Offshore Platform Model Introduced at London Seminar

Tuesday, March 11, 2003
Risk Management Solutions (RMS) hosted a seminar in London introducing the new RMS(TM) U.S. Offshore Platform model. Over 90 members of the insurance, reinsurance, and weather brokering industry attended at the London Underwriting Center. The new Offshore Platform model employs stochastic storm events to generate a robust estimate of the risk posed to an individual platform or a portfolio of platforms, including the probability of exceeding various levels of loss. It uses the same underlying wind hazard model and storm set as the RMS(TM) U.S. Hurricane model, allowing for simultaneous loss calculation for onshore and offshore exposures. Comprehensive exposure data for over 4,000 fixed and floating platforms are included to aid in accurate high-resolution analysis. "There are currently over 4,000 offshore oil and gas platforms in the Gulf of Mexico, which supply about 25 percent of U.S. energy needs," said Phil LeGrone, lead engineer for the model. "These platforms are worth over $100 billion and sit in open waters, exposed to severe wind and wave forces from hurricanes in the Gulf of Mexico. This exposes their owners, insurers, reinsurers, and investors to potential catastrophe losses." The RMS Offshore Platform model gives underwriters a complete view of exposure, key events driving losses, and a full range of probabilistic loss estimates, enabling them to better quantify both the frequency and severity of potential hurricane losses. The model also provides the capability to undertake deterministic analysis for historical storms. RMS estimates that Hurricane Andrew (1992) would cause structure and contents damage to offshore platforms in excess of $1.7 billion if it were to occur today; Hurricane Camille (1969) would cause approximately $2.2 billion in damage.

Offshore

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0768 sec (13 req/sec)