95 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT Occupational Health and Safety In a world where health, safety and environmental (HSE) stewardship has become more critical than ever, Wasco stands as a beacon of excellence, setting new standards in HSE performance. Our journey towards achieving Target Zero (Nobody gets hurt, No damage to property, and No harm to the environment) is not just about compliance, but a testament to our commitment to fostering a culture of safety, sustainability, and continuous improvement. With more than 30 years of experience in coating pipes, Wasco’s commitment to safety excellence is ingrained in its culture, setting it apart as an industry leader with an engaged and proactive workforce having a renewed sense of vulnerability to risk. In 2024, Wasco achieved notable HSE success, including the accomplishment of 39 million LTI-free man-hours, underpinned by strong management commitment and support, as well as the organisation’s robust capabilities in safety management. These key elements provided the foundation for driving a culture of safety excellence. Wasco’s HSE Policy applies to all contractors, employees, and stakeholders operating within its premises. We are dedicated to fostering a culture of continuous improvement, risk mitigation, and regulatory compliance. Wasco remains fully committed to adhering to the Occupational Health and Safety Act (OHSA) 2024, the Environmental Quality Act (EQA) 1974, and all other relevant laws, regulations, orders, industry standards, and best practices to which it subscribes wherever we operate. We are pleased to report zero fatalities in 2024—a testament to the strength of our health and safety practices. However, we did record one LTI, resulting in a Lost Time Incident Frequency of 0.05, significantly below the industry average of 0.24. Our Total Recordable Incident Frequency stood at 1.15, compared to the industry benchmark of 0.94, as published in the IOGP Safety Performance 2023 report by the International Association of Oil & Gas Producers. All incidents—including near misses—are reported promptly. Comprehensive investigations are conducted to determine root causes, and corrective as well as preventive actions are implemented to prevent recurrence. Lessons learnt from each incident are shared across the organisation to foster continuous improvement. The success achieved in 2024 has had a significant impact on Wasco’s HSE management practices and performance. Employees have embraced safety as a core value instead of just being regarded as a priority. We remain committed to continuous improvement, proactive risk management and fostering a strong safety culture to protect the health and well-being of our workforce earning the respect of clients. This shift in mind-set towards safety has elevated Wasco’s reputation as a trusted industry leader committed to maintaining a safe and secure working environment. Our journey toward safety excellence is anchored in a culture that prioritises care, accountability, and continuous improvement. Key focus areas in 2024 included: Renewed Sense of Vulnerability Risk Management Focus Enhanced observations and incident investigations Visible, Influential, and Inspiring Leadership Strengthening HSE Competencies
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