Meanwhile, in our Energy Division, higher crude oil prices helped us offset a lower production volume at our Anasuria oilfields in first quarter FY2022 due to a riser reinstatement exercise, while we successfully extended OGPC Sdn Bhd’s (“OGPC”) contract for Automated Tank Gauging from Petronas Dagangan Berhad until July 2023. We also took delivery of the Sevan Hummingbird Floating Production Storage and Offloading (“FPSO”) vessel on 1 July 2022, which we have renamed to Excalibur. The acquisition of the 60 metre-diameter Excalibur will play a crucial role in our expansion activities for Ping Petroleum, as it features a storage capacity of 270,000 barrels of oil and is capable of producing up to 30,000 barrels of oil per day and supporting up to 47 offshore personnel. Having increased our stake in the Avalon oil field development to 100 per cent in FY2022, we are pleased to report that we received a letter of ‘no objection’ from the North Sea Transition Authority in April and are now finalising conceptual development planning and beginning front-end engineering works in preparation to submit the Avalon Field Development Plan, with the Final Investment Decision anticipated later this year. With a total estimated ultimate recovery (“EUR”) of 23 million barrels of oil reserves over a period of 12 years, oil production from Ping’s second oilfield asset is expected to come onstream in 2025. In our Information Technology (“IT”) Division, we have streamlined our focus into three key areas, namely Trade Facilitation, Technology Consulting and System Integration (“Tech Consulting & SI”) and Subsea Telecommunications, all of which achieved marked improvement in their performance as the year progressed and our rationalisation efforts began to bear fruit. In addition to launching new services this year, our Trade Facilitation arm Dagang Net Technologies Sdn Bhd has already secured a threeyear extension as the operator of the National Single Window (“NSW”) for Trade Facilitation until August 2024. The new services launched will provide exciting opportunities for revenue growth for example the Non-Preferential Certificate of Origin (“eNPCO”) service is already under pilot stage testing with eight companies, and our eCert service is setting the stage for international expansion following a pilot implementation programme commencing with New Zealand in July 2022 and plans for Australia in the works. Within our Tech Consulting & SI unit Innovation Associates Consulting Sdn Bhd (“IAC”), we secured the iGFMAS maintenance and support contract worth RM88 million from Ministry of Finance Malaysia and further generated new sales pipelines for the development of advanced applications utilising Analytics, Big Data, Artificial Intelligence and Robotics Process Automation. These developments are congruent with the Group’s mandate to venture into larger scale ERP systems implementation and cutting-edge IT application development. Meanwhile, our Subsea Telecommunications arm DNeX Telco Services Sdn Bhd has restructured its organisational chart to enhance its processes and efficiency. It has also stepped up efforts to recover its receivable cash assets of RM27 million from TelkomInfra, which is a key step forward in our mission to enable the company to begin self-funding its operational expenses and repay its debts to other entities within the Group. 31 DNeX INTEGRATED REPORT 2022
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