Yinson Annual Report 2020

137 Annual Report 2020 this with a co-sourcing strategy – focussing on long-term, one-to-one business collaborations where both parties have a mutual interest in the outcomes. We believe that keeping our team leaner and specialised allows us to be flexible and reactive, enabling us to sustain and position ourselves through industry downturns and upcycles. Through this strategy, we also endeavor to provide job stability for our employees while building long-term partnerships that complement our business. Operations Offshore Production Division Upon the achievement of the first hydrocarbon, the FPSO is then handed over to Yinson’s Operations team, who will manage the production of hydrocarbons and maintenance of the vessel for the contract duration. Yinson’s FPSO operations are headquartered in Oslo, with base offices in the country where the vessel is in operation. The contract durations for Yinson’s FPSOs are typically long – our current average remaining duration is 13 years, with the longest being 25 years. Human Capital (pg 84) Key assets (pg 16) performance track record not only fulfils our contractual obligations but also inspires confidence in Yinson for potential clients and investors. During the period under review, we are pleased to report an average fleet uptime of 99.9% for the four vessels that were in operation throughout FYE 2020. Fleet uptimes for FYE 2020 FPSO Adoon 100% FPSO JAK 99.9% FSO PTSC Bien Dong 01 100% FPSO PTSC Lam Son 99.7% Average fleet uptime for FYE 2020 99.9% We are also pleased to report that Yinson’s fleet uptime since 2014 for the assets that we operate is 99.8%. This includes FPSO Marc Lorenceau (until Q1 2017), FPSO Allan (until Q4 2018), FPSO Adoon and FPSO JAK (from Q2 2017). These statistics are recorded by calendar year. Maintaining excellent fleet uptime and safety performance while controlling and limiting our environmental footprint are key priorities during the Operations phase and where Yinson aims to achieve a competitive edge in the industry. A good operations