Annual report 2015
REDISCOVER i REBUILD i SUSTAIN This year, we are on a journey to REDISCOVER our aspirations and reinforce our understanding of who we are, and what we do. Focused on the future, we will REBUILD our passion for our business, strengthening our business model and value proposition to realise our full potential as a successful brand. We will SUSTAIN the long-term growth we have strategised through operational infrastructure, execution excellence and teamwork.. Our enhanced logo takes its energy from the strength and fluidity of the oceans where we have been operating dedicatedly to provide better energy related maritime solutions and services. The blue sea bed which reflects our solid foundation and parentage is enhanced with rolling waves of confidence and ambition. The swell of the waves symbolises the drive, energy and ambition that MISC has as we forge ahead with confidence and vigour. They propel us forward and inspire us to consistently push ourselves to achieve our aspiration of “moving energy to build a better world”. logo rationale
moving energy to build a better world
1968 1997 1998 2005 Malaysia International Shipping Corporation was incorporated PETRONAS acquired stake Petronas increased stake Rebranded as misc berhad The MISC Brand Story From a tiny drop in the ocean, today, our impact ripples far and wide. With nearly 50 years of experience moving energy across the seven seas to power businesses and economies, MISC has built a reputation for excellence, making waves wherever we go. Every crest and trough of that journey has shaped us into the company we are today – a company defined not just by what we do, but how we do it. We have embarked on a journey to rediscover the MISC brand, unifying our distinct identity into a cohesive brand that celebrates our legacy and champions our aspirations for the future. Together, our refreshed Vision, Mission and Tagline as well as our enhanced logo will help us compete effectively in an ever evolving global marketplace to make a real difference in the world. 2016 NOW
Vision To consistently provide better energy related maritime solutions and services Mission To be consistently better, we strive: • to exceed the expectations of our customers • to promote individual and team excellence of our employees • to create a positive difference to the lives of communities • to care for the environment and operate responsibly • to drive sustainable value for our shareholders moving energy to build a better world Shared Values Loyalty Loyal to corporation Integrity Honest and upright Professionalism Strive for excellence Cohesiveness United, trust and respect for each other 03 MISC BERHAD Annual Report 2015 02 REDISCOVER | REBUILD | SUSTAIN
financial review 06 Group Financial Review 08 Five Year Group Financial Performance 10 Financial Calendar MISC Berhad Overview 11 Corporate Information 12 About MISC 14 MISC at a Glance 16 MISC in the News 18 Our Global Presence 20 MISC2020 : Our 5-Year Strategy 22 MISC Group Structure Board & Management 26 Board of Directors 38 Management Committee INSIDE THIS REPORT
Performance Review 44 Chairman’s Statement 52 President/CEO’s Report 80 Key Highlights of 2015 Investor’s Overview 89 Investor Relations Report 91 Statistics on Shareholdings Sustainability Statement 96 Sustainability Statement CORPORATE GOVERNANCE 98 Statement on Corporate Governance 112 Statement on Risk Management & Internal Control 119 Statement of Directors’ Responsibility 120 Additional Compliance Information 121 Board Audit Committee Report financial 128 Financial Statements 290 Properties owned by MISC Berhad and its Subsidiaries 294 List of Vessels and Assets FORTY-seventh (47TH) ANNUAL GENERAL MEETING 302 Notice of Annual General Meeting 307 Statement Accompanying Notice of Annual General Meeting • Proxy Form
GROUP FINANCIAL REVIEW Revenue For the financial year ended 31 December 2015 (FY2015), Group revenue of RM10,908.4 million was 17.3% higher than the financial year ended 31 December 2014 (FY2014)’s revenue of RM9,296.3 million. Higher freight rates in the Petroleum shipping business, full-year finance lease income of a Floating Production Storage and Offloading (FPSO) unit and revenue from a number of Engineering, Procurement and Construction (EPC) projects in the Offshore Business segment were the main contributors to the increase in Group revenue. Operating Profit Group operating profit of RM2,782.6 million was 51.1% higher than FY2014’s operating profit of RM1,841.7 million. Higher revenue with improved operating margins, primarily in the Petroleum shipping and Offshore Business segments, and favourable foreign exchange impact from the strengthening of US Dollar currency against Malaysian Ringgit contributed to the increase in operating profit. Profit/Loss Before Tax Group profit before tax of RM2,566.9 million was 6.5% higher than FY2014’s profit before tax of RM2,410.3 million. The increase in profit was largely driven by the strength of operating profit during the year under review. However, the Group also took higher impairment provisions in the current year which moderated the increase in profit. Earnings/Loss Per Share (Sen) Profit attributable to the equity holders of the Corporation of RM2,467.8 million was 12.0% or RM263.5 million higher than RM2,204.3 million profit in FY2014. This translates to an improved earnings per share of 55.3 sen in FY2015 from 49.4 sen in FY2014. Dividends The Board had in August 2015, declared a first interim tax exempt dividend of 7.5 sen per share in respect of FY2015. This first interim tax exempt dividend amounting to RM334.8 million was paid in September 2015. In February 2016, the Board declared a second interim tax exempt dividend in respect of FY2015 of 12.5 sen per share. This second tax exempt dividend of RM558.0 million was paid in March 2016. The Board is recommending a final tax exempt dividend of 10.0 sen per share in respect of FY2015 at the forthcoming Annual General Meeting. In proposing the final dividend, the Board has taken due consideration of the need to provide healthy dividend income to shareholders, while ensuring that future funding requirements of the Group are adequately met to support the Group’s growth objectives. If approved, the final tax exempt dividend of 10.0 sen per share of RM446.4 million will be paid in May 2016. Including the proposed final tax exempt dividend, the aggregated tax exempt dividend of 30.0 sen per share or RM1,339.2 million for FY2015 is higher than the 10.0 sen per share or RM446.4 million total tax exempt dividend paid for FY2014. Our customers need more than just space. We are recognising that with a successful strategy. Gr up Revenue RM10,908.4 million 17.3% increase REDISCOVER I REBUILD I SUSTAIN 06
