Operators must demonstrate to us that they are financially capable of acting in a responsible manner for the life of the proposed activity. This means that we need to be satisfied that they have the financial resources available to respond to an incident. This is a requirement that is set out in the legislation.
We make sure that an operator has the necessary proof of financial responsibility and resources before we can issue an authorization to work in the Canada-Nova Scotia offshore area. We review financial requirements applications submitted by an operator as part of our larger Activity Authorization review process. This review helps us ensure that an operator is able to act in a responsible manner for the life of the activity. If an incident happens, this ensures that an operator has the funds to pay for claims.
We have developed guidance for operators to follow to meet our expectations. View our Guidelines Respecting Financial Requirements here.