Market review The year 2016 was a challenging year for the FPSO market, with FPSO awards reaching a record low. Only three FPSOs and six FSOs were awarded (including the FSO Benchamas 2 replacement unit), while 11 FPSOs and nine FSOs were delivered in the same year. In addition, there was a substantial amount of decommissioning with 23 floating production facilities decommissioned mainly due to end of economic field life. This brought the total available floating production units in the market to 46 (minus the scrapped units). The year also witnessed significant cost cutting efforts with many oil majors reducing capital expenditure by as much as 30%, further distressing the Oil & Gas services industry with many contracts renegotiated and some even terminated. 99.88% asset uptime in 2016 lost time injury frequency (LTIF) Achieved ZERO 50% Owns of the total floating facilities in Malaysia. 69 Performance Review
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