Based on the earlier work of pioneers in risk management in the offshore industry, the panel will discuss various types of risk associated with the new opportunities and challenges that now face the offshore industry. The various risks include geological and engineering evaluations, commercial concerns, weather risks, and setting contract terms between culturally diverse people. The panel will speak to identifying the risks, setting risk base-lines, and addressing uncertainty. Having a reasonable assessment of risk allows decision-makers to assess the true value and potential return of projects in the offshore industry and provides clear windows of opportunity for investors.
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