Total Assets Group total assets of RM47,539.1 million as at 31 December 2015 was 14.3% higher than total assets of RM41,584.3 million as at 31 December 2014. The increase in Group total assets was mainly due to higher capital expenditure on f i nance l ease asse t s unde r construction, ships, offshore floating assets and other property, plant and equipment incurred during the year, as well as favourable foreign currency translation impact from the strengthening of US Dollar against Malaysian Ringgit. The Group’s cash, deposits and bank balances of RM5,654.0 million as at 31 December 2015 was 16.8% higher than cash, deposits and bank balances as at 31 December 2014 of RM4,838.8 million. Total Liabilities Group total liabilities of RM11,079.9 million as at 31 December 2015 was 13.2% lower than Group total liabilities as at 31 December 2014 of RM12,763.2 million. Significant loan repayments during the year contributed to the decrease in Group total liabilities. Shareholders’ Equity Shareholders’ equity of RM35,361.5 million as at 31 December 2015 was 27.4% higher than as at 31 December 2014 of RM27,756.3 million. The increase in shareholders’ equity was mainly due to a currency translation gain of RM5,730.5 million and profit attributable to equity holders of RM2,467.8 million in FY2015. The Corporation also paid dividends totalling RM602.6 million in the year under review. Group Operating Profit RM2,782.6 million 51.1% increase Earnings Per Share 55.3 sen Total Assets RM47,539.1million 14.3% increase Net Debt/Equity Ratio Following the increase in shareholders’ equity and the reduction in total borrowings during the year, the Group’s net debt-to-equity ratio improved to 0.02 times as at 31 December 2015 compa red t o 0 . 14 t imes as a t 31 December 2014. MISC BERHAD Annual Report 2015 07
Five Year Group Financial PERFORMANCE Audited 1.1.2015 to 31.12.2015 RM Million Audited(4) 1.1.2014 to 31.12.2014 RM Million Audited(4)(6) 1.1.2013 to 31.12.2013 RM Million Restated(4)(5)(6) 1.1.2012 to 31.12.2012 RM Million Unaudited(1)(4)(5) 1.1.2011 to 31.12.2011 RM Million Restated(4)(5) 1.4.2011 to 31.12.2011 RM Million Continuing Operations: Revenue 10,908.4 9,296.3 8,971.8 9,050.3 9,798.3 7,226.7 Operating profit 2,782.6 1,841.7 1,552.6 1,517.4 1,613.5 1,225.3 Profit before taxation 2,566.9 2,410.3 2,227.7 1,516.7 845.1 852.1 Profit/(Loss) after taxation 2,535.1 2,320.0 2,229.5 921.4 (1,521.0) (1,304.0) Continuing Operations 2,535.1 2,320.0 2,225.2 1,544.3 773.9 760.3 Discontinued Operations – – 4.3 (622.9) (2,294.9) (2,064.3) Profit/(Loss) for the year attributable to equity holders of the Corporation Continuing Operations 2,467.8 2,204.3 2,081.1 1,393.1 505.6 589.8 Discontinued Operations – – 4.3 (622.9) (2,295.6) (2,065.0) 2,467.8 2,204.3 2,085.4 770.2 (1,790.0) (1,475.2) Dividends paid during the year 602.6 401.7 – – 421.9 438.4 Earnings/(Loss) per share (sen)(2) 55.3 49.4 46.7 17.3 (40.1) (33.1) Continuing Operations 55.3 49.4 46.6 31.2 11.3 13.2 Discontinued Operations 0.0 0.0 0.1 (13.9) (51.4) (46.3) Total assets 47,539.1 41,584.3 40,232.2 36,479.6 41,217.1 41,217.1 Total liabilities 11,079.9 12,763.2 14,474.9 14,275.6 19,131.3 19,131.3 Shareholders' equity 35,361.5 27,756.3 24,712.9 21,124.0 20,797.1 20,797.1 Total borrowings 6,504.4 8,739.2 10,218.8 8,962.7 14,192.2 14,192.2 Net tangible assets per share (sen) 796.0 624.8 556.8 478.0 475.6 475.6 Gross debt/equity ratio 0.18 0.30 0.40 0.42 0.68 0.68 Net debt/equity ratio 0.02 0.14 0.21 0.24 0.48 0.48 Interest cover ratio(3) 14.0 8.1 6.7 5.0 5.1 5.0 Notes: (1) The unaudited twelve months result for the financial period ended 31 December 2011 is disclosed for comparative purposes. (2) EPS has been calculated using the weighted average number of ordinary shares in issue during the financial year. (3) Excluding gain on dilution of interest in MHB, realisation of intercompany profit from disposal of a subsidiary, gain on disposal of assets through finance lease and net (loss)/gain on disposal of ships. (4) Segregation of information between continuing and discontinued operations (Liner related business operations) effective FY2012. The comparative figures have been reclassified accordingly. (5) The FY2012 audited summary data reflects the first time adoption of Malaysian Financial Reporting Standards (MFRS). Accordingly, the comparative figures have been adjusted since transition date (1 April 2011). (6) The FY2013 audited summary data reflects the adoption of MFRS 10 & 11. Accordingly, the comparative figures have been adjusted to reflect the adoption of MFRS 10 & 11. 08 REDISCOVER | REBUILD | SUSTAIN
+17.3%RM1,612.1M +51.1%RM940.9M REVENUE RM Million OPERATING PROFIT RM Million +6.5% RM156.6M +12.0%5.9 SEN PROFIT BEFORE TAXATION RM Million EARNINGS/(LOSS) PER SHARE Sen +50.0%RM200.9M +27.4%RM7,605.2M DIVIDENDS RM Million SHAREHOLDERS’ EQUITY RM Million Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 10,908.4 9,296.3 8,971.8 9,050.3 9,798.3 7,226.7 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 2,782.6 1,841.7 1,552.6 1,517.4 1,613.5 1,225.3 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 2,566.9 2,410.3 2,227.7 1,516.7 845.1 852.1 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 55.3 49.4 46.7 17.3 (40.1) (33.1) Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 602.6 401.7 421.9 438.4 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Unaudited 1.1.2011 to 31.12.2011 Restated 1.4.2011 to 31.12.2011 35,361.5 27,756.3 24,712.9 21,124.0 20,797.1 20,797.1 MISC BERHAD Annual Report 2015 09
Announcement of Results & Dividends 1 Jan 2015 – 31 Dec 2015 FINANCIAL PERIOD Dividends First Interim Dividend Announced : 4 August 2015 Paid : 2 September 2015 Q1 Q2 Q3 Q4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Announced 30 Apr 2015 Announced 4 aug 2015 Announced 4 nov 2015 Announced 5 feb 2016 Second Interim Dividend Announced : 5 February 2016 Paid : 9 March 2016 Financial Calendar REDISCOVER I REBUILD I SUSTAIN 10
