2017 2016 2015 2014 OBU HSE PERFORMANCE STATISTICS Trending LTIF & TRCF against Man-hours (FY 2014 - FY 2017) 2014 0.00 0.06 0.89 1.09 5,601,816 2015 0.00 0.06 0.00 1.09 5,941,517 2016 0.00 0.50 0.24 1.20 4,188,367 2017 (as at Feb 2017) 0.00 0.30 0.00 0.85 346,384 YEAR LTIF ACTUAL LTIF LIMIT TRCF ACTUAL TRCF LIMIT Man-hours 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0 LTIF LIMIT TRCF LIMIT 5,601,816 346,384 4,188,367 0.85 0.30 1.20 0.50 0.24 1.09 0.06 1.09 0.06 0.89 5,941,517 As at Feb 2017 LTIF LTIF Limit TRCF TRCFLimit Man-hours Key developments The year in review saw our Offshore Bus i nes s segmen t succes s f u l l y completing the buyback of the remaining 50% equity interest in the GumusutKakap Semi-Floating Production System (L) Limited (GKL) from PETRONAS. With GKL now a 100% wholly-owned subsidiary of MISC, we are now able to fully consolidate its future earnings. The asset has a 25-year time charter attached to it and will provide stable and recurring revenue contributions. In August 2016, MISC Offshore Floating Terminals (L) Limited, a wholly-owned subsidiary of MISC, signed a 10-year contract for the lease and operations of an FSO for the FSO Benchamas 2 project with Chevron Offshore Thailand Ltd. in the Gulf of Thailand. This contract, which marks MISC’s maiden foray into Thailand’s offshore Oil & Gas market, is the first ever long-term, international offshore contract of its kind secured by competitive bid. This development is also significant in that it opens up possibilities for doing business with Chevron in other areas where it operates. For the FSO Benchamas 2 project, an AET vessel, the Bunga Kelana 5 will undergo conversion works by MHB in order to transform it into an FSO. The Offshore Business is scheduled to operate the asset in Thailand waters come the second quarter of 2018 and it is expected to contribute to the Group’s future earnings. This exercise reflects t h e s y n e r g i s t i c wo r k i n g s a n d collaborative efforts across the Group for shared success. Together with the MaMPU1, which achieved first oil in Novembe r 2016 and i s a l ready contributing secured income to the Group by way of a long-term charter contract, both assets will reinforce the Group’s efforts to achieve a sustainable level of secured profit by 2020. The Offshore Business segment’s t e c h n i c a l c a p a b i l i t i e s i n c l u d e demob i l i sa t i on and i t ach i eved significant milestones in 2016, when it completed the demobilisation of the FSO Abu, the MOPU SATU and the MOPU DUA as per schedule with zero Loss Time Injury (LTI). The Offshore Business continued to show excellent asset performance, registering 99.88% asset uptime in 2016. In addition, we achieved 0.24 of recordable accidents with zero Lost Time Injury Frequency (LTIF). OFFSHORE BUSINESS MISC BERHAD • Annual Report 2016 70 President/Group CEO’s Review and MD&A BUSINESS SEGMENT AND OPERATIONS REVIEW
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