Yinson Annual Report 2020

105 Annual Report 2020 Renewables Division Yinson’s newly established Renewables Division currently has one client, NTPC Limited. NTPC Limited, formerly National Thermal Power Corporation Limited, is India’s largest power utility, majority owned by the Government of India. It is listed on the National Stock Exchange (NSE), Mumbai, India. NTPC Limited is the client/ counterparty for the power purchase agreements for the solar photovoltaic plants at Rising Bhadla 1 & 2, India. Offshore Marine Division Vessel Client PTSC Lam Kinh Repsol Oil & Gas Malaysia Limited PTSC Huong Giang Repsol Oil & Gas Malaysia Limited Yinson Hermes PETRONAS Carigali Sdn Bhd/Uzma Bhd Yinson Perwira PTT Exploration and Production Public Company Limited Vendors/suppliers Yinson focuses on building deep, long-term working relationships with our key suppliers, as we believe this is the key to enabling Yinson to deliver projects on time and on budget, and also ensuring safe and efficient operations of our units. The strength of our relationships with vendors comes from regular engagement, communication and dialogue throughout the tender, project execution and operational phase. Throughout the engagement, we also conduct audits where we assess the quality of the goods and services, check relevant certificates and verify that contractual terms are being met. Industry (pg 109) During the year, our Singapore office hosted 18 guests from 12 Norway-based energy industry companies, who were in Singapore in conjunction with the Singapore Offshore and Shipyard Roadshow 2019. The visit was arranged by roadshow organiser Norwegian Energy Partners (NORWEP). Spanning five days from 7 to 11October, the roadshow connects Norway- based energy industry suppliers with decision makers, project managers, technical managers and procurement managers in leading Singapore shipyards and engineering companies. While we nurture our relationships with our existing vendors, we also welcome new vendors to engage with us. This helps us to keep abreast with the latest vendor solutions in the market and widen our internal knowledge base, enabling us to make stronger vendor choices. These connections are further reinforced through our regular attendance at exhibitions and conferences that gather key players and service providers in the industry. Yinson manages new vendor applications through our VRP. The platform screens for items such as robustness of ABAC practises and alignment towards ISO standards. Assessment criteria is broken into Commercial and Technical segments, with required disclosures including past project experience in terms of type of Renewables assets (pg 21), Renewables (pg 68), Looking to the future (pg 139) Health and safety (pg 95) During the financial year, Yinson’s four OSVs were on hire for most of the year, with short scheduled off- hire periods during the monsoon season and in between contracts. We saw our OSVs being rehired by the same clients – a testament to our ability to deliver satisfactorily on our commitments. We received two awards in FYE 2020 from our clients in recognition of our achievements in HSEQ. These are the ‘Best HSE Performance 2019 Award, which was presented during Repsol’s CEO Forum in December 2019, and ‘Marine Vessel Safety & Operational Excellence Award’ which was presented by Repsol Logistics in recognition of PTSC Lam Kinh’s good performance throughout the year. 11