Yinson Annual Report 2020

136 Yinson Holdings Berhad SECTION 5 STRATEGIC REVIEW Related to this, Yinson was selected by HSBC Amanah in November 2019 to be an early adopter of Malaysia’s first sustainability-linked financing (“SLF”), with a RM200 million revolving credit facility. The financing allows us to benefit from preferential pricing upon achieving agreed sustainability performance targets. In the global shift to a low carbon economy, we believe that SLF will play a major part in encouraging businesses to strengthen their ESG practices. We are proud to be able to embrace our values further in developing these aspects of our business. the same time deliver a more cost- effective solution for our client. At the time of writing, FPSO Abigail- Joseph is enroute to offshore Nigeria, where she will undergo final commissioning works. Start-up of production is scheduled for end of Q2 FYE 2021. Works on FPSO Anna Nery is well underway following the project award in October 2019. Critical path long lead items have been placed, and early works engineering contracts commenced as per project schedule. We also established the project’s operations offices in Rio de Janeiro, Brazil; and The Hague, Netherlands. Building up competent in-house project management teams and systems has always been Yinson’s strength, and forms part of our Group business strategy. We pair Management Discussion & Analysis Sustainability-linked financing (pg 53) Projects (pg 65) Project execution Project execution went smoothly for the three assets we had under construction during the financial year – FPSO Helang, FPSO Abigail-Joseph and FPSO Anna Nery. FPSO Helang achieved on-time delivery of first gas production 19 months after signing the contract with client JX Nippon with charter period commencing on 6 December 2019. This was achieved with zero LTIs throughout the 6.025 million man hours clocked throughout the conversion and commissioning of the vessel. The naming ceremony for FPSO Helang, held in Jiangsu, China on 25 July 2019, was a grand and joyful occasion - an opportunity for us to celebrate the success of the project together with our client and subcontractors. This project is particularly momentous for Yinson, as it marks our entry into the Malaysian oil and gas market. We are honoured to be contributing back to the energy infrastructure of the country where Yinson was founded, and is currently headquartered. Conversion works for FPSO Abigail- Joseph was completed safely within seven months – making it one of the world’s fastest deliveries of a brownfield FPSO modification and upgrading project. The conversion clocked 1.239 million man hours, with zero LTIs. FPSO Abigail-Joseph, chartered by First Exploration and Petroleum Development Company, is a redeployment of one of Yinson’s existing vessels, FPSO Allan, which had previously operated for nearly 10 years in the Olowi Field in Gabon. This strategy has enabled us to bring forward the project schedule, and at