Yinson Annual Report 2020

64 Yinson Holdings Berhad SECTION 4 OUR CAPITALS NATURAL SOCIAL & RELATIONSHIPS HUMAN ORGANISATIONAL FINANCIAL MANUFACTURED Business Development GOALS SET FOR FYE 2020 PROGRESS GOALS SET FOR FYE 2021 Enter into the Brazil market • Successful entry into Brazil market with the award of the FPSO Anna Nery project • Acquisition of donor vessel Front Falcon for use in the FPSO Anna Nery project • Awaiting outcomes of the Parque das Baleias project bid • Acquisition of donor vessel Ridgebury Eagle for use in the Parque das Baleias project bid • Secure the contract for the Parque das Baleias project in Brazil • Build up a solid base of project targets for the years to come Build our presence in countries where bidding and acquisition activities are taking place • Set up of Brazil and Netherlands Operations offices for the FPSO Anna Nery project • Set up of satellite office in London for renewables activities • Continue building and staffing Brazil and Netherlands operations offices for the FPSO Anna Nery project In October 2019, Yinson successfully entered the Brazil market with the signing of two LOIs with Petrobras for the charter, operations and maintenance of an FPSO for the Marlim revitalisation project, Brazil. The LOIs were converted to definitive contracts on 23 March 2020. Sumitomo is participating in the project with an effective interest of 25%. Preparations and groundwork had begun prior to the contract award, including the purchase of donor vessel MT Front Falcon and the setting up and staffing of the Brazil and Netherlands operations offices. We are currently awaiting the outcome of our bid for the Parque das Baleias FPSO project, located in the Campos Basin. In the meantime, we have continued to build our presence in Brazil to be ready in the event of a successful project award. The vessel MT Ridgebury Eagle was acquired as the intended donor vessel for this project. Yinson’s strategy for Business Development is to find and engage early in the right projects for Yinson and build a strong foundation for future long-term growth. In parallel, general marketing will be continued, including participating in exhibitions and conferences that are good platforms for sharing our value proposition with our stakeholders in the industry. External environment (pg 36), Industry (pg 109), MD&A (pg 128)