MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 112 www.miscgroup.com 113 www.miscgroup.com #deliveringProgress OFFSHORE OFFSHORE Malaysian Society for Occupational Safety and Health (MSOSH) • FSO Orkid attained the Gold Merit Award, recognising its excellent Occupational Safety and Health (OSH) performance Client and Operational Safety Recognition • FSO Orkid received the Zero Monsoon-related Incident Award from Hibiscus Petroleum during the 2024/2025 Monsoon Campaign recognition ceremony • FSO Orkid received Focused Recognition awards from Malaysia Petroleum Management (MPM) for safety leadership and quality assurance performance MILESTONES • Completed the first full year of operations following first oil, with stable performance achieved after start-up • Received a Letter of Award from PCBL for the lease, operate and maintenance of an FPU FPSO Marechal Duque de Caxias 1 Portfolio Expansion – Brunei 2 • Obtained an AiP from ABS for the Ammonia FPSO concept • Signed the FEED agreement for the ZEUS demonstration project New Energy 3 AWARDS AND RECOGNITIONS NAVIGATING THE CHALLENGES IN 2025 NAVIGATING THE CHALLENGES IN 2025 TECHNICAL COMPLEXITY IN TRANSITIONLINKED FPSO DEVELOPMENT 1 MITIGATION RESULTS Integrated Engineering and Delivery Planning • Strengthened integrated delivery planning across engineering, operations and HSSE to manage complex development interfaces • Expanded technical collaboration with key engineering and strategic partners to support transition-linked offshore solutions • Advanced key transition-linked FPSO initiatives within defined execution parameters • Completed the Pre-FEED for the Ammonia FPSO concept with COET and secured an AiP, validating technical feasibility • Formalised a collaboration framework with Aker Solutions through a Head of Agreement to strengthen topside engineering capability • Finalised the ZEUS Demonstration FEED Basis of Design, establishing the engineering framework for the Kerteh demonstration plant ASSET REDEPLOYMENT AND FIELD INTEGRATION 2 MITIGATION RESULTS Disciplined Asset Redeployment • Executed the redeployment of FPSO Bunga Kertas to the Benchamas Field, replacing FSO Benchamas 2 • Coordinated engineering, commissioning and stakeholder integration to ensure operational readiness • Successfully redeployed FPSO Bunga Kertas, extending asset life and securing continued contracted employment • Maintained production continuity at the Benchamas Field MAINTAINING CONSISTENT SAFETY AND OPERATIONAL DISCIPLINE 3 MITIGATION RESULTS HSSE Improvement Initiatives • Implemented targeted HSSE improvement initiatives across offshore assets to reinforce safety performance • Introduced a structured Loss of Primary Containment (LOPC) reduction framework at FPSO Marechal Duque de Caxias • Strengthened cross-asset incident learning and knowledge transfer to improve prevention controls • Achieved Zero LTI and Zero accidents at FPSO Marechal Duque de Caxias across 520,000 man-hours of operations • Strengthened safety performance through improved cross-asset learning and incident prevention Profitable New Energy Business • Pursue selective offshore energy opportunities aligned with clear demand visibility and disciplined capital deployment • Progress the ZEUS demonstration project through FEED to strengthen readiness for offshore zero-emissions power solutions • Advance the Ammonia FPSO concept towards the next phase of technical and commercial readiness, subject to market demand Decarbonisation • Improve operational efficiency and emissions intensity across offshore assets through targeted initiatives • Advance enabling technologies to support long-term offshore energy transition pathways Resilient Core • Optimise the offshore asset portfolio through disciplined asset management, selective expansion and asset redeployment aligned with long-term contracted opportunities • Deepen strategic partnerships to strengthen execution capability and sustain resilient contracted cash flows • Reinforce safe, reliable operations across the fleet through strengthened cross-asset performance benchmarking and HSSE integration MOVING FORWARD
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