MISC Annual Report 2019

2009-2013 WEATHERING THE STORM After weathering several years of severely challenging conditions in the shipping industry, we took the difficult decision to exit from the liner business in 2011 as well as to divest our non-core businesses (such as the land logistics and tank terminal business), a process which continued until 2017. This strategic rebalancing of our business portfolio allowed us to channel our resources on our four core businesses, namely LNG shipping, petroleum shipping, offshore and heavy engineering business, and take advantage of other opportunities within the energy and maritime industry. MMHE was listed on the main market of Bursa Securities as Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). During this period, MISC delivered the Gumusut-Kakap semi-submersible FPS, Asia’s largest facility for deepwater development. The Group also launched our first two LNG floating storage units (FSUs) for Malaysia’s first regasification terminal in Sungai Udang, Melaka. AET successfully operationalised its dynamic positioning shuttle tanker (DPST) business in Brazil. 2014-2017 JOURNEY OF REBUILDING & DISCOVERY MISC became a constituent of the FTSE4Good Bursa Malaysia Index, a testament to our remarkable sustainability performance. We also refreshed our Vision, Mission Statements and Tagline as well as enhanced our logo. During this period, the Group’s ship management units were integrated into a single entity known as Eaglestar. PETRONAS Maritime Services Sdn. Bhd. became part of the Group and now known as MISC Maritime Services Sdn. Bhd. (MMS). MISC took delivery of our first fleet of Moss-type LNG Carriers, the Seri C Class. The period also saw AET taking delivery of its first modular capture vessel (MCV), Eagle Texas . MISC joined the ranks of global maritime industry players as a Strategic Partner of the Global Maritime Forum (GMF), committed to unleashing the potential of the global maritime industry to increase sustainable long-term economic development and human wellbeing. 2018-2019 EMBRACING OPPORTUNITIES We celebrated our 50 th anniversary in 2018, marking five decades of growth, resilience and commitment towards excellence. This period marks the continuation of MISC’s journey that is driven by our People with their unwavering Passion to push boundaries and explore the Possibilities that lie ahead. We have been pursuing efforts towards sustainable growth in the long term by developing a healthy pipeline of new projects as well as winning the trust and confidence of our stakeholders. MISC has also received numerous accolades which recognised our excellence in corporate governance, investor relations, sustainability and HSSE performance. We became a member of Getting to Zero Coalition by GMF, leading the push for international shipping’s decarbonisation. We broke new grounds within the industry through the deployment of LNG dual-fuel vessels and have joined forces with other industry players to develop new zero-carbon fuel technology that reflects our pledge in upholding sound environmental stewardship. For more details about our achievements in 2019, please refer to pages 26 to 27 and pages 158 to 161. M I S C ’ S H I S T O R Y & J O U R N E Y M I S C ’ S H I S T O R Y & J O U R N E Y 39 38 MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019 OUR BUSINESS