Chairman, Independent Non-Executive Director Dato’ Ab. Halim bin Mohyiddin Independent Non-Executive Directors Dato’ Sekhar Krishnan Dato’ Halipah binti Esa Dato’ Kalsom binti Abd. Rahman Lim Beng Choon Harry K. Menon (Resigned effective 28 May 2015) Non-Independent Non-Executive Directors Datuk Manharlal Ratilal Datuk Nasarudin bin Md Idris Mohd. Farid bin Mohd. Adnan (Resigned effective 1 October 2015) Mohamed Firouz bin Asnan (Appointed effective 1 October 2015) President/Chief Executive Officer Non-Independent Executive Director Yee Yang Chien Board of Directors Audit Committee Chairman Dato’ Sekhar Krishnan (Re-designated effective 28 May 2015) Harry K. Menon (Resigned effective 28 May 2015) Members Dato’ Halipah binti Esa Dato’ Kalsom binti Abd. Rahman Lim Beng Choon Nomination and Remuneration Committee Chairman Dato’ Halipah binti Esa Members Dato’ Kalsom binti Abd. Rahman Mohd. Farid bin Mohd. Adnan (Resigned effective 1 October 2015) Mohamed Firouz bin Asnan (Appointed effective 1 October 2015) Company Secretaries Fadzillah binti Kamaruddin (LS 0008989) Zawardi bin Salleh @ Mohamed Salleh (MAICSA 7026210) Registered Office Level 25, Menara Dayabumi Jalan Sultan Hishamuddin 50050 Kuala Lumpur Tel: +603 2264 0888 Fax: +603 2273 6602 Homepage: www.misc.com.my Email: miscweb@miscbhd.com Auditors Ernst & Young Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur Tel: +603 7495 8000 Fax: +603 2095 5332 Share Registrar Symphony Share Registrars Sdn. Bhd. Level 6, Symphony House Pusat Dagangan Dana 1 Jalan PJU 1A/46 47301 Petaling Jaya Selangor Darul Ehsan Tel: +603 7841 8000/7849 0777 Fax: +603 7841 8151/8152 Form of Legal Entity Incorporated on 6 November 1968 as a public company limited by shares under the Companies Act, 1965 Place of Incorporation and Domicile Malaysia Stock Exchange Listing Main Market of Bursa Malaysia Securities Berhad Stock Name: MISC Stock Code: 3816 Corporate Information MISC BERHAD Annual Report 2015 11
about MISC The principal businesses of MISC consist of shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, maritime education and training, as well as owning tank terminals. Its fleet consists of more than 110 owned and in-chartered LNG, Chemical and Petroleum vessels with additionally 16 offshore floating facilities. The fleet has a combined capacity of about 12 million dwt. Aside from its shipping business, maritime education as well as training and innovation are a priority for the company and its Malaysian Maritime Academy (ALAM) is ranked amongst the top 10% of the world’s Maritime Education and Training (MET) institutions. Backed by a knowledgeable workforce made up of more than 10,000 employees from all corners of the globe, MISC is committed to imparting quality services to our customers, creating value for our stakeholders and contributing to the sustainability of the industry. MISC Berhad (MISC), a subsidiary of PETRONAS, was incorporated in 1968 and is one of the world’s leading international provider of energy shipping and maritime solutions. REDISCOVER I REBUILD I SUSTAIN 12
MISC BERHAD Annual Report 2015 13
misc at a glance LNG Shipping Offshore Floating Solutions Integrated Logistics Petroleum Shipping Marine & Heavy Engineering Maritime Education & Training Chemical Shipping tank terminals MARITIME SERVICES & PORT AND TERMINAL MANAGEMENT Delivers Liquefied Natural Gas (LNG) across the globe with over three decades of proven experience as well as a distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries. Delivers complete, comprehensive and innovative solutions from design to operations, catering for marginal, conventional and deepwater field developments with an excellent production and operations performance track record for all its facilities. Provides a comprehensive integrated logistics solutions comprising of freighting, distribution, freight forwarding, warehousing and haulage services. Provides safe, high quality and comprehensive ocean transportation and specialist petroleum services to the world’s largest oil companies, trading houses and refiners. Specialises in offshore construction, offshore conversion and marine repair as well as owning and operating the largest marine and heavy engineering facility in the region. Supports the industry’s growing requirement for professionally trained seafarers, MISC’s subsidiary Malaysian Maritime Academy (ALAM) is one of the premier maritime education and training (MET) institution in the region and is consistently rated highly by Det Norske Veritas Germanischer Lloyd (DNV GL). The Academy provides the full spectrum of MET as required by IMO along with offshore and other courses. Transports clean petroleum products, chemicals and vegetable oils across major trading regions in the world through a quality fleet of vessels, comprising mainly double-hulled IMO II vessels with a mixture of stainless steel and coated tanks to meet the highest safety requirements for transporting liquid bulk cargo. Manages and operates tank terminals through strategic joint ventures with energy storage providers, in line with MISC’s strategy to expand its shipping business by providing customers with integrated supply value chain services. Our total tank terminal capacity stands at 0.7 million cbm. The maritime services centre for the provision of marine assurance and compliance, port & terminal operation and management, consultancy and services to PETRONAS group of companies. REDISCOVER I REBUILD I SUSTAIN 14
Key Facts & Figures of proven experience in delivering energy related maritime solutions and services Almost 50 years talented employees in Malaysia and across the globe Approximately 10,000 Modern fleet of over 110 LNG, Petroleum and Chemical vessels and floating assets Transporting approximately 8.3% of the world’s LNG A market leader in lightering operations for US Gulf ship-toship transfers The onl y yard in Ma l ays i a capable of constructing complex offshore mega structures and marine facilities Customised and integrated project cargo and supply chain logistics solutions P r e m i e r e d u c a t i o n a n d training institution for seagoing professionals Floating Production Systems (FPS) Operator and Owner in the world with 14 assets 5th MISC BERHAD Annual Report 2015 15
misc in the news REDISCOVER I REBUILD I SUSTAIN 16
MISC BERHAD Annual Report 2015 17
NORTH AMERICA SOUTH AMERICA our global presence africa Nigeria Algeria Equatorial Guinea middle east Kuwait Egypt Oman Qatar UAE Yemen Saudi Arabia south america Mexico Brazil Chile Trinidad & Tobago Uruguay north america Canada USA LNG Shipping Chemical Shipping Marine & Heavy Engineering Maritime Education & Training MARITIME SERVICES & PORT AND TERMINAL MANAGEMENT Integrated Logistics Tank Terminal Offshore Floating Solutions Petroleum Shipping REDISCOVER I REBUILD I SUSTAIN 18
