0 votes
55 views

Emergency Expenditures associated with a leased FPSO?

asked Jul 6, 2014 in Commercial by josvanden (2,940 points)
What are the typical Emergency Expenditures associated with a leased FPSO?

1 Answer

0 votes
answered Jul 6, 2014 by Normandy (21,000 points)
Contractor is usually authorized without prior approval to make any reasonably necessary expenditure or incur commitments for expenditures or to take any actions Contractor deems necessary in the case of emergency for the safeguarding of lives or property or the prevention or mitigation of pollution. However, Contractor shall notify the Operating Company of any such circumstances and the amount of expenditures and commitments for expenditures so made and incurred and actions so taken and such expenditures and commitments shall be reflected in an updated Approved Budget.
...