MISC Annual Report 2018

OUR JOURNEY THROUGH THE YEARS 2001 2004 MSE became a subsidiary of MISC --------------------------------------- Formation of MISC’s Offshore Business Unit --------------------------------------- Took delivery of its first offshore floating solution, Floating Production Storage & Offloading (FPSO) facility Bunga Kertas 2006 ALAM became a wholly-owned subsidiary of MISC and changed the official uniform of its cadets --------------------------------------- First batch of female cadets enrolled at ALAM for Diploma in Nautical Studies and Diploma in Marine Engineering --------------------------------------- MHHE completed the construction of Kikeh Spar the first deepwater oil and gas field in Malaysia 1968 The Malaysia International Shipping Corporation (MISC) was incorporated as a joint venture between the Malaysian government and a group of private entrepreneurs 1972 MISC received the first batch of qualified and trained Malaysian seafarers 1976 Foundation of the Malaysian Training and Education for Seamen (MATES) by MISC, International Shipping Carriers (Hong Kong) and Ministry of Transport, Malaysia --------------------------------------- Official opening of the Pasir Gudang Yard by the third Prime Minister of Malaysia, Tun Hussein Onn 1991 MISC Haulage Services Sdn. Bhd. was launched by Tun Dr. Mahathir Mohamad to undertake land logistics services 1983 MISC took delivery of its first Liquefed Natural Gas (LNG) tanker, Tenaga Satu and delivered the first cargo for Malaysia LNG 2003 American Eagle Tankers became a subsidiary of MISC MISC Integrated Logistics Sdn. Bhd. (MILS) was formed to provide fully integrated logistics services In 2016, MISC completed the disposal of its entire equity interest in MILS 2005 Launch of MISC’s new corporate identity ------------------------------------- MSE was renamed Malaysia Marine & Heavy Engineering Sdn. Bhd. (MMHE), undertook a new corporate identity exercise and became a wholly-owned subsidiary of MISC in 2006. MMHE realigned its business focus towards high value marine repair, marine conversion and oil & gas engineering. 2007 American Eagle Tankers rebrands to AET ----------------------------------------------------------------- MISC delivered FPSO Kikeh, its first deepwater FPSO facility, which has the biggest and heaviest external turret on any FPSO worldwide ----------------------------------------------------------------- MMHE took 100% ownership of the Kiyanly Fabrication Yard in Turkmenistan MISC ventured into tank Terminal business through a joint venture with Dialog Group Berhad and formed Centralised Terminals Sdn. Bhd. (CTSB) In 2017, MISC divested 45% of stake in CTSB and exited the tank terminal business 1970 Launch of MISC’s first ship, MV Bunga Raya by Tun Sharifah Rodziah Syed Alwi Barakbah, wife of the first Prime Minister of Malaysia, Tunku Abdul Rahman Putra Al-Haj 1973 Incorporation of the Malaysia Shipyard & Engineering Sdn. Bhd. (MSE) to further develop Malaysia’s maritime industry 1981 MATES was upgraded to Academy status with the award of a government charter by the fourth Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad and renamed as The Malaysian Maritime Academy, also known as Akademi Laut Malaysia (ALAM) 1987 Listed on the main board of Kuala Lumpur Stock Exchange (KLSE - now known as Bursa Malaysia) 1997 & 1998 PETRONAS acquired a 29.30% stake in MISC --------------------------------------- MISC became a subsidiary of PETRONAS via the increase of its stake to 62.01% in 1998 2008 MISC entered into a Shareholders’ Agreement with Petroleum Technical Services Corporation (PTSC) of the Socialist Republic of Vietnam to own and operate a floating solution -------------------------------------------------------------------- MISC Offshore Business Unit received the prestigious ISO 9001:2000 certifcation by Bureau Veritas, an independent certifcation and auditing services agency 2010 & 2011 MMHE was listed on Bursa Malaysia as the Malaysian Marine & Heavy Engineering Holdings Berhad (MHB) ------------------------------------------------------------------ MISC’s first foray into Vietnam’s oil and gas market through the delivery of FPSO Ruby II -------------------------------------------------------------------- MISC exited from the linear business in 2011 2013 2015 2017 MISC took delivery of its first two LNG Floating Storage Units (FSUs), Tenaga Satu and Tenaga Empat for Malaysia’s first Regasification Terminal in Sungai Udang, Melaka ---------------------------------------------------------------- AET received its first owned eco-designed Suezmax tanker, Eagle San Antonio ---------------------------------------------------------------- AET’s first foray into the North Sea market through a long-term contract with Norwegian energy giant Statoil ASA to operate two specialist DP2-type shuttle tankers 2014 MISC successfully delivered the Gumusut- Kakap Semi-Submersible Floating Production System (Semi-Sub FPS) Asia’s largest offshore facility fo deepwater developments ------------------------------------------------------------------ AET performed its 10,000th fully serviced lightering operation in the US Gulf, an industry first ------------------------------------------------------------------ AET’s VLCC Eagle Vancouver became one of the world’s first newbuilds to comply with the Ballast Water