KEY DEVELOPMENTS Successfully sailed away projects and structures Focusing on project execution excellence, we conducted the successful sail away of the projects and structures for the Kasawari Gas Development Project. We sailed away the 4,980 metric-tonne (MT) Wellhead Platform (WHP) jacket and 2,300 MT topside on 19 May 2021 and 24 June 2021 respectively. Both structures arrived safely 200 km offshore from the PETRONAS LNG Complex in Bintulu, Sarawak for installation works. Testament to our client’s trust in our ability to deliver, we secured EPCIC works for the E11R-AA Riser Platform and Host Tie-In for the existing E11R-A Platform under the Kasawari Gas Development Project. Similarly, we sailed away WHP topsides, substructures and bridges linking each of the topside to the existing Bekok-A and Bekok-B platforms for the Bekok Oil Project. All structures arrived safely at the PETRONAS LNG Complex in Bintulu, Sarawak. 15 LNGCs repair and service works in 2021 Offsite maintenance works: • LNG FSU Lekas at Sungai Udang, Melaka • LNGC Puteri Firus Satu at Bintulu anchorage 43 new clients including 9 gasrelated clients, comprising: • 20 domestic • 23 international 7 En-Bloc agreements with existing clients Secured the Jerun Development Project within the Heavy Engineering segment During the year, we secured the SK408W Jerun Development Project from SapuraOMV. The project consists of EPCIC works for the construction of an approximately 13,000 MT topside, 10,000 MT jacket and 5,000 MT piles of CPP. Once completed, the facilities will be installed in the Jerun gas field, located in the SK408W Block offshore Bintulu, Sarawak. The project award is testament to our industry technical competencies and commercial competitiveness to provide integrated and value-added solutions for our clients. Focused on high value projects in the Marine segment As of December 2021, approximately 39% of marine revenue was from the LNGC segment, making it our largest income earner. Our strategy, therefore, is to focus on high value projects which will generate rewarding returns for our business. With the commencement of DD3 operations in December 2020, we have expanded the capacity of our docking facilities, thus paving the way for us to take on higher value LNGC projects. With energy transition and climate change at the forefront of the maritime sector, the demand for cleaner energy such as LNG which has been identified as a transition fuel towards industry decarbonisation by 2050 will only grow further. As of December 2021, we have completed 15 LNGCs repair and service works out of the 97 vessels of various categories serviced. To further build our capabilities in this segment, we established a competent in-house team for instrumentation work to reduce dependencies on subcontractors and obtain more effective control during project execution. We also developed a partnership framework with engine makers to collaborate for machinery work. We expect the partnership model to be finalised in 2022. Obtained new clients in the Marine segment During the year, we secured 43 new clients comprising 20 domestic and 23 international clients, nine of which are new gas-related clients. These clients are from countries such as Greece, Germany, Indonesia, Japan, Korea, Thailand, Marshall Island, Norway, United Kingdom and the USA. Our ability to continue securing project through challenging economic times will bolster our reputation in the regional and international marine repair sector. Secured En-Bloc agreements from existing clients in the Marine segment In 2021, we secured seven En-Bloc agreements from our regular clients, consisting of 26 vessels. These volume orders will provide stable recurring income into the near-term future. Expanded capabilities to participate in marine maintenance projects offsite MMHE yard We conducted several offsite maintenance projects in 2021. These included maintenance works onboard LNG FSU Lekas located at Sungai Udang, Melaka which involves various cryogenic containment system works, and renewing the turbo generator turbine rotor onboard the LNGC Puteri Firus Satu at Bintulu anchorage. Penetrated the offshore LNG floater maintenance services market Within the Marine segment, we conducted LNG FSU Global Tests for FSU Tenaga Empat’s containment system as well as a contract for the tank inspection and test for PETRONAS Floating LNG 1 (L) Ltd.’s floater PFLNG 1. This diversification of our business portfolio will add new revenue streams to our business in the longer term. Conducted LNG FSU Global Tests for FSU Tenaga Empat’s containment system Tank inspection and test for PETRONAS Floating LNG 1 (L) Ltd.’s floater PFLNG 1 MARINE & HEAVY ENGINEERING BUSINESS REVIEW Secured Jerun Development Project from SapuraOMV Successful Sailed Away • Kasawari Gas Development Project - 4,980 MT WHP jacket and 2,300 MT topside on 19 May 2021 and 24 June 2021 respectively • Bekok Oil Project - WHP topsides, substructures and bridges » » Bekok-BB on 9 July 2021 » » Bekok-AA on 20 August 2021 MISC Berhad 146 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 147
RkJQdWJsaXNoZXIy NDgzMzc=