OUTLOOK AND PROSPECTS Leveraging on our strong operations track record and robust financial performance, Ping will focus on improving operational efficiencies at our producing oilfields during FY2022 while simultaneously expanding our progress for the Avalon oilfield, where we expect to secure financing for production and obtain the license for our offshore wind turbine during FY2023. In our efforts to diversify and de-risk our operations, we have bid for three high grade opportunities with good potential for development within Petronas’s Malaysia Bid Round 2022, which will enable us to acquire high-value cash-generating assets with low upfront capital and generate cash flow to fund our Avalon development. OGPC will leverage on its new workshop in Kemaman to expand the scope of services and bid for more service jobs and agreements. In FY2023, we will also prioritise enhancing our trading price competitiveness and developing the people’s capabilities in line with our employee competency plan to enhance the quality and volume of services we provide in future. OGPC A lack of skilled manpower Established an employee competency plan as a long-term solution The project is ongoing and will continue to be carried out during FY2023 Global uncertainties caused currency fluctuations Measures were accepted by some clients Factored potential fluctuations in costing sheets or offered customers the same currency quoted by principal Inflationary pressures led to increasing material prices Proposed price agreements were accepted by all clients Submitted propose price agreements that included yearly price increments CHALLENGES OUR MITIGATION STRATEGIES RESULT Ping CHALLENGES OUR MITIGATION STRATEGIES RESULT Political uncertainty in UK left regulatory priorities in flux Secured Letter of “No Objection” for the Avalon concept We pro-act ively engaged wi th authorities to speed up processes Global conditions led to a strained supply chain Acquired pre-owned Hummingbird FPSO (renamed to Excalibur) to save on cost and lead time on new purchases We u n d e r t o o k a l t e r n a t i v e procurement strategies KEY CHALLENGES, MITIGATION STRATEGIES AND RESULTS 87 DNeX INTEGRATED REPORT 2022
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