Yinson Annual Report 2019

Delivering on our commitments with innovation and excellence Yinson is in the business of delivering feasible business solutions according to the requirements of the fields where our assets will be deployed. Negotiating contracts is an intensive process, requiring a deep understanding of technical aspects as well as our client’s needs. Our tenacity to see contracts through in the best interest of all parties was demonstrated through the signing of the contracts for the redeployment of FPSO Four Rainbow (now called FPSOHelang) and FPSOAllan (to be renamed FPSOAbigail-Joseph). Both these projects are unique in that they are redeployments of existing assets. Compared to constructing a new FPSO, redeployment of an existing asset helps to reduce the overall costs of delivery and bring forward the schedule of a project. Building on the experience that the Group will gain from these two projects, we aim to broaden the range of FPSO solutions that we can offer, giving us an advantage over our peers in the industry. We realise the importance of being able to adapt quickly and efficiently to remain competitive in the industry. To this end, the Group has fostered close collaboration with outsourced EPCI and FEED service providers while our Group’s project managers maintain oversight during the execution phase. ONE VISION, ONE MISSION, ONE DIRECTION Yinson is a global company, currently present in eight countries and comprising of diverse nationalities. We realise that in order to continue growing, building a corporate culture that nurtures adaptability, cherishes change and harnesses the richness of our diversity is more important now than ever before. It is with this realisation that Yinson launched a Group-wide emphasis on corporate culture in 2018. The aim of the Corporate Culture Initiative is to empower each employee to make decisions based on our five Core Values, towards achieving our sharedMission – which is to ‘Passionately deliver powerful solutions’. We believe that building a strong corporate culture is the ultimate strategy that Yinson needs to practise in order to deliver the greatest value to all our stakeholders. Speaking of stakeholders, 2018 saw Yinson taking steps to understand and appreciate our most important stakeholder group – our employees. We carried out two important employee surveys. The first survey was designed to gauge how satisfied employees are with their job, supervisor, team and the organisation. The second was conducted by an external management consultancy, which assessed our safety culture maturity, for both onshore and offshore employees. While the results are on par with the industry average, we are not satisfied with this and have begun implementing many of the recommendations derived from the surveys. This includes establishing a robust staff feedback platform and having Group-wide Town Halls. To recognise excellence in our employees, we also continued implementing our Employees’ Share Scheme. These efforts are described inmore detail in our Sustainability Statement on page 51. In addition, Yinson launched an internal reorganisation exercise to streamline and realign our business segmentation to strategically position the Company for growth in view of the constantly evolving market, enabling us to expand into other geographical regions and areas of business. BUILDING A SHARED SUSTAINABLE FUTURE The upcoming FYE 2020marks the final year outlined in our Three-Year Sustainability Plan, which we kicked off in 2017. We have made good progress on delivering on our sustainability commitments in this timeframe, and are working hard to put in place our next steps towards continuing our sustainability journey in the season ahead. Yinson’s sustainability efforts are framed through five material aspects – Code of Conduct, Developing Human Capital, Promoting Health and Safety, Investing in Local Communities and Protecting the Environment. I invite you to read about our achievements in these material aspects in our Sustainability Statement. 39 Yinson Group Overview Strategy and Sustainability Governance Accountability Annual General Meeting