A n n u a l R e p o r t 2 0 1 6
In 2014, RESOLUTE, PURPOSEFUL and ENERGISED keywords were chosen to represent MISC’s spirit as we overcame the downturn of the shipping industry that began in year 2009. We made few hard, but necessary strategic decisions to strengthen our financial position and rationalise our asset portfolio. These decisions had laid a better foundation for us to rebuild our business portfolios and to face future challenges with confidence. In 2015, MISC chose the keywords REDISCOVER, REBUILD and SUSTAIN to reflect the beginning of our new chapter in our journey of rediscovering our aspirations, and rebuilding our strengths. A refreshed Vision, Mission and Tagline, as well as MISC2020 fiveyear business plan were born out of these exercises. We aim to drive sustainable growth via our new MISC2020 goals. This year, for the conclusion of our typographic Annual Report cover design series, we have entrusted the selection of the final three keywords to our most valued stakeholder who has made us who we are – our people. In a survey participated by employees from all levels within the Group, they have chosen these three words that best de s c r i bed MI SC ’s j ou r ne y and performance in 2016: • DYNAMIC: As a leading maritime solutions and services provider in the volatile oil and gas industry, MISC has been agile in adapting our strategy to respond to the challenges presented by this environment of uncertainty. Our attitude in making this new oil price scenario work to our advantage is what defines us as a dynamic organisation. Likewise, our willingness to embrace our internal cultural shift shows that we are a progressive and energetic organisation driven to be consistently better no matter what. • RESILIENT: For the past few years, we have taken painful but necessary steps in restructuring our business and asset portfolio to ensure the survival of MISC as a Group. Our sacrifices have paid off, and we have emerged stronger than ever before. With our strategic vision MISC2020 in place, we will continue to strengthen our ability to stay res i l i en t i n an t i c i pa t i ng and overcoming industry challenges, and enhance our visibility and stature in the global space. • SYNERGISTIC: With an updated vision and mission statements, a new tagline, and a refreshed logo, we have rebuilt MISC into the company that we are all proud to work for. Now with our new cultural beliefs in place guiding how we work, we have grown closer together as a team, united in our diversity. Leveraging the synergistic partnerships amongst our diverse business segments and stakeholders, we offer customers extensive solutions and services beyond their expectations. The three words are a testament from our people that our aspirations and success matter to them and exemplify their perseverance and dedication to the organisation. They reinforced our shared values and team spirit as we rise above challenges and forge ahead t owa rds ou r f u t u re , emb r ac i ng opportunities for MISC to consistently do better together and realise our potential as a Group. MISC’s Annual Reports from 2014 to 2016 each featured three keywords in a strong, bold typographic cover design to describe the year’s theme.
Our enhanced MISC logo draws its energy from the natural strength and fluidity of the ocean. The blue sea bed at the base represents the solid foundations upon which MISC is built. Above it, dynamic waves depict the energy that drives us forward with confidence and vigour. The continuous rise of the waves reflects our growth ambitions and our quest to consistently push ourselves to provide better solutions for our customers and stakeholders. logo rationale
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 MISC BERHAD • Annual Report 2016 2
RESULTS MATTER I stretch my limits to deliver superior results OWN IT! I own the results and don’t blame others FOCUSED EXECUTION I plan, commit, and deliver with discipline NURTURE TRUST I always keep my promise and build mutual trust TELL ME I seek, give and act positively on feedback SHARED SUCCESS I collaborate for the greater good of MISC Group cultural beliefs Loyalty Loyal to corporation Integrity Honest and upright Professionalism Strive for excellence Cohesiveness United, trust and respect for each other Shared Values 3
