03/09 DeepWater Issue 4

An overview of recent developments in offshore oil and gas

Over the past few months many of us have grown familiar with the phrase “we live in a $40 a barrel world with a $100 a barrel cost base”. While oil and gas services have not collapsed in the same way as, for example, the shipping industry, the medium to long term effects of a lower oil price and general downturn in demand cannot be overlooked.

In this issue:

  • Obtaining certainty of payment - strengthening the contractor's position under the IDDC
  • The consequences of sub-contractor insolvency for an EPIC contractor
  • Intellectual Property: a credit crunch strategy
  • "Cash is King" - collecting unpaid invoices
  • Insolvency unravelled
  • Spot the difference: valued and unvalued insurance policies

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