Offshore Construction: Law and Practice has been extensively revised and includes new chapters on financing and intellectual property
Posted on: 24 January 2022
‘This industry is obviously very heavily lawyered, because when things go wrong on these projects, it could cost billions and could go wrong in a bid way,’ argues co-author
Informa Law, a Lloyd’s List sister company, has published a second edition of the key textbook on the law of offshore construction, with full updates by Stephenson Harwood partners Stuart Beadnall and Simon Moore to reflect changes in case law over the last five years.
Offshore Construction: Law and Practice additionally includes a new chapter on financing, while the existing chapters feature additional information on payment mechanisms and on transportation and installation.
There is also a new chapter on intellectual property, an important issue in the field, contributed by IP law at the law firm.
This text is aimed at legal practitioners and offshore construction professionals including project managers, financiers, insurers and subcontractors, and designed to provide practical guidance on avoiding and resolving disputes involving the construction of offshore units and vessels of all types.
With 30% of the world’s oil and gas production produced offshore, and the increasing importance of offshore wind, the construction of specialist vessels to perform offshore operations is a crucial part of the oil and gas industry.
However, with exploration and production being performed in increasingly exacting locations, the scope for disputes arising from cost overruns, scheduling delays and technical difficulties is immense, though litigation is less common than it is in shipping, and thanks to the long-term nature of relationships, there is a preference for out of court settlements.
Offshore Construction: Law and Practice covers the entire construction process from initial concept through to installation, at each stage commenting on typical contract terms and offering expert advice based on real-life examples.
“This industry is obviously very heavily lawyered, because when things go wrong on these projects, it could cost billions and could go wrong in a big way,” said Mr Beadnall. “The people involved have quite large legal teams or project managers with a lot of experience on the contract side, so the book is as much for people in the industry as it is for other lawyers.”
The language should also make it accessible to industry professionals without a legal background.
By David Osler, published in Lloyd’s List 20 January 2022, see here.