Performance Review 46 Chairman’s Statement 54 President/Group CEO’s Review and Management Discussion & Analysis (MD & A) 96 Key Highlights of 2016 Investor’s Overview 112 Investor Relations Report 114 Statistics on Shareholdings Sustainability Statement 117 Sustainability Statement INSIDE THIS REPORT 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 in the News 16 MISC at a Glance 17 Key Facts & Figures 18 Our Global Presence 20 MISC2020 : Our 5-Year Strategy 22 MISC Group Structure BOARD & MANAGEMENT 26 Board of Directors 38 Management Committee
CORPORATE GOVERNANCE 123 Statement on Corporate Governance 135 Nomination & Remuneration Committee Report 138 Statement on Risk Management & Internal Control 146 Statement of Directors’ Responsibility 147 Additional Compliance Information 148 Board Audit Committee Report financial 154 Financial Statements Properties Owned by MISC Group 343 Properties owned by MISC Berhad and its Subsidiaries List of Vessels and Assets 346 List of Vessels and Assets FORTY-EIGHTH (48TH) ANNUAL GENERAL MEETING 355 Notice of Annual General Meeting 359 Statement Accompanying Notice of 48th Annual General Meeting 360 Administrative Notes relating to the 48th Annual General Meeting (AGM) • Proxy Form
Revenue For the financial year ended 31 December 2016 (FY2016), Group revenue of RM9,597.2 million was 12.0% lower than the financial year ended 31 December 2015 (FY2015)’s revenue of RM10,908.4 million. Lower charter rates earned on new contracts in LNG segment and lower revenue from construction contracts in the Marine & Heavy Engineering segment were the main factors for the decrease in Group revenue. Total Assets Group total assets as at the end of FY2016 of RM56,151.3 million was 18.1% higher than RM47,539.1 million as at the end of FY2015. The increase in Group total assets were mainly due to consolidation of GumusutKakap Semi-Floating Production System (L) Limited (“GKL”), following completion of the equity buyback in May 2016, and higher capital expenditure incurred during the year. The Group’s cash, deposits and bank balances as at the end of FY2016 of RM6,559.2 million was 16.0% higher than RM5,654.0 million as at the end of FY2015. Operating Profit Group operating profit of RM2,228.8 million was 19.9% lower than FY2015 operating profit of RM2,782.6 million. Lower revenue and higher depreciation, arising from the change in estimated useful life of vessels in the current year, were the main causes of the decrease in operating profit. Profit Before Tax Group profit before tax of RM2,814.0 million was 9.6% higher than FY2015 profit before tax of RM2,566.9 million. The increase in profit was mainly due to the recognition of gains on acquisition and disposal of subsidiaries during the year under review. Earnings Per Share (Sen) Profit attributable to the equity holders of the Corporation of RM2,581.6 million was 4.6% or RM113.8 million higher than RM2,467.8 million profit in FY2015. This translates to an improved earnings per share of 57.8 sen from 55.3 sen in FY2015. Dividends The Board had in August 2016, declared a first interim tax exempt dividend of 10.0 sen per share in respect of FY2016. This first interim tax exempt dividend, amounting to RM446.4 million, was paid in September 2016. In February 2017, the Board declared a second tax exempt dividend in respect of FY2016 of 20.0 sen per share. This second tax exempt dividend of RM892.8 million was paid in March 2017. MISC BERHAD • Annual Report 2016 6 GROUP Financial REVIEW
Total Liabilities Group total liabilities as at the end of FY2016 of RM16,820.3 million was 51.8% higher than RM11,079.9 million as at the end of FY2015, mainly from increase in borrowings, following completion of the equity buyback of GKL in May 2016. Shareholders’ Equity Shareholders’ equity of RM38,065.7 million as at 31 December 2016 was 7.6% higher than RM35,361.5 million as at 31 December 2015. The increase in shareholders’ equity was mainly due to currency translation gain of RM1,588.6 million and profit attributable to equity holders of RM2,581.6 million in FY2016. The Corporation also paid dividends totalling RM1,450.7 million in FY2016. Net Debt/Equity Ratio Following increase in total borrowings during the year, the Group’s net debtto-equity ratio increased to 0.15 times as at 31 December 2016 compared to 0.02 times as at 31 December 2015. Capital expenditure requirements Group committed capital expenditure as at the end of FY2016 stood at RM4,346.1 million. Based on our strong cash position as at the end of FY2016 and existing funding facilities, the Group should be able to fund committed capital expenditure and planned growth plans. Given the relatively low net debt/equity ratio, the Group will pursue the optimum capital structure for any capital project or investment. Group Revenue RM9,597.2 million Group Operating Profit RM2,228.8 million Earnings Per Share 57.8 SEn Total Assets RM56,151.3 million 7 Financial Review
