LONDON – Oil & Gas UK has released Edition 3 of its Standard Contract for Services (On and Offshore).
This is the first of several planned updates to help theUK oil and gas industry simplify and reduce the time taken to draft, negotiate, and execute contracts between purchasers and suppliers.
Association subsidiaryLOGIC performed the update, which covers services including inspection, repair, and maintenance. Work was overseen by legal representatives from operators and contractors chain.
Ken Cruickshank, operations manager at Oil & Gas UK, said: “While there was significant investment in theUK continental shelf (UKCS) in 2013, the industry continues to face challenges on many fronts, including rising costs and the need to improve capital efficiency. In these circumstances, it is vital to maintain competitiveness and we want to champion collaborative, industry-wide tools such as standard contracts, to help the supply chain become more cost effective and efficient.
“LOGIC’s Standard Contracts comprise an industry-recognized template which provides purchasers and suppliers with general conditions to help parties to streamline their pre-qualification, tendering, and negotiating processes and focus on the commercial terms. This should reduce bidding costs, eliminate waste, and add value.”
Future updates will focus on standard contracts relating to a range of UK offshore operations including design, construction, well services, marine construction,mobile drilling rigs, and goods and services provided by small to medium enterprises.
To view the new edition, clickhere.