galoc first oil, page-21

62,

Actually I think that we are at the point now that everything that can go wrong has gone wrong - the quickest way to get oil to market is to work with what they (we) have got (operator, FPSO contractor etc.).

The focus on cost control in the end has cost - we couldn't have had the riser issues with a traditional mooring system. The tether has saved a few $$ and cost a lot - not that it is a bad system, but less forgiving.

As Nido and hopefully OEL also, as competent operators have noted down as lessons learned, best gear + best people = best outcome.

The current shallow water drilling is case in point - budget is adequate so no corners cut and a (reasonably) predictable outcome.

Whatever criticisim is leveled at GPC and Rubicon I think signs are that they are improving. Bringing in the Venturer is the right move - capable vessel with all the right gear makes the current task routine.

My opinion is that in this case spending money is saving money.

p1000