ENERGY SOLUTION

One Platform to Manage your Global Portfolios in Real Time

Risk scoring, ESG rating, monitor aggregation at your fingertips

Skytek Energy uses ground-breaking Earth Observation (EO) technology to meet the needs of energy companies and insurers in the oil, gas, coal and renewable solar and shore wind sectors, both onshore and offshore.

Our unique approach supports the (re)Insurance Industry in evaluating their exposure for onshore and offshore energy assets and their Environmental, Societal and Governance (ESG) compliance.

Skytek’s Energy tool captures all insurer participation in offshore energy insurance and reinsurance by supporting Upstream, Midstream and Downstream risk assessment and reporting.

How we can support you

  • Skytek Energy tool manages global and environmental risk aggregation and exposure across oil platforms, wind power plants and renewable energy assets.
  • Cutting edge monitoring and reporting capabilities for several Environmental Scores and timely alerts to inform insurers and organisations of risks posed to ESG compliance.
  • With overlaid weather data, energy exposures can be linked with the weather events, providing data for ‘‘Loss of Production’ insurance purposes.
  • Provides (re)insurers with levels of participation in the applicable policies.
  • Our satellite technology pinpoints these events before they happen.
  • Identifying in real-time and before they occur weather risks to energy assets to determine exposures and permit risk mitigation steps.
  • Analysis of ‘hot spots’ of risk and alerts where pre-defined criteria have been exceeded.

We work to reduce risk for upstream operators, such as oil rig owners, well operators, contractors and service companies.

We provide in-depth analysis and monitoring of support vessel activity involved in midstream operations. This includes transport, whether by pipeline, rail, barge, oil tanker or truck, as well as businesses and partnerships engaged in storage and wholesale marketing of crude or refined petroleum products.

The final part of the oil and gas vertical, involving refining and processing of petroleum crude oil, as well as the marketing and distribution of products derived from crude oil and natural gas.

Offshore oil rigs are among the most complex commercial risks to provide insurance. Exposed to a unique combination of harsh environmental conditions and complex and high-risk operational processes during drilling, extraction, and processing, the offshore industry has developed high safety standards and a low record of loss events. Still, when incidents do occur, loss quantum can be substantial.

Oil Tanker
REACT Energy

Offshore oil rigs are among the most complex commercial risks to provide insurance. Exposed to a unique combination of harsh environmental conditions and complex and high-risk operational processes during drilling, extraction, and processing, the offshore industry has developed high safety standards and a low record of loss events. Still, when incidents do occur, loss quantum can be substantial.

Skytek’s REACT Energy & Environment tool captures all insurer participation in offshore energy insurance and reinsurance by supporting upstream and midstream risk assessment and reporting.

An Energy & Environment tool for (re)insurers

  • REACT Energy & Environment tool manages global and environmental risk aggregation and exposure across oil platforms, wind power plants, other energy and renewable energy assets as well the midstream sector.
  • REACT  provides cutting edge monitoring and reporting capabilities for several Environmental Scores and timely alerts to inform insurers and organisations of risks posed to an asset concerning ESG compliance.

  • With overlaid weather data from the REACT platform, the exposure can be linked with the weather event, providing acute records for ‘‘Loss Of Production’ insurance purposes.

  • REACT provides (re)insurers with levels of participation in the applicable policies.
  • The insurance industry requires a worldwide view of real-time insurance risk of energy assets to determine exposures if specific scenarios such as a storm or tsunami occur. Our satellite technology pinpoints these events before they happen. 

  • REACT analyses ‘hot spots’ of risk and alerts the (re)insurance organisation if their defined thresholds have exceeded.

Exploration, drilling and production bring together a large formation of platforms and subsea equipment in each oil field. Furthermore, oil rigs are frequently decommissioned and stored until demand and prices improve, depending on the oil price evolution. Due to lowering utilisation and the corresponding increase in ‘warm and cold stacking’ of oil rigs, ‘large clusters’ of oil rigs are often stored in high-density regions between activations. This accumulation generates potentially more significant exposure to insurance/reinsurance companies should an event occur. Statistics in the industry indicate that claim associated events are more frequent during the reactivation process.

Our service is unique and world-renowned within the insurance industry, all made possible by our groundbreaking satellite technology, data analytics and machine learning.

 

One platform to manage your global portfolios in real time

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