EUROPE AFRICA MIDDLE EAST SOUTH ASIA EAST ASIA SOUTHEAST ASIA OCEANIA europe Belgium Spain Turkey France Greece UK Portugal Norway Italy Ukraine south asia India Bangladesh Pakistan east asia China Japan South Korea Taiwan oceania Australia Southeast asia Brunei Malaysia Indonesia Singapore Philippines Thailand Vietnam MISC BERHAD Annual Report 2015 19
MISC2020 : Our 5-Year Strategy GROWTH REGION IN THE NEXT 5 YEARS A 5-YEAR MASTER PLAN TO ACHIEVE SUSTAINABLE PERFORMANCE Sustainable ROACE (Return on Average Capital Employed) of more than 10% by 2020 ATLANTIC BASIN Sustainable level of secured pro t by FY2020 REDISCOVER I REBUILD I SUSTAIN 20
LNG • Pursue more third party long-term charters PETROLEUM • Pursue more time charters for conventional eet • Develop more niche market assets such as shuttle tankers with time charter MHB • Develop larger recurring income base e.g. marine repair business • Manage cost and process efficiency OFFSHORE • Explore acquisition opportunities arising from asset divestments by O&G players globally • Pursue organic growth when oil price recovers OUR PRIORITIES OVER THE NEXT 5 YEARS MISC BERHAD Annual Report 2015 21
MISC GROUP STRUCTURE as at 23 february 2016 *excluding dormant companies MISC Offshore Holdings 100% (Brazil) Sdn. Bhd. (Investment Holding) • SBM Systems Inc. 49% (FPSO Owner) • FPSO Brasil Venture S.A. 49% (Investment and Offshore Activities) •SBM Operacoes Ltda. 49% (Operating and Maintaining FPSO Terminals) • Brazilian Deepwater Floating 49% Terminals Limited (Construction of FPSO) • Brazilian Deepwater Production 49% Limited (Chartering of FPSO) • Brazilian Deepwater Production 49% Contractors Limited (Operation and Maintenance of FPSO) •Operacoes Maritimas em Mar 49% Profundo Brasileiro Ltda. (Operation and Maintenance of FPSO) MISC Offshore Floating 100% Terminals (L) Limited (Offshore Floating Terminals Ownership) MISC Offshore Floating 100% Terminals Dua (L) Limited (Offshore Floating Terminals Ownership) GK O&M (L) Limited 100% (To carry out the business of providing Professional Services for the Oil & Gas industry) MISC Offshore Mobile 100% Production (Labuan) Ltd. (Mobile Offshore Production Unit Owner) Malaysia Vietnam Offshore 51% Terminal (L) Limited (FSO Owner) Malaysia Deepwater Floating 51% Terminal (Kikeh) Limited (FPSO Owner) Malaysia Deepwater Production 51% Contractors Sdn. Bhd. (Operating and Maintaining FPSO Terminals) FPSO Ventures Sdn. Bhd. 51% (Operating and Maintaining FPSO Terminals) Gumusut-Kakap Semi-Floating 50% Production System (L) Limited (Asset Ownership and Leasing of Semi-Submersible Floating Production System) Vietnam Offshore Floating 40% Terminal (Ruby) Ltd. (FPSO Owner) MISC Tankers Sdn. Bhd. 100% (Investment Holding and Provision of Management Services) • Puteri Delima Sdn. Bhd. 100% (Shipping) • Puteri Firus Sdn. Bhd. 100% (Shipping) • Puteri Intan Sdn. Bhd. 100% (Shipping) • Puteri Nilam Sdn. Bhd. 100% (Shipping) • Puteri Zamrud Sdn. Bhd. 100% (Shipping) Puteri Delima Satu (L) Pte. Ltd. 100% (Shipping) Puteri Firus Satu (L) Pte. Ltd. 100% (Shipping) Puteri Nilam Satu (L) Pte. Ltd. 100% (Shipping) Puteri Intan Satu (L) Pte. Ltd. 100% (Shipping) Puteri Mutiara Satu (L) Pte. Ltd. 100% (Shipping) Puteri Zamrud Satu (L) Pte. Ltd. 100% (Shipping) MISC PNG Shipping Limited 100% (Investment Holding) • Western Pacific Shipping Limited 60% (Providing Shipping Solutions to meet LNG project requirements and also Supporting other general shipping requirements of Papua New Guinea) Gas Asia Terminal (L) Pte. Ltd. 100% (Development and Ownership of LNG Floating Storage Units) Asia LNG Transport Sdn. Bhd. 51% (Shipowning and Ship Management) Asia LNG Transport Dua 51% Sdn. Bhd. (Shipowning and Ship Management) Nikorma Transport Limited 30% (LNG Transportation) MISC Tanker Holdings Sdn. Bhd. 100% (Investment Holding) • MISC Tanker Holdings (Bermuda) Ltd. 100% (Investment Holding) •AET Tanker Holdings Sdn. Bhd. 100% (Investment Holding) •AET Petroleum Tanker (M) 100% Sdn. Bhd. (Shipowning) • AET Shuttle Tankers Sdn. Bhd. 100% (Shipowning and Operations) • AET MCV Delta Sdn. Bhd. 100% (Investment Holding) •AET MCV Alpha L.L.C. 100% (Shipowning) •AET MCV Beta L.L.C. 100% (Shipowning) • AET Brasil Servicos 100% Maritimos Ltda. (Manning, Crewing Agent and Technical Office) • AET Brasil Servicos STS Ltda. 100% (Lightering Support Services) •AET Shipmanagement 100% (Malaysia) Sdn. Bhd. (Shipping Management) • AMI Manning Services 79% Pvt. Ltd. (formerly known as AET Shipmanagement (India) Private Limited) (Ship Management and Manning Activities) • Eagle Star Crew 24% Management Corporation (Recruitment and Provision of Manpower for Maritime Vessels) •AET Shipmanagement 100% (Singapore) Pte. Ltd. (Ship Management, Manning and Technical Activities) • AET Shipmanagement (USA) 100% L.L.C. (Ship Management) •AET Tankers Pte. Ltd. 100% (Commercial Operation and Chartering) • AET Tanker India Private 99% Limited (Shipowning) •AET UK Limited 100% (Commercial Operation and Chartering) • AET Sea Shuttle AS 97.5% (Owning and Operating DP Shuttle Tankers) •AET Holdings (L) Pte. Ltd. 100% (Investment Holding) • AET Inc. Limited 100% (Shipowning and Operations) •AET Tankers (Suezmax) 100% Pte. Ltd. (Shipowning and Operations) •AET MCV Gamma L.L.C. 100% (Chartering and Operations) •AET Agencies Inc. 100% (Property Owning) •AET Offshore Services Inc. 100% (Lightering) •AET Lightering Services L.L.C. 100% (Lightering) •Paramount Tankers Corp 50% (Shipowning and Operations) •ELS Lightering Services S.A. 50% (Lightering Activity) •Akudel S.A. 49% (Owning and Operating Workboats for Lightering Activity) Centralised Terminals Sdn. Bhd. 45% (Own, Manage, Operate and Maintain Centralised Tankage Facility) • Langsat Terminal (One) 36% Sdn. Bhd. (Provision of Tank Terminal Activities) • Langsat Terminal (Two) 36% Sdn. Bhd. (Provision of Multi User Petrochemical Terminal Facilities) MTTI Sdn. Bhd. 100% (Investment Holding) petroleum LNG chemical/tank terminals offshore REDISCOVER I REBUILD I SUSTAIN 22