MISC BERHAD • Annual Report 2016 8 Audited 1.1.2016 to 31.12.2016 RM Million Audited 1.1.2015 to 31.12.2015 RM Million Audited(3) 1.1.2014 to 31.12.2014 RM Million Audited(3)(5) 1.1.2013 to 31.12.2013 RM Million Restated(3)(4)(5) 1.1.2012 to 31.12.2012 RM Million Continuing Operations: Revenue 9,597.2 10,908.4 9,296.3 8,971.8 9,050.3 Operating profit 2,228.8 2,782.6 1,841.7 1,552.6 1,517.4 Profit before taxation 2,814.0 2,566.9 2,410.3 2,227.7 1,516.7 Profit/(Loss) after taxation 2,793.3 2,535.1 2,320.0 2,229.5 921.4 Continuing Operations 2,793.3 2,535.1 2,320.0 2,225.2 1,544.3 Discontinued Operations – – – 4.3 (622.9) Profit/(Loss) for the year attributable to equity holders of the Corporation Continuing Operations 2,581.6 2,467.8 2,204.3 2,081.1 1,393.1 Discontinued Operations – – – 4.3 (622.9) 2,581.6 2,467.8 2,204.3 2,085.4 770.2 Dividends paid during the year 1,450.7 602.6 401.7 – – Earnings/(Loss) per share (sen)(1) 57.8 55.3 49.4 46.7 17.3 Continuing Operations 57.8 55.3 49.4 46.6 31.2 Discontinued Operations – – – 0.1 (13.9) Total assets 56,151.3 47,539.1 41,584.3 40,232.2 36,479.6 Total liabilities 16,820.3 11,079.9 12,763.2 14,474.9 14,275.6 Shareholders' equity 38,065.7 35,361.5 27,756.3 24,712.9 21,124.0 Total borrowings 12,601.5 6,504.4 8,739.2 10,218.8 8,962.7 Net tangible assets per share (sen) 860.1 796.0 624.8 556.8 478.0 Gross debt/equity ratio 0.32 0.18 0.30 0.40 0.42 Net debt/equity ratio 0.15 0.02 0.14 0.21 0.24 Interest cover ratio(2) 10.2 14.0 8.1 6.7 5.0 Notes: (1) EPS has been calculated using the weighted average number of ordinary shares in issue during the financial year. (2) Excluding gain/(loss) on disposal/acquisition of a subsidiary, gain on disposal of assets through finance lease and net (loss)/gain on disposal of ships. (3) Segregation of information between continuing and discontinued operations (Liner related business operations) effective FY2012. The comparative figures have been reclassified accordingly. (4) The FY2012 audited summary data reflects the first time adoption of Malaysian Financial Reporting Standards (“MFRS”). (5) 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. Five Year Group Financial Performance
Financial Review 9 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2015 to 31.12.2015 Audited 1.1.2016 to 31.12.2016 Audited 1.1.2014 to 31.12.2014 Audited 1.1.2013 to 31.12.2013 Restated 1.1.2012 to 31.12.2012 Revenue RM Million Operating Pro t RM Million Pro t Before Taxation RM Million Earnings/(Loss) Per Share Sen Dividends RM Million Shareholders’ Equity RM Million (12.0%) (19.9%) 9.6% 4.6% 140.7% 7.6% 9,050.3 8,971.8 9,296.3 10,908.4 9,597.2 1,517.4 1,552.6 1,841.7 2,782.6 2,228.8 1,516.7 2,227.7 2,410.3 2,566.9 2,814.0 17.3 46.7 49.4 55.3 57.8 401.7 602.6 1,450.7 21,124.0 24,712.9 27,756.3 35,361.5 38,065.7
MISC BERHAD • Annual Report 2016 10 FiNANCIAL CALenDAR Quarter 3 Announced 2 November 2016 Quarter 4 Announced 10 February 2017 Quarter 2 Announced 4 August 2016 Quarter 1 Announced 6 May 2016 Dividends First Interim Dividend Announced : 4 August 2016 Paid : 7 September 2016 Second Interim Dividend Announced : 10 February 2017 Paid : 16 March 2017 Financial Period: 1 Jan 2016 – 31 Dec 2016 Announcement of Results & Dividends
11 Corporate INFORMATION Board of Directors 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 Datuk Nasarudin bin Md Idris (Re-designated effective 23 February 2017) Non-Independent Non-Executive Directors Datuk Manharlal Ratilal Mohamed Firouz bin Asnan President/Group Chief Executive Officer Non-Independent Executive Director Yee Yang Chien Audit Committee Chairman Dato’ Sekhar Krishnan 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 Mohamed Firouz bin Asnan 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 MISC Berhad Overview
