74 YINSON HOLDINGS BERHAD The development approach of our low‑carbon ventures remains pragmatic and execution‑led. We focus on infrastructure where offshore delivery, project finance discipline and long‑term operations are decisive differentiators. Our early engagement with emitters has been encouraging, supported by the scale and long-term nature of decarbonisation commitments. Expansion into adjacent offshore infrastructure Yinson Production is selectively exploring FPSO-adjacent offshore infrastructure, where our experience in building complex offshore infrastructure assets, project financing FY2026 milestones: Progressing low-carbon ventures from concept to execution readiness Completed appraisal drilling at the Havstjerne reservoir, confirming its geological suitability for large‑scale offshore CO2 injection and permanent storage. 17 May 2025 Collaborated with “K” LINE Energy Shipping in advancing technical and market development of FSIU and LCO2 carrier solutions. 18 June 2025 Provaris partnership advances with FEED phase for LCO2 storage solution. Partnered with Carbon Circle to advance carbon capture solutions, supporting the development of Carbon Capture-as-a-Service (CCaaS) for industrial emitters in Europe. 9 Sept 2025 A key component of the CCS value chain is a storage licence in the Havstjerne facility in the Norwegian North Sea, of which Stella Maris CCS holds a 40% interest. Appraisal drilling was successfully completed in May 2025, confirming the reservoir’s suitability for offshore injection at scale. This provides a robust foundation for the continued development of midstream and offshore infrastructure, including CO2 transportation, floating storage and injection units (“FSIU”), offshore terminals, and associated logistics. Overall, the CCS value chain closely mirrors established offshore oil & gas models, enabling us to leverage our existing expertise. The key distinction lies in the transport and permanent storage of carbon rather than hydrocarbons. Looking ahead, we see the lease & operate model as a meaningful enabler within the CCS value chain. Applying a lease & operate model allows us to leverage our core engineering, financing and execution strengths in the operation of CCS infrastructure, providing emitters with access to decarbonisation solutions without significant upfront capital expenditure. This model aligns long‑term incentives, supports infrastructure‑grade risk profiles and creates the potential for stable, contracted cash flows over the life of the assets. expertise and long-term operating capabilities provide a natural extension of our core FPSO business. These opportunities are evaluated with the same capital discipline and risk-return thresholds applied to FPSOs, ensuring that adjacent growth remains complementary to, and does not dilute, the core business. FLNG represents one such adjacent opportunity. FLNG shares many structural similarities with FPSOs, including complex offshore engineering, integrated topsides, long-horizon operations and commercial structures. Our activities to date have been focused on early-stage technical and commercial evaluation, including concept screening, execution feasibility and commercial structuring. Building operational intelligence across our fleet Yinson Production has long leveraged data and analytics to support safe, reliable and efficient operations. As our fleet has expanded and operational complexity has increased, we have continued to strengthen these capabilities to ensure consistent, high-quality decision-making across all assets. In 2025, our focus was on advancing a data harmonisation layer across the organisation. This builds on our existing digital capabilities by bringing together data from vessels, equipment and onshore teams into a more structured and consistent framework. Rather than replacing existing systems, this effort enhances how data is connected, validated and used across our operations. This strengthened data foundation improves visibility of asset performance across the fleet. Operational, maintenance and engineering data can now be more easily analysed and compared, enabling teams to identify recurring issues, prioritise interventions and optimise maintenance planning. This supports more stable operations, reduces unplanned downtime and contributes to sustained high uptime across our FPSOs. Looking ahead, we will continue to build on this foundation by enhancing predictive capabilities and selectively integrating advanced digital and AI-enabled tools where they deliver clear operational value. CLOSING REMARKS Yinson Production enters our next phase from a position of strength. With most of our fleet now operational, our focus is on sustaining high uptime, delivering stable cash flows and maintaining disciplined execution. This progress reflects the continued support of our clients, partners and employees. We remain selective in pursuing new projects, prioritising opportunities that meet our commercial and risk criteria, and build on our proven lease & operate model. Supported by a strong balance sheet, disciplined capital allocation, and diversified funding access, we are well positioned to deliver consistent, long-term value. BUSINESS REVIEWS
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