Malaysian Maritime Academy 100% Sdn. Bhd. (Education and Training for Seamen and Maritime Personnel) PETRONAS Maritime Services 100% Sdn. Bhd. (Provision of Maritime Services and Consultancy and Maritime Audit) • Sungai Udang Port Sdn. Bhd. 100% (Operation and Management of Sungai Udang Port) MISC Capital (L) Ltd. 100% (Special Purpose Vehicle for Financing Arrangement) MISC International (L) Ltd. 100% (Investment Holding) • SL-MISC International 49% Line Co. Ltd. (In Liquidation) MISC Enterprises Holdings 100% Sdn. Bhd. (In Liquidation) • Trans-ware Logistics (Pvt.) Ltd. 25% (Inland Container Depot) MISC Agencies Sdn. Bhd. 100% (Holding Company) • MISC Agencies (Netherlands) B.V. 100% (Property Owning) • MISC Agencies (Japan) Ltd. 100% (In Liquidation) • MISC Agencies India 60% (Private) Limited (Under Members Voluntary Winding-Up) • MISC Agencies Lanka 40% (Private) Limited (In Liquidation) Malaysia Marine and Heavy 66.5% Engineering Holdings Berhad (Investment Holding) • Malaysia Marine and Heavy 66.5% Engineering Sdn. Bhd. (Provision of Oil and Gas Engineering and Construction Works and Marine Conversion and Repair Services) •MMHE-SHI LNG Sdn. Bhd. 46.6% (Provision of Repair Services and Dry Docking of Liquefied Natural Gas Carriers) •MMHE-TPGM Sdn. Bhd. 40% (Provision of Engineering, Procurement, Construction, Installation and Commissioning) •MMHE-ATB Sdn. Bhd. 27% (Manufacturing of Pressure Vessels and Tube Heat Exchangers) •Techno Indah Sdn. Bhd. 66.5% (Sludge Disposal Management) • Technip MHB Hull 33.3% Engineering Sdn. Bhd. (Build and Develop Hull Engineering and Engineering Project Management Capacities) MARINE & HEAVY ENGINEERING others INTEGRATED LOGISTICS MARITIME EDUCATION MISC Integrated Logistics 100% Sdn. Bhd. (Integrated Logistics Services) • Misan Logistics B.V. 100% (Haulage, Brokerage, Liner Merchant and Carriage Haulage) • MILS Cold Chain Logistics 100% Sdn. Bhd. (Owner of a Cold Storage Logistics Hub) • BLG MILS Logistics Sdn. Bhd. 60% (Automotive Solutions and Related Integrated Logistics Services) • Rais-Mils Logistics FZCO 50% (In Liquidation) MISC BERHAD Annual Report 2015 23
REDISCOVER We are charting our course to the future, aligning our endeavour with a refreshed Vision, Mission and Tagline as well as an enhanced logo. We are now energised to move forward in our pursuit of growth and augment our brand positioning as we adapt to a changing marketplace with passion and confidence.
RM2.6 billion PROFIT BEFORE TAX RM10.9 billion REVENUE RM2.8 billion OPERATING PROFIT 2.6
Dato’ Kalsom binti Abd. Rahman Independent Non-Executive Director Lim Beng Choon Independent Non-Executive Director Dato’ Halipah binti Esa Independent Non-Executive Director From left to right: Yee Yang Chien President/Chief Executive Officer Non-Independent Executive Director Dato’ Ab. Halim bin Mohyiddin Chairman, Independent Non-Executive Director Board of directors REDISCOVER I REBUILD I SUSTAIN 26
From left to right: Dato’ Sekhar Krishnan Independent Non-Executive Director Datuk Nasarudin BIN Md Idris Non-Independent Non-Executive Director Mohamed Firouz bin Asnan Non-Independent Non-Executive Director Datuk Manharlal Ratilal Non-Independent Non-Executive Director MISC BERHAD Annual Report 2015 27
Dato’ Ab. Halim bin Mohyiddin Chairman, Independent Non-Executive Director Dato’ Ab. Halim bin Mohyiddin, a Malays i an aged 7 0 , was appointed as Chairman and AN I ndependent Non- Execut i ve Director of MISC Berhad on 15 January 2015. Qualification, Skills and Experience Dato’ Ab. Halim graduated with a Bachelor of Economics (Accounting) from the University of Malaya in 1971 and thereafter joined University Kebangsaan Malaysia as a Faculty member of the Faculty of Economics. He obtained his Masters of Business Administration degree from the University of Alberta, Edmonton, Alberta, Canada in 1973 and subsequently a Diploma in Accountancy (post-graduate) from University Malaya in 1975. He is a Member of the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). Dato’ Ab. Halim joined KPMG/KPMG Desa Megat & Co. in 1977. He had his early accounting training both in Malaysia and the United States of America. He held various positions in KPMG and acted as receiver and manager and liquidator for several companies. He was made Partner of KPMG in 1985. At the time of his retirement on 1 October 2001, he was the Partner in Charge of the Assurance and Financial Advisory Services Divisions and was also responsible for the Secured e-Commerce Practice of the firm. Other Commitments Dato’ Ab. Halim currently sits on the boards of PETRONAS Gas Berhad, Amway (Malaysia) Holdings Berhad and KNM Group Berhad. profiles of directors REDISCOVER | REBUILD | SUSTAIN 28
Yee Yang Chien, a Malaysian aged 48, was appointed as President/ Chief Executive Officer and A Non- I ndependent Execut i ve Director of MISC Berhad on 1 January 2015. yee yang chien President/Chief Executive Officer, Non-Independent Executive Director Qualification, Skills and Experience Yee Yang Chien holds a double-degree in Financial Accounting/ Management and Economics from the University of Sheffield, United Kingdom. He began his career as an auditor, undertaking both external and internal audit assignments, and progressed on to equity research and investment banking work with various local and international financial institutions. He joined MISC Berhad in 2001 as Senior Manager of Research and Evaluation of the Corporate Planning and Development Unit. He subsequently joined AET Group as Group Vice President of Corporate Planning in June 2005. Yee Yang Chien returned to MISC Berhad in April 2008 as the Vice President of Corporate Planning and Development, focusing on strategic planning, enterprise risk management, budget development and special projects for the Group. He was appointed as the Chief Operating Officer of MISC Berhad in July 2013 where he was also given oversight over Group Finance and Human Resource functions as well as the Chemical Tanker Business Unit. Other Commitments Yee Yang Chien is the Chairman of several major subsidiaries within the MISC Group and is Deputy Chairman of AET Tanker Holdings Sdn. Bhd. and Malaysian Maritime Academy Sdn. Bhd. He is also a Director of Malaysia Marine and Heavy Engineering Holdings Berhad, Centralised Terminals Sdn. Bhd. and FPSO Ventures Sdn. Bhd. Additionally, Yee Yang Chien is a Board Member of the United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (UK P&I Club) and an Executive Committee member of the International Association of Independent Tanker Owners (INTERTANKO). MISC BERHAD Annual Report 2015 29
