General Insurance Article - UIB secures major Brazil oil field contract

 Independent international reinsurance broker UIB has been appointed as the lead broker for the construction of 28 floating drilling platforms off the coast of Brazil.

 Construction has already begun on the specialist ultra deepwater platforms designed to extract Brazil’s recently discovered oil reserves in the Santos Basin, 160 miles off the coast of Rio de Janeiro.

 UIB will provide the reinsurance programme for the non-traditional platforms which will consist of two different types. The first is a drillship, which has an onboard derrick at the centre of the vessel, the second is a deepwater semi-submersible craft which is very stable; maintaining its position with thrusters.

 Due to the deepwater drilling and extraction capabilities required each unit has a higher than standard value of around $800m each, compared with more traditional fixed rigs which often cost around $500m.

 Upstream Energy Divisional Director Joss Raven said: “UIBs reputation for flexibility in designing tailored solutions for clients has played a significant part in our success in securing this prestigious contract. The reinsurance contract for this complex, large-scale project is for four years - the length of time it will take to complete the infrastructure required for drilling to begin in 2016.”