Yinson Annual Report 2020

33 Annual Report 2020 Yinson’s Covid-19 response Amid the unprecedented challenges arising from the Covid-19 pandemic, Yinson will continue to stand strong, united and adaptable. Yinson is committed to doing our part in the global energy supply chain so that vital energy products can continue to be provided to countries and communities during this time of crisis. We continue to prioritise the safety of our employees and crew, deliver on our commitments to all stakeholders and provide support to the local communities where we operate. OUR PEOPLE The mental and physical health and wellbeing of our employees and crew will always take precedence. For peace of mind, our employees and crew are given access to Covid-19 test kits, enhanced medical coverage and mental health services. Our onshore employees are fully equipped to work from home, allowing business functions to operate as usual. Having implemented elective work from home prior to the pandemic made the transition to full work from home much easier for the organisation. As for our offshore personnel, we have put in place additional strict quarantine procedures into our crew change procedures, social distancing support for those arriving from offshore, additional health screenings and provision of personal protective equipment (“PPE”). We keep closely in touch with our people through regular check-ins with direct reports, virtual town halls, lunch and learn sessions, quiz events and team building activities. OUR OPERATIONS AND PROJECTS Yinson’s fleet uptime remains above 99%, maintained through a robust crewing retention and support programme, which has been enhanced to adapt to restrictions. With invaluable support from our clients, vendors, partners and other stakeholders, we have thus far been able to keep the FPSO Anna Nery conversion on track as per project schedule and are fully committed to meeting all project milestones. During this period, we also achieved several corporate milestones, including the signing of the firm contract for FPSO Anna Nery with Petrobras, conclusion of an agreement with Sumitomo for their 25% stake in the same project, and the completion of a USD800 million refinancing deal for FPSO JAK with 13 local and international banks. We believe our Core Values, Reliable, Open, Adaptable, Decisive and Sustainable, will help ensure consistent and aligned productivity across all our business units. AIDING OUR COMMUNITIES Yinson has been actively supporting our frontliners and local communities. To date, Yinson has contributed over RM1 million in medical protective equipment and other needed supplies to support the fight against Covid-19, with donated items including face masks, medical protective equipment, face shields, sterile surgical gowns, hygiene kits and healthy meals to various hospitals and healthcare organisations. To ensure our efforts address the needs on the frontline, we worked closely with Malaysian Red Crescent Society for the bulk of the contributions. In the spirit of collaboration, we also funded an orphanage’s efforts to produce 5,000 face shields to meet society’s need for PPE. As the situation gradually improves and restrictions are lifted, Yinson will shift our focus to contribute actively to post recovery efforts, especially in the communities where we operate. FINANCIAL POSITION Covid-19 poses a significant threat to the global oil and gas industry. The drastic actions taken to reduce the spread of the virus as well as the resultant global economic shutdown has seen a glut of oil supply and a sudden drop in oil demand. Oil prices may further decline if the economic downturn is further exacerbated by the continuing spread of Covid-19. While these are mitigated by the fact that the Group’s revenue comes primarily from long term fixed priced contracts with reputable oil companies, we will continue to monitor and assess macro developments in order to take pre-emptive and proactive measures to mitigate adverse impacts, as and when necessary. The Group has strengthened its liquidity position by drawing on its longer-term loans and will reassess the situation if needed. Human Capital (pg 84) Manufactured Capital (pg 63), MD&A (pg 128) Financial Capital (pg 50), MD&A, (pg 128) United in the fight against Covid-19 (pg 115)

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