LOGIC Mobile Drilling Rigs Standard Form Contract: An Analysis of its Provisions on Liability, Risk and Insurance

While the title “offshore drilling contract” might indicate the legal scope of the offshore drilling Contractor’s obligations, the true level of the contractual risk might not be determined unless a reference is made to a specific format, this is because the obligations of the parties under English law are identified by the court in accordance with the wording of the relevant contract. Moreover, the general consideration of case law on the question of day rate drilling contracts, without making reference to a specific agreement, could be to some extent an illusory attempt to draw a complete conclusion. Bearing this in mind, the aim of this thesis is to evaluate the legal scope of the offshore drilling contract by utilising the LOGIC Mobil Drilling Rigs Standard Contract (LMDRC) under English Law as a base for this research. This study will approach the day rate offshore drilling contract in accordance with the structure of LMDRC with a main focus on the substantive provisions usually utilised to reallocate the risks between the parties. Whilst dissecting the standard form, comparing them with the contractual industry practice, and suggesting the alternatives when they are required. Consideration will be given to the nature of drilling operation, legislative development, caselaw and the contractual solutions which might be adopted in other jurisdictions