Kent Stewart - Maritime Engineers - Marine insurance and the offshore perspective

Australia’s first offshore oil discovery on Barracouta field in Bass

Strait1965

1967

1968

1972

1974

1975

1976

1990

Offshore exploration began in the Carnarvon Basin in WA

First true anchor handler (with winch and stern roller), 58m “LADY

VILMA” built at Carrington Slipways in Newcastle for AOS

First purpose built OSV was the 120ft “SAN PEDRO STRAIT”, built

by Stannard Bros in Sydney

Australia’s first drillship “REGIONAL ENDEAVOUR”, a conversion of

ANL’s “MOUNT KEMBLA” completed in Newcastle

First Australian built semi-submersible rig “OCEAN ENDEAVOUR”

built at Henderson for Diamond M Offshore

Followed closely by “SOUTHERN CROSS” in Brisbane for Atwood

“ACQUA BLU” – the first FPSO to arrive on the Australian coast

From this…

To this…

From 50t BP

To 300t BP

Carrington Slipways

Newcastle NSW

0

500

1000

1500

2000

2500

3000

1960 1970 1980 1990 2000 2010

Exploration Drilling Water Depths

Bas

s St

rait

US

Gu

lf

Bay

uU

nd

an

Transocean India 2013

Deepwater Horizon

Gu

lfak

s(N

ort

h S

ea)

Year

Met

res

No

rth

we

st S

he

lf

“SOUTHERN CROSS”“PETRORIG II”

LLOYDS UNDERWRITING FLOOR

POLAR PIONEER

“If you think safety is expensive,

try having an accident”.

COVER Hulls Cargo P&I (Protection & Indemnity)

Perils of sea

Latent defect

Fire/explosion

Personnel negligence

Boiler bursting/shafts breakage

Accidents during loading/shifting

Piracy/barratry

Theft jettison

Lightning strikes

War

Malicious acts

Strikes

Nuclear accidents

War

Strikes

Machinery

Loss of earnings

Additional perils (EFT)

Actual Total Loss (ATL)

Constructive Total Loss (CTL)

Three fourths collision cover

Oil Spills

Wreck removal

Damages to wharves, jetties

and structures

Loss of life

The other one quarter of

collisions and running down

incidents

Protection and

Indemnity

CARGO

INSURANCE

CARGO

INSURANCE

MITIGATIONOFRISK

First TierClass and

Statutory

Second TierOil & Gas rules and

guidelines• Norwegian Maritime

Directorate

• DET Norske Veritas

• GL Noble Denton

• NOPSEMA Mitigation

of Risk

Third Tier• IMCA

• OVID

Fourth Tier• Marine warranty surveys

• Loadouts/offloads

• Ocean tows

• Australian content

OVID/IMCA

GORGON PROJECT

TheolutionS

Case No.1

Rock

Transport

Case No.2

Project Cargoes

- Double Tow

B

A

E

R

arge

mergency

nchor

elease

Safe Transport Award

19th Australian Shipping &

Maritime Industry Awards

2014

Winner:

Maritime Engineers