Abstract
This chapter examines risk allocation in offshore floating production contracts and discusses the general principles for the interpretation of indemnity clauses under English law. There is no universally adopted wording; the chapter considers the different types of clauses typically used in FPSO charters and the standard allocation of risk. In the hazardous world of oil and gas, it looks at risk of personal injury/loss of life, property damage loss, pollution risks and liability for wreck removal. It also touches on split charter and O&M contracts and Conditions of Use agreements relating to visiting offtake vessels. There is discussion of the varying degrees of culpability, ranging from ‘no fault’, through negligence, gross negligence, wilful misconduct and deliberate breach to fraud.
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