LONDON – Increasing number of companies are using shared industry tools developed by Oil & Gas UK and its subsidiary, LOGIC (Leading Oil and Gas Industry Competitiveness), the association claims.
These are designed to simplify procedures and improve working and commercial practices on the UK continental shelf (UKCS).
More than 900 companies have signed up to the Industry Mutual Hold Harmless (IMHH) deed that LOGIC operates to address the contractual gap that traditionally existed between different contractors working offshore.
Ken Cruickshank, LOGIC’s managing director, said the IMHH “provides a mechanism for small- to medium-sized companies to achieve cost-effective risk management by clarifying the allocation of liabilities and costs for key areas of risk covering personnel, property, and consequential loss and preventing multiple insurance of identical risks.”
Oil & Gas UK has also revised standard agreements for operators involved in the construction and operation of pipelines on the UKCS to cover situations when their lines will either cross or run in close proximity to one another.
The agreements have been updated to reflect new regulations and case law, and to provide all participating companies with terms and conditions to govern their arrangements, rather than developing their own individual contractual arrangements.
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