Member Info for Qnard

Yup, apparently a guy spoke to the guy who's mother sold Avon to someone who knows the cook onboard. You can't make it up...

It's no good them petitioning Lloyd's. AON is the leader, Lloyd's is the marketplace. Can you imagine the reputational damage to the whole of the Lloyd's market if insurers suddenly stopped offering cover on a legitimate risk? Yes, Lloyd's are stopping coverage for some classes of business over a period of time, but if the protestors think they won't be able to get any cover then they are deluded as there is the non-Lloyd's marketplace where they will be able to

Seeing as our resident Queen's Council has previous form in this area, and the law was introduced specifically to stop him from doing what he does, I would find it very odd if things didn't go our way

Hi Bryn,

My last few years at sea was spent in the North Sea working out of Aberdeen, we would run in and out of Torry Dock like nutters most of the time, then could sit around for ages doing nothing. It's the way it works, the fact that they are sitting there is no indication that things are wrong, just that they have what they need. I remember once doing a four engine dash up to the rig, with one container onboard. All it had was videos and dry food...

Glad we won't be hearing from you again then... Bye

Irene, you have made me laugh twice this evening, thank you. I am going to take it, bank it and head to bed. Night all

Did you not see the squirrel in his beard? It definitely winked at me 3x...

Irene my little sweetheart! I thought you had forgotten about me... Did you not watch the performance this evening? (I reckon Oscar for best supporting actor and special effects...) there's still time, but I am a man of my word let's see what happens.... Q

Hi Papalazz,

You are sort of correct. Drilling rigs and platforms require a support vessel to be on location at all times (in the UK) - this was after the Sea Gem disaster where 13 men lost their lives after several legs collapsed. The two ships you speak of are supply vessels, not support vessels, and are not required to be on location at all times. As the Icemax is a deep sea ocean going vessel (who just happens to drill), there is no requirement unless local legislation requires this. Hope this helps

Night Prospect! Sweet dreams (of oil) ;p)

Zag, Graham, I agree! Wholeheartedly. All I want to do now is slash my wrists after that presentation. I am so sorry to say Mr personality he's not. He could tell me I had won the lottery and I'd have the urge to top myself.. As for the boss not being there, well find out more in a few weeks, busy looking at oil, or busy running away...

Go on Irene, perfect opportunity for you to put me in "quotes" there hun. Hope you are well :)

Why the hell is everyone getting upset, this was never going to be specific about the P1. It will be a general overview of what BPC is up to and maybe a few specifics on Trinidad. The guy is perfectly adequate for doing that. Perhaps senior management is a little bit busy atm?

Wasn't criticism of the reports, please keep going, I was responding to Noviceinv's comments on what the board has turned into (I REFUSE to add a four letter word at this point..)

Worse than a pre-pubescents playground..

Hi James,

This is for the UK which has a well established oil and gas sector:
A safety zone is an area extending 500 m from any part of offshore oil and gas installations and is established automatically around all installations which project above the sea at any state of the tide. Subsea installations may also have safety zones, created by statutory instrument, to protect them.

Temporary drilling rigs were treated the same way when I was at sea. I suspect that legislation hasn't caught up yet with what is going on in the Bahamas. Can only assume that this is going on the book now as they expect more drilling in the future and need to ensure that the legislation is correct

LLL, it's happening all the time, they are trying it with miners, coverage stays, it won't be removed

Shark, why transfer useless shares? Assets held in ISAs and private pensions are not subject to capital gains tax and therefore losses can’t be offset against anything else

Hi Pro,

Lloyd's itself is not an insurance company, it is a an insurance and reinsurance market within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. BPC's broker would have gone to the 'box' at Lloyd's and secured coverage. For such insurance it is unlikely that there is only one syndicate on the risk. You will have the lead syndicate who may take say 15% of the total risk. The broker will then go around the rest of the market and get follow syndicates to make up the outstanding % based on the lead syndicates t&c's. Each underwriter from the syndicate will stamp and scratch (sign) at which point they are 'on risk'. Each syndicate may also choose to re-insure their part of the risk, this will reduce their liability, but also reduce the profitability so they end up with less premium, but a lower risk in the event of a claim. Reinsurance can be reinsurerd as well. Once the broker has 100 % they will process the risk through DxC (exchanging), only here would lloyd's have any information on the risk via the USM universal signing message, but they don't look at individual risks. The only ones who possibly may comment on the risk is the lead syndicate but highly unlikely. Hope that helps summarise the Lloyd's market Q

BPC
@BPCplc
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Of the 20 key wells to watch highlighted by Westwood Global Energy Group for 2021, #Perseverance1 is the only well being drilled at 100% by an #AIM listed company. Find out more on our website. http://bpcplc.com #BPC