This presentation by Scott Buchanan, GM of Parabellum International and former Maersk Oil North Sea emergency management team member, will give insight into the Gryphon Alpha FPSO major offshore incident in 2011 which had claimed losses of USD 800m.

Scott was on board the vessel at the time of incident and will focus on the root causes of the incident and lessons learned including specifics related to the insurance industry during times of merger and acquisition of assets with critical systems which are dated.

Topics to be discussed include:

• incident overview including timeline of events and insights into what happens on an offshore installation during a major event
• challenges on the day (e.g. poor weather, communications and critical systems failures)
• regulator response to incidents and what to expect (e.g. interviews under caution and seizure of evidence)
• what the safety case says will happen versus what actually happens when systems fail
• insurance specific discussions (e.g. testing of business continuity plans, acceptance of portfolio risk where new critical systems are available such as station keeping/positioning systems)
• Q&A session.

The presentation will prompt portfolio owners to think about how they track and assure themselves that critical systems are as described and portfolio risk is revisited on a regular basis to ensure technology advancements are incorporated into asset shutdowns and upgrades.