Integrated Annual Report 2021

We celebrated our 50th anniversary in 2018, marking five decades of growth, resilience and commitment towards excellence. This period marks the continuation of MISC’s journey that is driven by our People with their unwavering Passion to push boundaries and explore the Possibilities that lie ahead. We have been pursuing efforts towards sustainable growth in the long term by developing a healthy pipeline of new projects as well as winning the trust and confidence of our stakeholders. MISC has also received numerous accolades which recognised our excellence in corporate governance, investor relations, sustainability and HSSE performance. We became a member of Getting to Zero Coalition by GMF, leading the push for international shipping’s decarbonisation. We broke new grounds within the industry through the deployment of LNG dual-fuel vessels and have joined forces with other industry players to develop new zero-carbon fuel technology that reflects our pledge in upholding sound environmental stewardship. MISC became a constituent of the FTSE4Good Bursa Malaysia Index, a testament to our remarkable sustainability performance. We also refreshed our Vision, Mission Statements and Tagline as well as enhanced our logo. During this period, MISC Group’s shipmanagement units were integrated into a single entity known as Eaglestar. PETRONAS Maritime Services Sdn. Bhd. became part of MISC Group and now known as MISC Maritime Services Sdn. Bhd. (MMS). MISC took delivery of our first fleet of Moss-type LNGCs, the Seri C Class. The period also saw AET taking delivery of its first MCV, Eagle Texas. MISC joined the ranks of global maritime industry players as a Strategic Partner of the Global Maritime Forum (GMF), committed to unleashing the potential of the global maritime industry to increase sustainable long-term economic development and human well-being. After weathering several years of severely challenging conditions in the shipping industry, we took the difficult decision to exit from the liner business in 2011 as well as to divest our non-core businesses (such as the land logistics and tank terminal business), a process which continued until 2017. This strategic rebalancing of our business portfolio allowed us to channel our resources on our four core businesses, namely LNG shipping, petroleum shipping, offshore and heavy engineering business, and take advantage of other opportunities within the energy and maritime industry. MMHE was listed on the main market of Bursa Securities as Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). During this period, MISC delivered the Gumusut-Kakap semi-submersible FPS, Asia’s largest facility for deepwater development. The Group also launched our first two LNG FSUs for Malaysia’s first regasification terminal in Sungai Udang, Melaka. AET successfully operationalised its DPST business in Brazil. 2009-2013 Despite the devastating global impacts of the COVID-19 pandemic, MISC moved onwards, charting several firsts. We secured our first major deepwater FPSO project in Brazil, building strong foundations for future large scale and complex international projects. We entered the China and ethane maritime transport markets, with MISC taking delivery of six newbuild VLECs, all with long-term charters. MHB successfully completed and commenced operations at Dry Dock 3 at MMHE West in Pasir Gudang, Johor. AET added to our recurring income stream, long-term charter contracts to own and operate three newbuild LNG dual-fuel VLCCs. Representing the next milestone in our sustainability-centred value creation journey, on 23 November 2021, MISC was listed as a constituent of the Dow Jones Sustainability Emerging Markets Index – the only Malaysian transportation sector company and one of the three Malaysian companies to do so. For more details about our achievements in 2021, please refer to pages 40 to 41. 2020-2021 REAPING THE REWARDS OF OUR ROBUST BUSINESS MODEL EMBRACING OPPORTUNITIES JOURNEY OF REBUILDING & DISCOVERY WEATHERING THE STORM KEY MILESTONES WHO WE ARE 2014-2017 2018-2019 MISC Berhad 20 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 21