MISC Annual Report 2017

79 Strategy & Performance Our Offshore Business segment too made good progress in its conversion of the donor vessel, the Bunga Kelana 5, into a Floating, Storage and Offloading Vessel (FSO) for Chevron Offshore (Thailand) Limited’s FSO Benchamas 2 Project in the Gulf of Thailand. This 105,400 dwt Aframax tanker with the capacity to store 650,000 barrels of crude oil, is scheduled for sail away in the first quarter of 2018. The experience garnered from this project is expected to strengthen MISC’s global offshore portfolio. Meanwhile, our Marine & Heavy Engineering Business segment under the Malaysia Marine & Heavy Engineering Holdings Berhad (MHB), have successfully completed several offshore projects namely F12 Wellhead Platform’s (WHP) topside and jacket, Besar A WHP, Baronia-B Central Processing Platform (CPP) jacket, bridge and piles, PETRONAS FLNG 2 external turret and FSO Benchamas 2 external turret. For the offshore services sector, the segment have completed 48 modification and rejuvenation work orders under the Facilities Improvement Project (FIP) for PETRONAS Carigali Sdn. Bhd. On the onshore sector, we have successfully completed two packages for Refinery and Petrochemical Integrated Development (RAPID) namely Package 3 Area 3 and RAPID Package 22 projects in 2017. The year in review also saw us undertaking several exercises to redefine and strengthen our businesses. One of the year’s key highlights was the formation of the Integrated Marine Services segment following the integration of MISC’s Fleet Management Services Division and AET Shipmanagement into a single new entity known as Eaglestar. Eaglestar will now harness more than 60 years of knowledge and expertise across both companies to provide technical management and operation services to MISC's and AET’s fleet of vessels. More importantly, it will allow for the pooling of knowledge and expertise into a “Centre of Excellence” for ship management to better serve key vessel segments in various markets. In October 2017, we exited the Tank Terminal business by selling our 45% equity stake in Centralised Terminals Sdn. Bhd. (CTSB) to Dialog Group to fully focus on our core business segments. Through Th e y ear i n r e v i ew al s o saw us un d e r t ak i n g s e v e ral e x c e rc i s e s t o r e d e f i n e an d s t r e n g t h e n ou r bus i n e s s e s . PRESIDENT/GROUP CEO ’ S REVIEW