29 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information VALUE CREATION MODEL Trade-Offs Expanding capacity vs. capital intensity: Increasing production and fabrication capacity supports longterm business growth but requires high initial investment and ongoing operational expenses. Efficiency improvements vs. environmental impact: New facilities may raise carbon emissions and energy consumption, necessitating a parallel commitment to energy efficiency initiatives. M MANUFACTURED CAPITAL Achievements • Angola FPSO Project: Our Engineering and Fabrication arm, we made significant progress on the flagship FPSO project, reinforcing our capabilities in delivering complex, large-scale energy infrastructure. • Pipeline Coating Projects: Completed 570 kilometers of pipeline coating for Qatar’s North Field Expansion Project and 139 kilometers for Malaysia’s Kasawari CCS Project, showcasing our leadership in pipeline services. • Strategic Infrastructure Development: Constructed a new jetty on Batam Island, Indonesia, engineered to facilitate large-scale load-outs directly from our fabrication yard, significantly enhancing our project execution capabilities. 2024 Focus • Expand fabrication yards to facilitate the execution of large-scale projects. • Enhance pipe coating capabilities to support growing demand in particular markets. Our Approach Wasco’s infrastructure investments are strategically focused on scaling up capacity, enhancing operational efficiency, and expanding high-demand business segments to drive sustainable growth.
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