Management Convention ------------------------------------------------------------------ AET successfully operationalised its Dynamic Positioning (DP) shuttle tanker business in Brazil ------------------------------------------------------------------ Seri Bakti became the first vessel to perform vessel cool-down service at Singapore LNG Terminal 2016 PETRONAS Maritime Services Sdn. Bhd. became a subsidiary of MISC. (Now known as MISC Maritime Services Sdn. Bhd., MMS) ------------------------------------------------------------------ MISC and MHB handed over the Mobile Sea Base, PL Tun Azizan to PETRONAS. Previously a cargo vessel, the PL Tun Azizan was successfully converted into a mobile sea-base ship equipped with the necessary features to function as a long-term national security asset ------------------------------------------------------------------ Successful completion of the Marginal Marine Production Unit (MaMPU) 1, a fit-for-purpose FPSO for the development of marginal felds 2018 MISC became one of the strategic partners of the Global Maritime Forum ----------------------------------------------------------------- Integration of the ship management units of MISC into a single entity known as Eaglestar ------------------------------------------------------------------ Seri Camellia became the first ever vessel to load at an offshore Floating LNG terminal, the PFLNG Satu ------------------------------------------------------------------ AET unveiled its new TOTAL-chartered LR2 sister vessels, Eagle Lyon and Eagle Le Havre at Hyundai Heavy Industries in Korea ------------------------------------------------------------------ Statoil awarded a contract to AET to operate two specialist DP2 Offshore Loading Shuttle Tankers (OLSTs) on long-term charter ------------------------------------------------------------------ Ground-breaking of Dry Dock No. 3 at MMHE West Yard 2009 Modified Bunga Mas Lima into the world’s first Naval Auxiliary Vessel that was converted from a merchant vessel to support the Royal Malaysian Navy in its maritime defence efforts ------------------------------------------------------------------ ALAM ranked in the top 10% of the world’s Maritime Education & Training (MET) institutions, by DNV SeaSkill ------------------------------------------------------------------ MISC’s Chemical Business successfully delivered its first cargo of base oil for PETRONAS Base Oil (M) Sdn. Bhd. from Sg. Udang, Malacca to Antwerp, Belgium -------------------------------------------------------------------- MISC acquired 50% stake in Vitol Tank Terminals International B.V. (VTTI B.V.), previously a wholly-owned subsidiary of Vitol Group -------------------------------------------------------------------- In 2016, MISC divested its entire stake in VTTI B.V. Our Humble Beginning Journey Through Time Our Formative Years Expanding Our Capabilities Strengthening Our Foothold Journey of Rebuilding and Discovery MISC became a constituent of the FTSE4Good Bursa Malaysia Index ------------------------------------------------------------------ AET celebrated its 20th anniversary ------------------------------------------------------------------ AET delivered the first Modular Capture Vessel (MCV), Eagle Texas Launch of MISC’s new Vision, Mission Statements, Tagline, Cultural Beliefs and its enhanced logo ------------------------------------------------------------------ MISC handed over the Bunga Mas Lima Naval Auxiliary Vessel to the Royal Malaysian Navy ------------------------------------------------------------------ MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited, signed the contract for the lease and operations of the Floating Storage & Offloading (FSO) asset for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) Ltd. in the Gulf of Thailand. This marks MISC’s maiden foray into Thailand’s oil & gas arena ------------------------------------------------------------------ Celebrated the successful sailaway of MaMPU1 for deployment at Anjung Kecil field, offshore Sarawak ------------------------------------------------------------------ Naming and delivery of Seri Camellia, the first in a series of five Moss type LNG carriers under the Seri C Class Vessels service at Singapore LNG Terminal MISC celebrated its 50 TH anniversary on 6 November 2018 ---------------------------------------------------------------- Celebrated the naming and delivery of FSO Benchamas 2 ---------------------------------------------------------------- Secured long-term charter contract with HESS for the Lease of FSO Mekar Bergading and awarded a time charter contract with Idemitsu Kosan Co., Ltd. for the provision of an FSO in Vietnam ---------------------------------------------------------------- AET formalised its agreement with Shell to time charter a new DP2 Shuttle Tanker in Brazil ---------------------------------------------------------------- Celebrated the naming of AET’s new generation of LNG dual fuel Aframax tankers, Eagle Brasilia and Eagle Bintulu ---------------------------------------------------------------- Secured new time charter contracts with LNG Shipping S.p.A with 2 new carriers added into its fleet, LNG Lerici and LNG Portovenere ---------------------------------------------------------------- MMHE and TechnipFMC secured Long ‐ Term Offshore Agreement with Saudi Aramco 2012