Drilling Contract Negotiation and Management
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Drilling Contract Negotiation and Management Course
Introduction:
This program is designed for those involved in drilling and service contracts from both the operator and contractor perspective. Attendees will actively participate in discussions pertaining to contracting philosophy and terms as well as industry custom and practice. The program will cover all aspects of contracts including the tender process, letters of intent, contract negotiation, contract administration, ethics considerations and dispute resolution. Special emphasis will be placed on the most controversial and highly negotiated provisions of drilling and service contracts, the impact of decisions in the pending Macon do litigation and contract administration in the event of a crisis. While the program will focus on offshore and land day work drilling contracts, incentive contracts (footage, turnkey and performance bonus) and variable day rate drilling contracts will also be reviewed and analyzed along with oil service contracts. This program will be interactive and will encourage attendee participation, including open discussions and exercises.
Course Objectives:
- UNDERSTAND drilling contract historical development and evolution
- ACQUIRE an understanding of traditional contract structure and terms
- EFFECTIVELY draft, revise, negotiate and administer drilling and service contracts and prioritize issue
- DETERMINE how to address contract terms and issues during the tender, negotiation and administration processes
- APPRECIATE the interaction between drilling contracts, service contracts and insurance
- REVIEW the impact of the pending Macondo litigation upon drilling and service contract indemnity, release and insurance provisions and insurance agreements
- LEARN how to design and administer “win-win” incentive and variable rate drilling contract provision
- BECOME familiar with the nature, purpose and enforceability of letters of intent
- LEARN effective contract dispute resolution
- DEVELOP effective contract and insurance administration in crisis response activities
- UNDERSTAND the importance of ethics and compliance in contract negotiation and management
- PROVIDE “practice pointers” on various issues faced in negotiation and execution of drilling contracts
Who Should Attend?
The course is beneficial for operator and contractor professionals involved in drilling contract negotiation and administration, including:
- Contract Lawyers & Attorneys - Rig/Drilling
- Contract Executives & Managers - Rig/Drilling
- Contract Negotiators - Rig/Drilling
- Contract Managers & Administrators - Rig/Drilling
- Rig Procurement Managers
- Drilling Contractor Marketing Personnel
- Project, Operations, and Rig Managers
- Accounting and Operational Personnel
- Business Unit Heads with responsibility for Rig
- Selection and Management of Drilling Operations
Course Outlines:
Drilling Contract Historical Development and Future Trends
- Introductory Overview of Drilling Contract Provisions
- Introduction to Risk Allocation and Insurance Provisions
- Drilling Contract Basics – Drafting Considerations and a Clause-by-Clause Review of Traditional Contract Provisions
- Letters of Intent
- Contract Administration
- Ethical Considerations
The Macondo Litigation and its Impact on Oilfield Contracts and Insurance
- Crisis Management in relation to Drilling Operations and Insurance
- Drilling Contract Horror Files
Introductory Overview of Drilling Contract Provisions
- Introductory Overview of Drilling Contract Provisions
- Variable Rate Contracts
- Incentive Drilling Contracts
The Art of Negotiating Drilling and Service Contracts
- The Art of Negotiating Drilling and Service Contracts
Practical cases
