Pipeline Repair and Subsea Intervention Club

Catastrophic failure of the submarine pipelines is considered to be one of our highest impact (albeit low likelihood) strategic risks and a key action item for Mutual for several years has been improved contingency planning and building an effective Emergency Pipeline Repair Strategy. The services and equipment that are likely to be required in the event of a repair of Mutual's pipeline assets are highly complex and specialist in nature. Equinor, through their Pipeline Repair & Subsea Intervention Club, provide access to a number of frameworks of repair contractors, vessel owners and supplies of repair equipment which, in the event of a repair being required, can be mobilised efficiently and rapidly. Membership of the club offers the benefits of having immediate access to a pooled contingency of framework contracts capable of providing the full range of specialised services required, with overarching management by administrators under a preestablished and proven governance framework. Equinor, through their Pipeline Repair & Subsea Intervention ("PRSI") Pool solution, provides access to a number of frameworks of repair contractors, vessel owners and supplies of repair equipment which, in the event of a repair being required, can be mobilised more efficiently and rapidly than engaging each of these required services separately and with a guaranteed response time that would be unlikely to be achieved without this membership in place. Our intention is to contract directly with Equinor to become a member of the PRSI Pool in order to address the key strategic risk of a pipeline failure and to allow us to receive all required services through Equinor as a single centralised source for the contract call-offs that we envisage would be required in a pipeline repair scenario.