Maritime contracts in the offshore oil & gas industry—an introduction


Produced in partnership with CMS
Practice notes

Maritime contracts in the offshore oil & gas industry—an introduction


Produced in partnership with CMS

Practice notes
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Overview

Vessels are used extensively in the offshore oil & gas sector. Types of vessels typically include platform supply/offshore utility vessels, safety vessels, cable laying ships and ice breakers, supply vessels, drill ships and offshore barges (for instance equipped with heavy lifting cranes and/or accommodation modules).

There is also a wide category of exploration, production, storage and/or offloading craft such as floating production, storage, and offloading (FPSO) vessels, floating storage and offloading (FSO) units, and floating LNG vessels. These generally resemble ships but usually have some sort of connection to the seabed or to surface/subsea production facilities. Such vessels are beyond the scope of this Practice Note.

Some of the most common maritime contracts encountered in the offshore oil & gas sector are the charter agreements (commonly known as ‘charterparties’ or ‘charters’) which are put in place, usually by a platform operator, to ensure adequate provision of one or more vessels. The type(s) of vessels will of course depend on the operator’s requirement.

Other types of maritime contract which are commonly used in this

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United Kingdom
Key definition:
Contract definition
What does Contract mean?

A contract is a legally binding promise (oral or in writing) by one person to fulfil an obligation to another person in return for consideration. A binding contract comprises four elements: offer, acceptance, consideration and intention to create legal relations.

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