MISC Berhad (MISC) was incorporated in 1968 and is a world leading provider of international energy related maritime solutions and services. We take pride in our asset and service reliability, commitment to uphold the highest standards of Health, Safety and Environment (HSE), fostering a culture of excellence amongst our employees, operating responsibly and caring for the environment as well as making a positive difference to the communities in which we operate. ABOUT MISC The principal businesses of the Group comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, port and terminal services as well as maritime education and training. MISC Group’s fleet consists of more than 110 owned and in-chartered LNG, Petroleum and Product vessels; as well as 14 floating facilities. The fleet has a combined capacity of approximately 12 million dwt. Aside from its shipping business, maritime education is a priority for the Group and its Malaysian Maritime Academy (ALAM) is ranked amongst the top 10% of the world’s Maritime Education and Training (MET) institutions. Since 2014, we have been a proud constituent of the FTSE4Good Bursa Malaysia Index, a testament to our sustainability performance and strong Environmental, Social and Governance (ESG) practices. MISC BERHAD • Annual Report 2016 12
13 MISC Berhad Overview
MISC BERHAD • Annual Report 2016 14 MISC in the News
15 MISC Berhad Overview
MISC BERHAD • Annual Report 2016 16 MISC AT A GLANCE LNG Shipping Petroleum & PRODUCT SHIPPING OFFSHORE BUSINESS 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. Provides safe, high quality and comprehensive ocean transportation and specialist petroleum services to the world’s largest oil companies, trading houses and refiners. Its services include global marine transportation of crude oil, clean petroleum products (CPP) and chemicals; lightering and ship-to-ship (STS) transfer of oil; the provision of Dynamic Positioning Shuttle Tankers (DPSTs) to the world’s oil majors; and the provision of Modular Capture vesse l s (MCvs ) f o r ma r i ne we l l containment systems in the US Gulf (USG). Marine & Heavy Engineering Maritime Education & Training PORT & TERMINAL SERVICES Specialises in offshore construction, offshore and onshore conversion and marine repair. Owns and operates one of the largest marine and heavy engineering facilities 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) institutions 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. The centre for maritime services in provision of marine assurance and compliance, port and terminal operations & management, consultancy and services to the PETRONAS group of companies. MISC is one of the world’s leading providers of energy related maritime solutions and services. Operating a modern and diversified fleet, backed by a workforce of almost 9,000 employees from all over the world, we are committed to creating value for our stakeholders and contributing to the sustainability of our industry. tank terminals 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. 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. Certified with ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007
MISC Berhad Overview Key Facts & Figures of proven experience in delivering energy related maritime solutions and services Almost 50 years 30 years talented workforce at sea and shore across the globe Market leading lightering operations for US Gulf ship-to-ship transfers, with technical lightering operations conducted from Galveston, Texas Approximately 9,000 LNG, Pet ro l eum and Product vessels as well as floating assets carrying more than 430 million tonnes of LNG Modern fleet of over 110 The only yard in Malaysia capable of constructing complex offshore mega structures and marine facilities Cumulatively made more than 8,600 VOYAGES Among the world’s largest FPSO / FSO owner-operators with Assets 14 since inception in seafarers Successfully trained more than 13,000 1977 of proven experience in Port Management & Maritime Services 17
NORTH AMERICA SOUTH AMERICA Tank Terminal PORT & TERMINAL SERVICES Maritime Education & Training north america Canada USA africa Nigeria Algeria Equatorial Guinea middle east Kuwait Egypt Oman Qatar UAE Yemen Saudi Arabia south america Mexico Brazil Chile Trinidad & Tobago Uruguay LNG Shipping Petroleum Shipping Chemical Shipping Marine & Heavy Engineering Offshore Floating Solutions MISC BERHAD • Annual Report 2016 18 our global presence
SOUTHEAST ASIA EAST ASIA EUROPE MIDDLE EAST AFRICA OCEANIA SOUTH ASIA 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 19 MISC Berhad Overview
MISC BERHAD • Annual Report 2016 20 MISC2020: Our 5-Year Strategy A 5-YEAR MASTER PLAN TO ACHIEVE SUSTAINABLE PERFORMANCE Sustainable level of secured profit by FY2020 Sustainable ROACE (Return on Average Capital Employed) of more than 10% by 2020 GROWTH REGION IN THE NEXT 5 YEARS ATLANTIC BASIN
