Spotlight on Iran The Field The sanctions against Iran have recently been eased, and a number of companies and contractors are looking towards opportunities there. However, this is in many ways a step into the unknown for many, with the market having been closed for so long. In this article, Vishal Khosla of Skuld London and Lewis McDonald of Skuld Offshore look at recent developments in Iran, identify areas shipowners and contractors should look out for and provide an overview of the legal system Recent developments The easing of sanctions on Iran looks set to have a profound effect on its oil and gas industry. Earlier this year the UN and EU rolled back many of the restrictions they previously imposed and the US also lifted secondary sanctions involving non-US persons. The unfreezing of Iranian funds in the banking system and removal of over 400 Iranian businessmen and politicians from the sanctions list has assisted, at least in part, in restoring the confidence of non-US investors in operations in the region. Once they have satisfied themselves that they do not fall foul of any remaining sanctions legislation, investors can now seriously consider offering their skills and expertise to the industry. Growing investment in offshore projects At a time when most players in the offshore industry are seriously hurting, re-emergence of the Iranian offshore industry comes at an opportune time. According to a recent report by an internationally recognized energy intelligence group, it has been estimated that Iran could award approximately USD 50 billion to the offshore sector between 2016 and 2020. The majority of this investment is expected to be towards engineering, procurement, construction and installation contracts. With the increase in the number of active platforms along with ageing facilities that are understood to have suffered from lack of investment since the main players pulled out of the country on the imposition of the sanctions, there is great potential for