Underwriter Gets a Closer Look at Offshore Risk Management

Up Close With an Offshore Rig

Offshore energy underwriter Danny Joyce gained firsthand experience of the oil and gas industry during a trip to the Netherlands.

offshore-risk-management-ArgoGlobal

When the chance to visit an offshore rig came about (without needing to take a helicopter to get there – a rare opportunity), offshore energy underwriter Danny Joyce took advantage. He visited the port of Vlissingen, Netherlands, for the kind of hands-on career experience he prefers.

“It’s difficult to comprehend the scale of a rig until you walk around one – they are enormous!,” Joyce says.

The trip was organised by the Lloyd’s Under 35’s committee, who seek to enhance knowledge, experience and social interaction for members from all areas of the marine and energy insurance through a series of workshops, educational visits and networking events.

“We fully support educational visits like this and believe it is hugely important for our team to get out and see the marine and energy industry in action,” says Steve O’Gorman, ArgoGlobal’s head of Marine & Energy. “For up-and-coming underwriters, like Danny, it provides a great opportunity to gain a deeper understanding of the industry, which benefits their underwriting skills and their relationships within the sector. The experience and insight they can gain is invaluable for both their day-to-day work and their career development.”

A closer look at offshore risk management

With a life span of 30 to 40 years, many offshore rigs will be brought back into wet dock for repurposing, in order to meet the shifting demands and pressures of the oil and gas industry. The Netherlands rig required a conversion from a drilling unit to a compression unit, which will enable the rig to be attached to an existing oil field for late-life operations (the term used for extracting oil and gas from mature fields before they are decommissioned).

“My role as an offshore energy underwriter involves providing coverage for the hull of the rig and also well control, to bring it back into operation if something goes wrong,” says Joyce, who joined ArgoGlobal in 2018.  “We get a lot of technical information when we receive an underwriting submission, so seeing everything in situ provides much more than just a textbook perspective – that is such an advantage.”

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