21 MISC Berhad Overview OUR PRIORITIES OVER THE NEXT 5 YEARS OFFSHORE • Explore acquisition opportunities arising from asset divestments by O&G players globally • Pursue organic growth when oil price recovers PETROLEUM • Pursue more time charters for conventional fleet • Develop more niche market assets such as shuttle tankers with time charter LNG • Pursue more third party long-term charters • Develop concepts for non-conventional LNG solutions MHB • Develop larger recurring income base e.g. marine repair business • Manage cost and process efficiency
MISC BERHAD • Annual Report 2016 22 MISC Group STRUCTURE AS AT 23 february 2017 * excluding dormant companies 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) • Seri Camellia (L) Private Limited 100% (Shipping) • Seri Cenderawasih (L) Private Limited 100% (Shipping) • Puteri Zamrud Sdn. Bhd. 10% (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 supports 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 Product Tankers Sdn. Bhd. 100% (Shipowning and Operations) •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 100% Pvt. Ltd. (Ship Management and Manning Activities) • Eagle Star 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 Tankers India Private 100% Limited (Shipowning) •AET UK Limited 100% (Commercial Operation and Chartering) • AET Sea Shuttle AS 95% (Owning and Operating DP Shuttle Tankers) 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) PETROLEUM & PRODUCT SHIPPING LNG SHIPPING tank terminals •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) •ELS Lightering Services S.A. 50% (Lightering Activity) •Paramount Tankers Corp 100% (Shipowning and Operations) • Atenea Services S.A. 100% (Shipowning) • Hendham Enterprises Ltd. 100% (Shipowning) • Odley Worldwide Inc. 100% (Shipowning) • Oldson Ventures Ltd. 100% (Shipowning) • Twyford International 100% Business Corp. (Shipowning) • Zangwill Business Corp. 100% (Shipowning)
23 MISC Berhad Overview 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 Oil & Gas industry) Malaysia Offshore Mobile 100% Production (Labuan) Ltd. (Mobile Offshore Production Unit Owner) Gumusut-Kakap Semi-Floating 100% Production System (L) Limited (Owning and Leasing of Semi-Submersible Floating Production System) 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) Vietnam Offshore Floating 40% Terminal (Ruby) Ltd. (FPSO Owner) 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) •Techno Indah Sdn. Bhd. 66.5% (Sludge Disposal Management) •MMHE-TPGM Sdn. Bhd. 40% (Provision of Engineering, Procurement, Construction Installation and Commissioning Services) •MMHE-ATB Sdn. Bhd. 27% (Manufacturing of Pressure Vessels and Tube Heat Exchangers) •MMHE EPIC Marine & Services 46.6% Sdn. Bhd. (Provisions of Repair Services and Dry Docking of Marine Vessels at the Ship Repair Facilities Located in Kemaman, Terengganu) • Technip MHB Hull 33.3% Engineering Sdn. Bhd. (Builds and Develops Hull Engineering and Engineering Project Management Capacities) MARINE & HEAVY ENGINEERING 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) Limited 100% (Special Purpose Vehicle for Financing Arrangement) MISC International (L) Limited 100% (Investment Holding) • SL-MISC International 49% Line Co. Ltd. (In Liquidation) 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 (In Liquidation) • MISC Agencies Lanka 40% (Private) Limited (In Liquidation) • MISC Berhad (UK) Limited 100% (Commercial Operations) MISC Ship Management Sdn. Bhd. 100% (Investment Holding) MISC Enterprises Holdings 100% Sdn. Bhd. (In Liquidation) • Trans-ware Logistics (Pvt.) Ltd. 25% (Inland Container Depot) others Malaysian Maritime Academy 100% Sdn. Bhd. (Education and Training for Seamen and Maritime Personnel) MARITIME EDUCATION OFFSHORE BUSINESS
As a leading maritime solutions and services provider in the volatile oil and gas industry, MISC has been agile in adapting our strategy to respond to the challenges presented by this environment of uncertainty. Our attitude in making this new oil price scenario work to our advantage is what defines us as a dynamic organisation. Likewise, our willingness to embrace our internal cultural shift shows that we are a progressive and energetic organisation driven to be consistently better no matter what. RM6.56B CASH BALANCE S&P upgraded our credit and bank loans ratings to BBB+ RM2,228.8 million Operating Profit +18.1% Total Assets
