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EQECAT U.S. Offshore Energy Model Updated Using New
ABS Consulting Gulf Of Mexico Hurricane Vulnerability Research
March 10, 2008
Oakland, CA
EQECAT, Inc., a subsidiary of ABSG Consulting Inc. (ABS Consulting), and the leading authority on extreme-risk modeling, said today that a joint analysis with ABS Consulting has enabled refinement of the EQECAT U.S. Offshore Energy Model. The refinements utilized recent operator damage data and information regarding practices for the mobile assets in the Gulf of Mexico.
“ABS Consulting is a leading independent provider of risk management and engineering services and has extensive experience working with energy companies,” said Bob Healy, senior vice president of ABS Consulting. “As a result, EQECAT is the only modeler able to combine extreme-risk modeling expertise with in-house energy market engineering experience, to provide a new standard for modeling natural catastrophe risk in the Gulf of Mexico.”
“Our goal is to provide the most advanced and comprehensive model to enable users to better understand and manage offshore energy property and business interruption risk in the Gulf of Mexico,” said Mr. Healy. “We have been able to combine our direct engineering knowledge with updated information from energy operators to enable EQECAT risk modeling capabilities to deliver to clients the ‘best-of-breed’ platform to understand, and manage these risks.”
The joint analysis enabled the refinement of the damage vulnerabilities of certain key assets.
“Vulnerabilities for jack-ups have been increased to reflect practical limitations in raising platforms to maximum height to avoid wave damage, while vulnerabilities for drillships and semi-submersibles have been decreased in line with recent data on rig use,” said James Webb, EQECAT’s offshore energy product manager.
“In addition, the EQECAT model provides the ability to identify unique U.S. Department of the Interior Minerals Management Service asset codes from platform asset names commonly provided in exposure data files. This facility enables essential data including platform production capacity and pipeline network connectivity data to be more accurately and automatically included in analyses. This simplifies the modeling process and helps generate better estimates of potential business interruption, contingent business interruption and control of well losses,” said Mr. Webb.
“EQECAT is dedicated to keeping up-to-date on the changing nature of energy risk,” said Mr. Healy. “With ABS Consulting’s offshore expertise, we are in a position to gain critical insight into risks in the Gulf of Mexico. The ongoing effort provides our clients with the ability to differentiate and select risk more effectively, understand accumulation and meet their business goals,” he said.
EQECAT’s U.S. Offshore Energy Model is available for immediate use. For additional information about EQECAT risk models, please visit www.eqecat.com, or call +1-510 –817-3100.
ABSG Consulting Is A Leading Global Provider of Risk Management Services
ABSG Consulting Inc. is a leading independent global provider of risk management services, combining industry specialists, risk modeling and practical engineering and technology solutions to help business, finance, industry and government manage risk. Through a comprehensive and integrated risk management approach, ABS Consulting is committed to helping clients reduce business interruption and manage catastrophic, operational, and security risks. ABS Consulting is headquartered in Houston, Texas. For additional information, please visit www.absconsulting.com.
EQECAT Software Enables Clients Worldwide To Assess, Manage Wide Range Of Risks
EQECAT and its parent ABSG Consulting Inc. (“ABS Consulting”) serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and consulting services to quantify insurers’ and major corporations’ exposure to natural and man-made catastrophic risk.
Through its extreme-risk modeling software platform, WORLDCATenterprise™, EQECAT enables clients to assess and manage potential damage and loss from wind, earthquake, flood, wildfire, and terrorism, among other perils. WORLDCATenterprise™ includes 177 natural hazard software models for 89 countries spanning six continents.
EQECAT was founded in 1994 and is headquartered in Oakland, California. For additional information, please visit www.absconsulting.com and www.EQECAT.com.
For more information, contact:
Bob Healy
EQECAT, Inc.
1-510-817-3100 | rhealy@eqecat.com
Eric R. Samansky
The Samansky Group
1-516-319-0858 | eric@samanskygroup.com
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