 Typical Risk Allocation Matrix (Leased FPSO) Risk Injury to Company Group employees Injury to Contractor Group employees Damage to Company Group Property including wreck & debris removal Damage to Contractor Group Property including wreck & debris removal Damage to the FPSO Pollution emanating from Company Group Property and Reservoir Pollution emanating from hydrocarbons stored in the FPSO Pollution emanating from Contractor Group Property Company Group Consequential Loss Contractor Group Consequential Loss Company Group Excess of Contractor s P&I insurance Contractor Group (includes Contractor s other contractors, agents and representatives) Upto Contractor s per occurrence P&I insurance limit for the FPSO Third Party Liability (other than pollution liability) Negligence based 18
17 Insurance Can all Construction Projects and/or Operations be fully insured? May be not! Current Value of some of the major Offshore Projects / Assets are estimated to be > USD 5b Current Offshore insurance market capacity using S&P A or better (without Captives) Construction: approx USD 2.5bln Operational: approx USD 3bln Deployment of insurance capacity based on EML Onshore: EML significantly lower than total Project value Offshore: Market generally considers Estimated Value of a single asset as the EML 19
18 Typical Insurance Coverage (1) Coverage Employers Liability Motor Third Party Liability General Third Party Liability Construction All Risk (CAR) Insurance Requirements Employers Liability and/or (the jurisdiction of where scope of work is to be supplied or under which the employees are employed). Statutory Workers Compensation insurance. Third party and passenger liability insurance as may be required by applicable law in the Countries for the use of motor vehicles used in connection with the execution of the Project.. General Third Party Liability insurance (including coverage for sudden and accidental pollution) for any incident or series of incidents arising out of Construction and/or Operational activities. CAR insurance for loss or damage to the FPSO, Work, Materials and Company Provided Items to be incorporated in the FPSO and Work Operational All Risks Insurance Operational All Risks insurance for loss or damage to the FPSO as a result of the Operational activities. 20
19 Typical Insurance Coverage (2) Coverage Property Insurance Insurance Requirements Property insurance for loss or damage to other owned, leased or hired property of Contractor Group Hull & Machinery for vessels used and/or hired by Contractor Group Protection & Indemnity (P&I) FPSO P&I - Other Vessels or floating equipment used or hired by Contractor Group Aircraft Liability used or hired by Contractor Group H & M insurance, including, but not limited to, war risk and, to the extent not covered by the P&I policy, collision liability insuring loss or damage to the vessels used by Contractor Group. P&I insurance with an International Group P&I Club including but not limited to, coverage for injury to master and crew, wreck and debris removal, collision liability not covered by H & M insurance, excess collision liability, third party liability and pollution liability. P&I insurance with an International Group P&I Club or Commercial insurers, as above. Aircraft Liability insurance insuring injury, loss or damage to persons and property arising from aircraft operations. Such further insurance as may be required by law. 21
20 Typical Insurance Coverage (3) For an Owned FPSOs, the Owners are likely to procure a Contractors All Risks and/or Operational All Risks Insurance. For a Leased FPSO, the Contractors are more likely to procure a limited Perils H & M type Insurance The Operator Owned insurance arrangements, would in most cases carry a high Deductibles, USD 5m a.o.o is not uncommon For Leased FPSOs, under the Contractors arranged insurance programme, the Deductibles are likely to be low, around USD 1m a.o.o. P&I insurance for the Owned FPSO, the Owners may seek a limit > than USD 500m. For Leased FPSO, the contractor is more likely to arrange limited P&I insurance; sufficient to cover it s Liability to the Third Parties and to it s crew Ideally for Leased FPSOs, it would be favorable to all parties, if a single P&I insurance could be arranged to cover all liabilities and pollution exposures 22
21 Additional Contractor Insurance Requirement Required Clauses on Insurance Policies Company Group to be included as an additional insured under the General Liability, Auto Liability and Aircraft Liability policies to the extent of the liabilities and obligations assumed by Contractor under the Contract. For Leased FPSO Company Group to be included as a Co-insured under the CAR and/or H & M policies. Company Group to be a co-insured under the P&I policies. To the maximum extent permitted by Applicable Law, all insurances required will be endorsed to provide that underwriters waive any rights of subrogation against the Company Group to the extent of the liabilities and obligations assumed by Contractor under the Contract 23
22 FPSO Presentation Q&A? 24
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