WRECKSTAGE 2024

WRECKSTAGE 2024 is a standard wreck removal and services agreement based on payment of a lumpsum in stages. 

The revised agreement introduces a Risk Allocation Procedure which allows parties to utilise Quantitative Risk Assessment or other bespoke risk allocation during the contracting process and incorporate it into the agreement.

WRECKSTAGE was first published in 1993 and revised in 1999, 2010 and 2024.

BIMCO’s three wreck removal agreements, WRECKSTAGE, WRECKHIRE and WRECKFIXED, were first introduced to the industry in 1999. In 2010, the agreements were revised to take into account of developments in commercial practice and ensure a more equal balance between the parties. 

Significant casualties and wreck removals have occurred since the 2010 forms were released, with developments in technology and sophistication in the wreck removal contracting between the parties, as well as the widespread adoption of the Nairobi Convention.

The introduction of Quantitative Risk Assessment (QRA) into the contracting process for maritime wreck removal operations and discussions between the ISU (International Salvage Union) and the IG (International Group of P&I Clubs) on revising the code of practice for wreck removal tendering, prompted a revision of WRECKSTAGE. This led to a decision to revise all three wreck removal agreements. QRA is used to assess risk in the negotiation, planning and execution of an engineering project to inform and guide decisions on the allocation of risk between the contracting parties and the consequent pricing ramifications if such risks materialise.

WRECKSTAGE is the result of a collaborative and consensual process between representatives of the International Salvage Union (ISU), salvors, the International Group of P&I Clubs and individual P&I Clubs, and legal experts. BIMCO is grateful to the drafting team for their considerable time, effort and commitment in producing the revised agreement:

• Richard Janssen, Smit Salvage (Chairperson)
• Captain Nick Sloane, Resolve Marine Group
• James Herbert, ISU Nick Shaw, International Group of P&I Clubs
• Ivar Brynildsen, Gard P&I Club
• Sam Kendall-Marsden, NorthStandard
• Andreas Øgrey, Skuld P&I Club
• Andrew Chamberlain, HFW
• Richard Gunn, Reed Smith
• Tony Goldsmith, Hill Dickinson

BIMCO representative:

• Grant Hunter