OFFSHORE ENERGY LOSS-1: Loss categories, hazard types in marine operations described

05/07/2007
Offshore operations present a unique set of environmental conditions and adverse exposure not observed in a land environment.It is possible to engineer some risks to a very low threshold of probability, but losses and unforeseen events can never be entirely eliminated because of cost considerations, the human factor, and environmental uncertainty.The purpose of this three-part series is to provide a statistical assessment and comparison of offshore energy losses using the Willis Energy Loss database.In Part 1, we describe the loss categories and hazard types of offshore operations. Part 2 contains loss statistics and statistical analysis, and Part 3 summarizes the impact of weather on los...
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