Dato’ Sekhar Krishnan Independent Non-Executive Director Dato ’ Sekhar Kr i shnan , a Malaysian aged 60, was appointed as AN Independent Non-Executive Director of MISC Berhad on 15 January 2015. Qualification, Skills and Experience Dato’ Sekhar is a member of the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). Dato’ Sekhar retired in 2010 as the Executive Vice President, Corporate Services of Sime Darby Berhad. He was responsible for Sime Darby Group’s legal, secretarial, risk management, sustainability and quality management functions, as well as the Commodity Trading and Marketing and Allied Products & Services activities of the group. Prior to joining the Sime Darby Group in 1982, Dato’ Sekhar had three years of post-qualifying experience with Peat Marwick Mitchell & Co. (now known as KPMG). Since then, he had held various senior financial positions within the Sime Darby Group including as Finance Director of Sime UEP Properties Berhad, Group Financial Controller of Sime Darby Berhad and Finance Director of Tractors Malaysia Holdings Berhad. Board Committee Membership Dato’ Sekhar is the Chairman of Board Audit Committee of MISC Berhad. profiles of directors 30 REDISCOVER | REBUILD | SUSTAIN
Dato’ Hal i pah b i nt i Esa , a Malaysian aged 66, was appointed as AN Independent Non-Executive Director of MISC Berhad on 26 April 2004. Dato’ Halipah binti Esa Independent Non-Executive Director Qualification, Skills and Experience Dato’ Halipah received her Bachelor of Arts (Honours) degree in Economics and a Master of Economics from the University of Malaya. She also holds Certificates in Economic Management from the IMF Institute, Washington and the Kiel Institute for World Economics, Germany as well as a Certificate in Advanced Management Programme from Adam Smith Institute, London. She started her career in 1973 with the Administrative and Diplomatic Services in the Economic Planning Unit (“EPU”) of the Prime Minister’s Department. During her tenure in EPU, she served in various capacities in the areas of infrastructure, water supply, energy, health, housing, telecommunications, urban services, human resource development, macro economy, international economy, environment, regional development and distribution. She held various senior positions in the EPU and retired as the Director General in 2006. She had also served the Ministry of Finance as the Deputy Secretary General. She was previously the Chairman of Pengurusan Aset Air Berhad and had also served on the Boards of PETRONAS, Employees Provident Fund, Inland Revenue Board, Bank Pertanian, Federal Land Development Authority and UDA Holdings Berhad. She was a consultant to the World Bank and United Nations Development Programme in advising the Royal Kingdom of Saudi Arabia on economic planning, and had also provided technical advice to planning agencies in Vietnam, Cambodia, Indonesia and several African countries. Other Commitments Currently, Dato’ Halipah serves on the boards of Malaysia Marine and Heavy Engineering Holdings Berhad, KLCC Property Holdings Berhad, KLCC REIT Management Sdn. Bhd., Cagamas Berhad, S P Setia Berhad, Malaysia Deposit Insurance Corporation and Securities Industry Dispute Resolution Centre. Board Committee Membership Dato’ Halipah is a member of the Board Audit Committee and chairs the Nomination and Remuneration Committee of MISC Berhad. MISC BERHAD Annual Report 2015 31
Dato’ Kalsom binti Abd. Rahman Independent Non-Executive Director Dato’ Kalsom binti Abd. Rahman, a Malays i an aged 6 7 , was appointed as An Independent Non-Executive Director of MISC Berhad on 27 October 2004. Qualification, Skills and Experience Dato’ Kalsom holds a Bachelor of Economics (Honours) degree from the University of Malaya and a Masters in Business Administration (Finance) from University of Eugene, Oregon, United States of America (“USA”). During her tenure in the public sector, she attended management courses organised by Harvard Business School and Stanford University in USA as well as other trade and investments related courses/seminars organised by regional and international organisations such as Asean, Apec, WTO, UNCTAD, UNIDO, WIPO and the World Bank. Dato’ Kalsom had served in various capacities in the Ministry of International Trade and Industry (MITI) both at the Headquarters and Overseas offices, the last post being the Deputy Secretary General (Industry). Other Commitments Dato’ Kalsom currently sits on the boards of several public companies, namely MIDF Asset Management Berhad, MIDF Property Berhad, MIDF Amanah Investment Bank Berhad, Lion Forest Industries Berhad and Amanah International Finance Berhad. Board Committee Membership Dato’ Kalsom is also a member of the Board Audit Committee and the Nomination and Remuneration Committee of MISC Berhad. profiles of directors 32 REDISCOVER | REBUILD | SUSTAIN
Lim Beng Choon, a Malaysian aged 56, was appointed as An I ndependent Non- Execut i ve Director of MISC Berhad on 16 August 2012. Lim Beng Choon Independent Non-Executive Director Qualification, Skills and Experience Lim Beng Choon holds a Bachelor of Science (Honours) in Mathematics and Computer Science from the Australian National University, Canberra, ACT, Australia and has attended numerous Accenture Management Training Programmes around the globe including the IMD Leadership Programme in Switzerland. He was the Country Managing Director of Accenture, the global consulting, technology and outsourcing giant, before retiring in 2009. He held various positions during his 28 years tenure in Accenture, including Managing Partner for Accenture’s Resources Industry Group (Oil & Gas, Chemicals, Utilities) in South-East Asia, India and Korea. His experience in management consulting spans across strategy formulation, operational consulting and merger integrations. He has led complex projects to deliver transformational change for Malaysian and foreign multinational companies. Prior to moving into management consulting, he was in technology consulting covering technology strategy and systems integration work. Other Commitments Lim Beng Choon serves as a Trustee of the ECM Libra Foundation, actively advising on their welfare initiatives. He is an Independent Non-Executive Director on the boards of PETRONAS Gas Berhad and PETRONAS Dagangan Berhad. Board Committee Membership Lim Beng Choon is a member of the Board Audit Committee of MISC Berhad. MISC BERHAD Annual Report 2015 33