board of directors Yee Yang Chien PRESIDENT/GROUP Chief Executive Officer Non-Independent Executive Director Lim Beng Choon Independent Non-Executive Director Dato’ Kalsom binti Abd. Rahman Independent Non-Executive Director From left to right: Dato’ Halipah binti Esa Independent Non-Executive Director Datuk Nasarudin Md Idris Independent Non-Executive Director MISC BERHAD • Annual Report 2016 26
From left to right: Dato’ Sekhar Krishnan Independent Non-Executive Director Dato’ Ab. Halim bin Mohyiddin Chairman, Independent NonExecutive Director Mohamed Firouz bin Asnan Non-Independent Non-Executive Director Datuk Manharlal Ratilal (Datuk George Ratilal) Non-Independent Non-Executive Director 27 Board & Management
MISC BERHAD • Annual Report 2016 28 profiles of directors Dato’ Ab. Halim bin Mohyiddin Chairman, Independent Non-Executive Director Age 71, Male, Malaysian 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. Dato’ Ab. Halim bin Mohyiddin was appointed as Chairman and Independent Non-Executive Director of MISC Berhad on 15 January 2015.
29 Board & Management yee yang chien PRESIDENT/GROUP Chief Executive Officer Non-Independent Executive Director Age 49, Male, Malaysian Yee Yang Chien 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 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 AET Tanker Holdings Sdn. Bhd. and the Deputy Chairman of 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 Director of the Members’ Committee of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and an Executive Committee member of the International Association of Independent Tankers Owners (INTERTANKO).
MISC BERHAD • Annual Report 2016 30 profiles of directors Dato’ Sekhar Krishnan Independent Non-Executive Director Age 61, Male, Malaysian Dato’ Sekhar Krishnan was appointed as 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 • Chairman of the Board Audit Committee
31 Board & Management Dato’ Halipah binti Esa Independent Non-Executive Director Age 67, Female, Malaysian Dato’ Halipah binti Esa was appointed as Independent Non-Executive Director of MISC Berhad on 26 April 2004. 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, UDA Holdings Berhad, NCB Holdings Berhad and Malaysia Deposit Insurance Corporation. 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 and Securities Industry Dispute Resolution Centre. Board Committee Membership • Chairman of the Nomination and Remuneration Committee • Member of the Board Audit Committee
MISC BERHAD • Annual Report 2016 32 profiles of directors Dato’ Kalsom binti Abd. Rahman Independent Non-Executive Director Age 68, Female, Malaysian Dato’ Kalsom binti Abd. Rahman was appointed as 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 MIDF Property Berhad and Lion Forest Industries Berhad. Board Committee Membership • Member of the Board Audit Committee • Member of the Nomination and Remuneration Committee
33 Board & Management Lim Beng Choon Independent Non-Executive Director Age 57, Male, Malaysian Lim Beng Choon was appointed as an Independent Non-Executive Director of MISC Berhad on 16 August 2012. Qualification, Skills and Experience Lim Beng Choon holds a Bachelor of Science (Honours) degree from the Australian National University and has attended numerous management development programmes throughout his career 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 in multiple locations 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. In his consulting career, he has helped clients with strategy formulation, operational improvements 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. Between 2010 and last year, he served on the boards of Hong Leong Bank Berhad and PETRONAS Gas Berhad. 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 of PETRONAS Dagangan Berhad. Board Committee Membership • Member of the Board Audit Committee
MISC BERHAD • Annual Report 2016 34 profiles of directors Datuk Manharlal Ratilal (Datuk George Ratilal) Non-Independent Non-Executive Director Age 57, Male, Malaysian Datuk George Ratilal was appointed as Chairman and Non-Independent Non-Executive 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. 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 Leadership Team. Other Commitments Datuk George also sits on the boards of KLCC Property Holdings Berhad, KLCC REIT Management Sdn. Bhd., Cagamas Holdings Berhad and other subsidiaries of the PETRONAS Group.
