INTEGRATED ANNUAL REPORT 2024 72 73 SECTION 6: STRATEGIC REVIEW www.miscgroup.com MISC BERHAD Delivering Our Strategy and Its Progress FORGING AHEAD WITH OUR STRATEGY TOWARDS MISC 2030 AMBITION AND 2050 VISION MISC remains steadfast in achieving its 2030 targets, refining its strategy in 2024 into the MISC 2030 Ambition with clear, actionable pillars. To achieve our MISC 2030 Ambition, we have structured our Enterprise Strategy under three distinct pillars: Resilient Core, Profitable New Energy Business and Decarbonisation. These pillars will guide our efforts to strengthen core operations, expand into new energy and lead sustainable transitions. This strategic direction ensures resilience, profitability and sustainability, aligning the organisation for long-term success. Delivering Our Strategy and Its Progress MISC 2030 AMBITION Partnership Project Delivery Operational Excellence Sustainability Our Winning Formula HSSE Simplification Talent Culture Our Foundation 25% CFO from New Energy Solutions ** Compared to 2008 baseline * Compared to 2022 baseline (approximately USD1.2 billion) 50% CFO* Improvements 50% GHG Emissions Reduction in Shipping Operations** MISC ENTERPRISE STRATEGY FY2025 - FY2030 • Energy Efficiency • Abatement Technology • Future Fuels • Invest in Dual-Fuel Assets • Responsible Supply Chain Programme Decarbonisation • Portfolio Rejuvenation and Growth • Maximise Asset Availability and Utilisation • Superior Project Execution • Asset Monetisation • Cost Optimisation Resilient Core • Focus on Carbon, Offshore Wind and Future Fuels Value Chains • Strategic Partnerships to Monetise New Solutions • Integrated Value Offering Profitable New Energy Business Short to Medium Term Medium to Long Term MISC 2050 VISION MISC 2050 VISION Renewable Energy Value Chain The building block to manage climate change challenges with the maritime sector playing a key role Waste-To-Value Chain Critical in tackling resource scarcity and emissions as well as repurposing maritime assets #deliveringProgress Looking ahead, the MISC 2050 Vision guides our expansion into Renewable Energy and Waste-to-Value Chains, shaping a sustainable, low-carbon maritime future. The execution of MISC’s Enterprise Strategy is driven by all business units and corporate enablers, ensuring alignment through cascaded key performance indicators. MISC’s Enterprise Strategy FY2025 - FY2030 refines our focus on both core and new energy businesses, as well as decarbonisation. MISC 2030 AMBITION Resilient Core The Resilient Core of MISC’s operations continues to serve as the backbone of our business. To maintain and enhance this resilience, we are focused on several key areas: • Portfolio Rejuvenation and Growth – Refreshing our existing assets and expanding into strategic growth markets through strategic investments in conventional carriers as part of our progressive fleet rejuvenation plan • Maximise Asset Availability and Utilisation – Ensuring optimal asset performance through predictive maintenance and strategic contracting to enhance efficiency and maximise revenue potential • Superior Project Execution – Delivering projects on time and within budget, with a focus on quality to foster client trust and support long-term relationships • Asset Monetisation – Unlocking the full value of our assets through strategic and targeted financial initiatives • Cost Optimisation – Continuously improving cost efficiencies without compromising on safety or quality Profitable New Energy Business The Profitable New Energy Business pillar underscores our commitment to diversifying into new energy sectors, ensuring that MISC remains future-ready and profitable. Our strategy included: • Focus on Carbon, Offshore Wind and Future Fuels Value Chains – Establishing MISC as a key maritime solutions player in CCS, offshore wind services and alternative fuels • Strategic Partnerships to Monetise New Solutions – Building alliances with industry leaders, technology providers and regulatory bodies to bring these solutions to market • Integrated Value Offering – Combining the expertise within the Group to deliver comprehensive solutions Decarbonisation Decarbonisation is at the heart of MISC’s commitment to meeting our environmental goals and adhere to industry regulations. We developed a multi-faceted strategy which included: • Energy Efficiency – Enhancing operational efficiency by optimising fleet operations and improving fuel efficiency • Abatement Technology – Adopting emission reduction solutions, including energy-saving technologies and onboard carbon capture systems • Future Fuels – Exploring and adopting lower-carbon and zero-emission fuels, including ammonia, to reduce the carbon footprint of our operations • Invest in Dual-Fuel Assets – Investing in dual-fuel assets to enhance fuel flexibility, reduce emissions and improve cost efficiency • Responsible Supply Chain Programme – Collaborating with vendors and industry partners to promote sustainable practices across the value chain Our winning formula advances growth by fostering collaboration, ensuring efficient project delivery, driving operational excellence, and embracing sustainable practices. Underpinning this approach is our foundation of HSSE, Simplification, Talent, and Culture which sets the priorities on a safer, more efficient, and innovative organisation with a skilled workforce and a unified culture that drives long-term success. Our MISC 2030 Ambition sets a clear pathway towards achieving our MISC 2050 Vision by pivoting to profitable new energy businesses while simultaneously strengthening and decarbonising our core operations. While advancing these long-term objectives, we remain steadfast in reinforcing our core business in conventional shipping and floating solutions. We are confident in our ability to navigate the evolving global landscape, driving sustainable growth and contributing to a future-ready maritime industry.
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