D a t uk G e org e R a t i l a l , a Malaysian aged 56, was appointed a s Cha i rman and A Non I ndependent Non- Execut i ve Director of MISC Berhad on 1 August 2011. On 15 January 2015, he was re-designated as a Non-Independent Non-Executive Director of MISC Berhad. Datuk Manharlal Ratilal (Datuk George Ratilal) Non-Independent Non-Executive Director Qualification, Skills and Experience Datuk George holds a Bachelor of Arts (Honours) degree in Accountancy from Birmingham City University, United Kingdom in 1982 and Masters in Business Administration from the University of Aston in Birmingham, United Kingdom in 1984. Prior to joining PETRONAS in 2003, he was attached with a local investment bank for 18 years, concentrating on corporate finance where he was involved in advisory work in mergers and acquisitions, equity and debt capital markets. From 1997 to 2002, he served as the Managing Director of the investment bank. Datuk George is the Executive Vice President and Group Chief Financial Officer of PETRONAS. He is also a member of the Board of Directors of PETRONAS and its Executive Committee. Other Commitments Datuk George also sits on the boards of PETRONAS Gas Berhad, KLCC Property Holdings Berhad, KLCC REIT Management Sdn. Bhd., Cagamas Holdings Berhad and other subsidiaries of the PETRONAS Group. profiles of directors 34 REDISCOVER | REBUILD | SUSTAIN
Datuk Nasarudin bin Md Idris Non-Independent Non-Executive Director Datuk NASARUDIN BIN MD Idris, a Malays i an aged 6 0 , was appointed as A Non-Independent Non-Executive Director of MISC Berhad on 11 October 2004 before assuming the position of President/Chief Executive Officer ( “CEO” ) on 15 June 2010 . On 1 January 2015, Datuk Nasarudin was re-designated as NonI ndependent Non- Execut i ve D i r e c t o r f o l l o w i n g h i s retirement as President/CEO of MISC Berhad on 31 December 2014. Qualification, Skills and Experience Datuk Nasarudin graduated from the University of Malaya with a Bachelor of Arts (Honours) degree, and holds a Masters degree in Business Administration from Henley – The Management College (Brunel University), United Kingdom. He also attended the Stanford Executive Programme at Stanford University, United States of America (“USA”). He joined PETRONAS in 1978 and had held various positions within PETRONAS Group including as Vice President, Corporate Planning and Development; Group Chief Executive Officer of KLCC Holdings Berhad; Senior General Manager, Corporate Planning and Development Division; Executive Assistant to the President; General Manager, Marketing of PETRONAS Dagangan Berhad; General Manager, Corporate Development; and General Manager, Group Strategic Planning. Other Commitments Datuk Nasarudin is the Chairman of two major subsidiaries within MISC Group including Malaysia Marine and Heavy Engineering Holdings Berhad and AET Tanker Holdings Sdn. Bhd. He is also a Director of Bintulu Port Holdings Berhad. MISC BERHAD Annual Report 2015 35
Mohamed Firouz bin Asnan Non-Independent Non-Executive Director Mohamed F irouz bin Asnan, a Malays i an aged 5 0 , was appointed as A Non-Independent Non-Executive Director of MISC Berhad on 1 October 2015. Qualification, Skills and Experience Mohamed Firouz bin Asnan holds a Master in Business Administration from the Massachusetts Institute of Technology, United States of America (“USA”) and a Bachelor of Science (B.Sc.) in Civil Engineering from the University of Louisiana at Lafayette, USA and is a Registered Professional Engineer and Member of the Institution of Engineers, Malaysia. Mohamed Firouz is currently the Vice President of Oil Business, Downstream, PETRONAS. He started his career as a facilities engineer in the Exploration & Production Division in 1989 before moving to Corporate Planning followed by a two-year stint in Dubai. In 2005, he was appointed as the General Manager of Business Development where he was responsible for planning, identifying and evaluating new business opportunities including mergers and acquisitions. He returned to Upstream in 2009 with posting to Ho Chi Minh City as Head of Vietnam Operations with joint appointment as Country Chairman. Prior to taking up his current position, he was the Chairman of PETRONAS Sabah and Labuan and Head of Sabah Operations of PETRONAS Carigali Sdn. Bhd. from 2013 to 2015. Other Commitments Mohamed Firouz currently sits on the board of PETRONAS Dagangan Berhad and other subsidiaries within the PETRONAS Group. Board Committee Membership Mohamed Firouz is a member of the Nomination and Remuneration Committee of MISC Berhad. None of the Directors have: • A family relationship with other directors and/or major shareholders of the Company. • A conflict of interest with the Company. • Been convicted of an offence within the past 10 years. profiles of directors 36 REDISCOVER | REBUILD | SUSTAIN
From left to right: Rozainah binti Awang Vice President, Finance Faizul bin Ismail Vice President, LNG Business Fadzillah binti Kamaruddin Vice President, Legal, Corporate Secretarial & Compliance Syed Hashim bin Syed Abdullah Vice President, Offshore Business management committee REDISCOVER I REBUILD I SUSTAIN 38
From left to right: Captain Rajalingam Subramaniam President/Chief Executive Officer AET Tanker Holdings Sdn. Bhd. Yee Yang Chien President/Chief Executive Officer Iwan Azlan bin Mokhtar Vice President, Human Resource Management MISC BERHAD Annual Report 2015 39
Yee Yang Chien profiles of the management committee Yee Yang Chien President/Chief Executive Officer Yee Yang Chien, a Malaysian aged 48, was appointed as President/Chief Executive Officer and Non-Independent Executive Director of MISC Berhad on 1 January 2015. Qualification, Skills and Experience Yee Yang Chien holds a double-degree in Financial Accounting/ Management and Economics from the University of Sheffield, United Kingdom. He began his career as an auditor, undertaking both external and internal audit assignments, and progressed on to equity research and investment banking work with various local and international financial institutions. He joined MISC Berhad in 2001 as Senior Manager of Research and Evaluation of the Corporate Planning and Development Unit. He subsequently joined AET Group as Group Vice President of Corporate Planning in June 2005. Yee Yang Chien returned to MISC Berhad in April 2008 as the Vice President of Corporate Planning and Development, focusing on strategic planning, enterprise risk management, budget development and special projects for the Group. He was appointed as the Chief Operating Officer of MISC Berhad in July 2013 where he was also given oversight over Group Finance and Human Resource functions as well as the Chemical Tanker Business Unit. Other Commitments Yee Yang Chien is the Chairman of several major subsidiaries within the MISC Group and is Deputy Chairman of AET Tanker Holdings Sdn. Bhd. and Malaysian Maritime Academy Sdn. Bhd. He is also a Director of Malaysia Marine and Heavy Engineering Holdings Berhad, Centralised Terminals Sdn. Bhd. and FPSO Ventures Sdn. Bhd. Additionally, Yee Yang Chien is a Board Member of the United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (UK P&I Club) and an Executive Committee member of the International Association of Independent Tanker Owners (INTERTANKO). REDISCOVER I REBUILD I SUSTAIN 40