35 Board & Management Datuk Nasarudin Md Idris Independent Non-Executive Director Age 61, Male, Malaysian Datuk Nasarudin bin Md Idris was appointed as a Non- I ndependent Non-Execut i ve 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 Non-Independent NonExecutive Director following his retirement as President/CEO of MISC Berhad on 31 December 2014. Effective 23 February 2017, Datuk Nasarudin was re-designated as Independent NonExecutive Director of the Company. 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 the 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 Nasaruddin is the Chairman of Malaysia Marine and Heavy Engineering Holdings Berhad and a Director of AET Tanker Holdings Sdn. Bhd., two major subsidiaries within the MISC Group. He is also a Director of Bintulu Port Holdings Berhad.
Mohamed Firouz bin Asnan was appointed as a Non-Independent Non-Executive Director of MISC Berhad on 1 October 2015. MISC BERHAD • Annual Report 2016 36 profiles of directors Mohamed Firouz bin Asnan Non-Independent Non-Executive Director Age 51, Male, Malaysian Qualification, Skills and Experience Mohamed Firouz is currently the Vice President of Refining and Trading, Downstream, PETRONAS. He started his career in PETRONAS 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. Mohamed Firouz 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. He is a Registered Professional Engineer and Member of the Institution of Engineers, Malaysia. Other Commitments Mohamed Firouz currently sits on the board of PETRONAS Dagangan Berhad and other subsidiaries within the PETRONAS Group. Board Committee Membership • Member of the Nomination and Remuneration Committee 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; and • Been convicted of any offence within the past 5 years and have not been imposed any penalty by the relevant regulatory bodies during the financial year 2016.
37 Board & Management
From left to right: Iwan Azlan bin Mokhtar Vice President, Human Resource Management Syed Hashim bin Syed Abdullah Vice President, Offshore Business Wong Tshun Meei Senior General Manager, Corporate Planning and Development Captain Raja Sager Muniandy Head, Fleet Management Services Captain Rajalingam Subramaniam President & Chief Executive Officer, AET Tanker Holdings Sdn. Bhd. Fadzillah binti Kamaruddin Vice President, Legal, Corporate Secretarial and Compliance Rozainah binti Awang Vice President, Finance Yee Yang Chien President/Group Chief Executive Officer Faizul bin Ismail Vice President, LNG Business MANAGEMENT COMMITTEE MISC BERHAD • Annual Report 2016 38 None of the Management Committee have: • A family relationship with other directors and/or major shareholders of the Company; • A conflict of interest with the Company; and • Been convicted of any offence within the past 5 years and have not been imposed any penalty by the relevant regulatory bodies during the financial year 2016.
39 Board & Management
Yee Yang Chien 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 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 AET Tanker Holdings Sdn. Bhd. and the Deputy Chairman of 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 Director of the Members’ Committee of The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and an Executive Committee member of the International Association of Independent Tankers Owners (INTERTANKO). Yee Yang Chien President/Group Chief Executive Officer Age 49, Male, Malaysian MISC BERHAD • Annual Report 2016 40 profiles of the management committee
Captain Rajalingam Subramaniam 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 ALAM, a wholly-owned subsidiary of MISC Berhad. Captain Rajalingam graduated from ALAM in 1983 and subsequently sailed on MISC vessels before joining shore services in 1996. Since then, he has held various positions in MISC Berhad and AET. Other Commitments Captain Rajalingam also serves the industry, such as the Royal Malaysian Navy where he was appointed Honorary Commander in November 2009. He has served at the International Association of Independent Tankers Owners (INTERTANKO) as Vice Chairman and currently chairs its Gas Tankers Committee. He also sits on the committee for a number of class societies. He also serves as a board member in several subsidiaries and joint venture companies within MISC and AET Group. Captain Rajalingam Subramaniam President & Chief Executive Officer AET Tanker Holdings Sdn. Bhd. Age 51, Male, Malaysian 41 Board & Management Syed Hashim Syed Abdullah 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 Program 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 including Malaysia Marine and Heavy Engineering Holdings Berhad. Syed Hashim bin Syed Abdullah Vice President, Offshore Business Age 60, Male, Malaysian
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