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Tag: LCIC

Contracting Principles for Offshore Wind at IPF 2023

Our campaign for sustainable contracting principles around offshore wind installation is heading to IPF 2023 in Baltimore, USA with IMCA taking part in an industry panel discussion on the topic of allocation of risk in offshore wind contracting.  IPF 2023 is the 10th anniversary of the International Offshore Wind Partnering Forum, organised by the Business Network for Offshore Wind. The event, which is the premier offshore wind energy conference in the Americas, welcomes more than 4,000 delegates across three days with global leaders and businesses in the supply chain discussing the latest technical and policy developments in this space.  Iain

Campaign for sustainable offshore wind continues

IMCA’s campaign for fairer contracting principles continues with CEO Allen Leatt recently interviewed in leading industry publication, Energy Voice recently. Speaking to editor Allister Thomas, Leatt reiterated the main point that the supply-side of offshore wind is currently unprofitable, putting at risk global ambitions for the sector. He said: “The allocation of risk is one-sided from developers and their bankers to the supply chain, which is not the case in the oil and gas industry which understands the dynamics of offshore construction and marine environment. As a consequence of this risk allocation, the supply side is largely loss-making, with an

IMCA calls for Offshore Wind Competitiveness Programme

A week after launching the International Marine Contractors Association’s (IMCA’s) newly updated Renewables Contracting Principles (IMCA LCIC 014) with the call for industry collaboration essential to address supply chain losses, IMCA’s CEO, Allen Leatt spoke on 7 February at the Offshore Wind Journal Conference in London with one of his recommendations being the formation of LOWIC:  Leading Offshore Wind Industry Competitiveness programme, saying: “IMCA is keen to contribute to this with others”. In a hard-hitting presentation ‘Wind Targets at Risk’, he looked at offshore wind CAPEX, the difficult economic situation being faced by OEMs and contractors and the fact that

Global offshore wind energy targets at risk

The International Marine Contractors Association (IMCA) has published an update to its contracting principles in the marine renewable energy industry. This major piece of work has been essential due to progressively poor market conditions created by unrealistic expectations of the capital costs and risks of developing offshore wind energy. The new publication IMCA Renewables Contracting Principles (IMCA LCIC 014) reviews in detail the contractual challenges faced by industry. IMCA’s CEO Allen Leatt explained the challenges: “Marine contracting in offshore renewables has become increasingly unsustainable, which in turn places the long-term sustainability of the offshore wind energy industry at risk. This

Contracting Principles address sustainability of offshore wind

I am pleased to report that our Legal, Contracts, Insurance, and Compliance Committee (LCIC) has recently completed a major piece of work in updating our Renewables Contracting Principles (LCIC 014 Rev 3); and has developed a companion Guidance Document (LCIC 14A) for members highlighting key issues which they need to consider when contracting in the renewables sector. This work has been essential due to market conditions created by the unrealistic expectations of the capital costs and risks of developing offshore wind energy. Greater flexibility and fairness are needed in contracts by allocating the risk to the party who created it,

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