MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 110 www.miscgroup.com 111 www.miscgroup.com #deliveringProgress OFFSHORE OFFSHORE We deliver integrated floating production solutions across the full asset life cycle, from design engineering, project execution, repair and life extension and asset redeployment to operations and maintenance. Our capabilities span from EPCIC, operation and decommissioning, enabling the safe and reliable delivery of complex offshore developments across greenfield, brownfield and ultra-deepwater settings. We own a fleet of 12 offshore assets across Malaysia, Thailand, Vietnam and Brazil, with operating responsibilities across selected assets within the portfolio. Our international presence reinforces our position among established operators in the offshore sector. We maintain a consistent focus on asset integrity, reliability and HSSE performance, supported by disciplined asset management and operational excellence to ensure stable uptime and dependable operations for our customers. We remain committed to supporting the evolving energy landscape through responsible operations, continuous improvement and the application of technical expertise to enhance efficiency, reliability and long-term competitiveness. WHAT WE DO HOW OFFSHORE CREATES VALUE The Offshore segment creates value through disciplined project execution and reliable operations generating stable contracted cash flows. As a capital intensive and technically complex business, the segment offers the potential for higher returns while diversifying MISC’s portfolio beyond shipping. In parallel, we continue to build transition-ready capabilities through strategic partnerships and technical development, enabling the segment to participate in emerging offshore energy opportunities. We reinforced our core through securing new projects and disciplined project execution, sustaining resilient contracted cash flows and long-term earnings visibility. Resilient Core What We Did in 2025 Results Value Impact • Secured an FPU project with PETRONAS Carigali Brunei Ltd. (PCBL) under a lease, operate and maintain model, marking MISC’s entry into the Brunei offshore market • In February 2026, secured an FSO project under a bareboat charter and operations and maintenance arrangement with ExxonMobil PNG Limited, marking MISC’s entry into the Papua New Guinea offshore market • In February 2026, secured an extension for FPSO Ruby II with PTSC, sustaining contracted income from an existing asset and extending its service life through 2027 • Diversified geographic footprint and client base • Enhanced long-term earnings visibility through secured contracted cash flows • Extended value from an existing offshore asset through continued charter employment • Signed long-term contracts for floating production and storage assets under a lease and charter structure PORTFOLIO GROWTH • Completed the first full year with an LTI-free safety record • Achieved nameplate production capacity in the first year of operations • Supported stable operating cash flows through reliable asset performance • Reduced earnings volatility by minimising unplanned downtime • Sustained disciplined operations at FPSO Marechal Duque de Caxias following first oil OPERATIONAL EXCELLENCE KEY FOCUS AREAS & RESULTS SP1 We are advancing next-generation floating production solutions through strategic partnerships, while building the technical readiness and delivery capability to scale future low-carbon offshore developments with discipline. Profitable New Energy Business What We Did in 2025 Results Value Impact • Strengthened the Group’s readiness to participate in emerging lower-emission offshore energy solutions • Secured an AiP from ABS for the Ammonia FPSO concept design • Established technical feasibility for a 1.0 mtpa Ammonia FPSO producing high-purity liquid ammonia • Completed Pre-FEED for the Ammonia FPSO concept with engineering partner China Offshore Engineering & Technology Company Limited (COET) FUTURE FUELS VALUE CHAIN SP2 • Established technical feasibility for zero-emission offshore power with full carbon dioxide (CO₂) capture • Strengthened readiness for offshore decarbonisation pathways • Positioned the segment for future low-emissions solutions • Progressed the ZEUS Project together with PETRONAS Research Sdn. Bhd., Aker Solutions and Clean Energy Systems Inc. on the feasibility studies and early engineering STRATEGIC PARTNERSHIPS
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