from left to right Captain Rajalingam Subramaniam Faizul bin Ismail Captain Rajalingam Subramaniam President/Chief Executive Officer AET Tanker Holdings Sdn. Bhd. Captain Rajalingam Subramaniam, aged 50, was appointed as the President/Chief Executive Officer of AET Tanker Holdings Sdn. Bhd. on 1 January 2016. Prior to holding the current position, he was Vice President, Fleet Management Services of MISC Berhad since 1 September 2008. Qualification, Skills and Experience He holds a Post Graduate Masters in Business Administration from Universiti Utara Malaysia and a Master Certificate of Competency – Foreign Going from Akademi Laut Malaysia (ALAM), a wholly-owned subsidiary of MISC Berhad. Captain Rajalingam graduated from ALAM in 1983 and subsequently sailed on MISC vessels as a Sea Going Officer before joining shore services in 1996 as a Marine Superintendent. Since then, he has held various positions in MISC Berhad. Between 2005 to 2008, he served in AET as General Manager Shipmanagement and subsequently as Group Vice President of AET Shipmanagement. Other Commitments Captain Rajalingam was appointed as Honorary Commander of the Royal Malaysian Navy in November 2009, in recognition of MISC’s support to the Naval Reservist Programme and his role as Patron of MISC’s Naval Reservist. He served as International Association of Independent Tanker Owners (INTERTANKO) EXCO Member from 2009 to 2015, and was recently appointed as Chairman of the Association’s new Gas Tankers Committee in November 2015. Captain Rajalingam also sits as a board member in several subsidiaries and joint venture companies within MISC and AET Group. Faizul bin Ismail Vice President, LNG Business Faizul bin Ismail, aged 55, was appointed as Vice President of LNG Business, effective 1 August 2011. Prior to his current position, he was the Senior General Manager, LNG Business from 1 April 2010. Qualification, Skills and Experience Faizul is a qualified Marine Engineer specialising in Steam Plant from South Tyne Side Marine College, United Kingdom in 1990 and Australian Maritime College, Launceston Australia in 1987. He joined MISC Berhad in 1980 and served as an Engineer for the MISC LNG Fleet until 1990. In the following year, he joined PETRONAS as a Marine Engineer Superintendent and was involved in the LNG shipbuilding project in France until 1994. He held various positions in PETRONAS including as Safety Manager, Senior Superintendent and Operations relating to the LNG shipping industry; General Manager of PETRONAS Tankers; Chief Executive Officer of Malaysian International Trading Corporation (Japan) Sdn. Bhd. and PETRONAS Country Manager for Japan. Faizul returned to MISC Berhad in 2005 as General Manager of Technical Services Department of Fleet Management Services. In 2006, he held the position of General Manager of Commercial Operations LNG Business and in 2008, he was appointed as General Manager of Business Development LNG Business. Other Commitments Faizul is a board member of several subsidiaries and joint venture companies within the MISC Group. He is also a board member of Society of International Gas Tanker and Terminal Operators Ltd. (SIGTTO) and an EXCO Member of Malaysia Shipowners’ Association (MASA). MISC BERHAD Annual Report 2015 41
Rozainah binti Awang Vice President, Finance Rozainah binti Awang, aged 47, was appointed as Vice President, Finance on 1 April 2013. Qualification, Skills and Experience Rozainah obtained a Chartered Institute of Management Accountant (CIMA) qualification from A.T. College, London in the United Kingdom in 1991. She is also an Associate Member of CIMA (ACMA) since 1996 and a member of the Malaysian Institute of Accountants. She joined the MISC Group in 2002 and prior to her current position, she was the General Manager, Finance and Project Services for Offshore Business, MISC Berhad. Rozainah held various positions within MISC Berhad including General Manager, Strategic Planning within the Corporate Planning and Development Division. In addition to her roles within the MISC Group, Rozainah was involved in the Economic Transformation Plan (ETP) by PEMANDU. She has accumulated more than 20 years of professional experience in Management Accounting, Strategic Planning as well as Cost Control. Her external working exposure includes working with multinationals ALCOM (M) Bhd and Colgate Palmolive. Other Commitments Rozainah also holds directorships in various subsidiaries and joint venture companies within the MISC Group. from left to right Syed Hashim bin Syed Abdullah Rozainah binti Awang profiles of the management committee Syed Hashim bin Syed Abdullah Vice President, Offshore Business Syed Hashim bin Syed Abdullah, aged 59, was appointed as Vice President, Offshore Business on 5 May 2015. Prior to his current position, he was the General Manager, Asset Management of Offshore Business since 1 December 2014. Qualification, Skills and Experience He holds a Diploma in Industrial Chemistry from Institute Technology MARA and has attended the Senior Management Development Programme at INSEAD in 2004. He has more than thirty (30) years of experience in the upstream Oil & Gas industry business chain i.e. exploration, development and production, serving in various roles and capacities. He has thus, acquired in-depth technical knowledge, capability in operations, safety and project management, and also management competencies in strategic planning, PSC management, problem solving and decision making in addition to human resource development and management. He commenced his career in 1978 as Production Superior/ Planner with Hewlett Packard Malaysia and left in 1982 to join PETRONAS Carigali Sdn. Bhd. (PCSB) as a Production Specialist. He was with PCSB until 2011 where the last position held was as General Manager, JV Operations. Other Commitments Syed Hashim also holds directorships in various subsidiaries and joint venture companies within the MISC Group. REDISCOVER I REBUILD I SUSTAIN 42
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