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Old 08 August 2016, 13:30   #1
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Rig on the rocks in Lewis

Struggling to get my head around this. Galeforce winds were forecast on Thursday last week, and if this had been on the mainland, rather than the Hebrides it would be a different story.

Tug lost its line towing it. Of course it would, hauling a 17,000 tonne rig in an Atlantic swell tends to do that. About time oil companies faced up to their responsibilities and put in the necessary planning and provision if they're moving rigs. Rant over.

Drilling rig blown ashore in storms off Western Isles - BBC News
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Old 08 August 2016, 14:17   #2
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thats gonna make a hell of a mess if it breaks up
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Old 08 August 2016, 17:59   #3
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Yeh but if it's an accident and it needs cut up the insurance will pay out so the owner gets paid out for a worthless asset.
A large percentage of rigs are standing idle and costing a fortune to keep them that way.
If you accidentally loose one then it's a win win situation for the owners
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Old 09 August 2016, 00:35   #4
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Perhaps in the short term. But if I was the insurer of other mothballed rigs I'd then be putting the premium up.
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Old 09 August 2016, 03:09   #5
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Perhaps in the short term. But if I was the insurer of other mothballed rigs I'd then be putting the premium up.
I doubt they care about a few percent on premiums spread through the industry.If they get insured or replacement value for what is currently a liability rather than an asset
Companies going bust left right and centre,I'd imagine everyone except the insurance company will be happy as it's one less rig to be bidding for the dwindling amount of work
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Old 09 August 2016, 07:56   #6
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Yeh but if it's an accident and it needs cut up the insurance will pay out so the owner gets paid out for a worthless asset.
A large percentage of rigs are standing idle and costing a fortune to keep them that way.
If you accidentally loose one then it's a win win situation for the owners
I know it's an accident, but something that could have been avoided, or at the very least they should have had a contingency in place. Forecast was for high winds last Thursday, so they send one tug to haul a 17,000 tonne rig in what was likely to be less than suitable conditions. The nearest Maritime and Rescue tug was 14 hours away based in Orkney. If this rig had been under contract to one of the oil giants and was being towed to a drilling position somewhere in the Atlantic to work, you can bet there would have been logistics planning as long as your arm.
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Old 09 August 2016, 09:37   #7
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I know it's an accident, but something that could have been avoided, or at the very least they should have had a contingency in place. Forecast was for high winds last Thursday, so they send one tug to haul a 17,000 tonne rig in what was likely to be less than suitable conditions. The nearest Maritime and Rescue tug was 14 hours away based in Orkney. If this rig had been under contract to one of the oil giants and was being towed to a drilling position somewhere in the Atlantic to work, you can bet there would have been logistics planning as long as your arm.
It was on route to Malta I'd imagine for cheaper cold layup
Call me cynical but I'd wager the operators are clapping their hands (in private of course) at this outcome
There's loads of rigs laid up all around the world
Of course it could have been avoided but only if they want to avoid it
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Old 09 August 2016, 12:46   #8
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I heard that rig was going to be scrapped after going to Malta .
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Old 09 August 2016, 13:21   #9
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Mmm not so sure. The last thing I need is an insurance risk assessor crawling all over my other facilities and systems of work looking at all my risks and wanting to know how I minimise risks and saying 'prove it' to everything. Yes I get rid of an asset i was scrapping anyway, but I get a ton of new headaches.

And an insurer worth his money will be saying you were selling it for x for scrap you can have x for it not your fictitious book price.
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Old 09 August 2016, 13:37   #10
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That was only from guys I know that work for Transocean, so make of that what u like ...
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