View this article online: https://www.claimsjournal.com/news/national/2008/03/11/88124.htm
EQECAT, Inc., and its parent company, ABSG Consulting Inc. (ABS Consulting), have conducted a joint analysis to refine EQECAT’s U.S. Offshore Energy Model, using “recent operator damage data and information regarding practices for the mobile assets in the Gulf of Mexico.”
Bob Healy, senior vice president of ABS Consulting, noted the company’s expertise in providing “risk management and engineering services” along with its “extensive experience working with energy companies.” He indicated that EQECAT “is the only modeler able to combine extreme-risk modeling expertise with in-house energy market engineering experience, to provide a new standard for modeling natural catastrophe risk in the Gulf of Mexico.”
The joint analysis enabled the refinement of the damage vulnerabilities of certain key assets.
James Webb, EQECAT’s offshore energy product manager, explained: “Vulnerabilities for jack-ups have been increased to reflect practical limitations in raising platforms to maximum height to avoid wave damage, while vulnerabilities for drillships and semi-submersibles have been decreased in line with recent data on rig use.”
He also noted that EQECAT’s “model provides the ability to identify unique U.S. Department of the Interior Minerals Management Service asset codes from platform asset names commonly provided in exposure data files. This facility enables essential data including platform production capacity and pipeline network connectivity data to be more accurately and automatically included in analyses. This simplifies the modeling process and helps generate better estimates of potential business interruption, contingent business interruption and control of well losses.”
Sources: EQECAT – www.EQECAT.com; ABS Consulting – www.absconsulting.com