101 ANNUAL REPORT 2022 STRATEGY & OUTLOOK BUSINESS REVIEW - OFFSHORE PRODUCTION 5-YEAR AVERAGE FLEET TECHNICAL UPTIME FOR ASSETS THAT WERE IN OPERATION Year Average fleet technical uptime FYE 2018 99.9% FYE 2019 99.4% FYE 2020 100% FYE 2021 99.8% FYE 2022 99.8% Environmental performance Carbon emissions Yinson supports the ambitious goals of the Paris Agreement. In line with our commitment, we keep track of our operating FPSO fleet’s carbon intensity and set progressive SPTs of 11.4 kg CO2e/BOE by 2030 and 8.0 kg CO2e/BOE by 2050. Despite our long-term commitment, we have in fact increased our GHG emissions in FYE 2022, both in absolute numbers and in carbon intensity. Our operating FPSO fleet’s carbon intensity in FYE 2022 was 23 kg CO2e/BOE, an increase of 41%, compared to the year before. The increase in absolute CO2e emission numbers is mainly caused by FPSO Abigail-Joseph operating a full year for the first time, and the second issue is caused by unexpectedly high flaring amounts from one of our units throughout the year and also to some degree from one of our other units towards the end of last year. The original development plan for this specific unit assumed re-injection of the associated gas into the reservoir via injection wells, which would minimise the need for flaring. However, due to the prevailing pandemic, the drilling of the injection wells and subsea pipe laying were delayed, leading to unplanned and elevated levels of flaring. We have, however, a strong confidence that flaring from this particular unit will be reduced to the bare minimum towards the end of this year as our client is progressing well towards getting the gas injection well operative. We are supporting our client in all possible ways, for example with resources and logistic services to make this happen. Further to this, for another client we have completed engineering studies and ordered materials in order to undertake physical modifications onboard one of our FPSOs to optimise the flaring system and hence reduce the emissions. We expect this modification to be in place and operative within Q4 2022. Based on our calculations, this modification will reduce the amount of flared gas by more than 50% for this unit. With a third client we have had ongoing engineering studies to assess how emissions from flaring can be reduced for the FPSO we operate for them. The first expected outcome from this is the debottlenecking and upgrading of the gas injection system onboard. This is expected to increase the efficiency of the gas injection system by around 7%, and reduce the amount of flared gas by 60% to 70% for this unit. We expect this to happen within Q3 2022. Operational performance We maintained excellent commercial and technical uptimes of 100% and 99.8% respectively across our operating fleet. While all teams performed incredibly, special mention goes to our newest asset FPSO Abigail-Joseph, which became operational at the peak of the pandemic-induced movement restrictions. The asset celebrated one year of operations on 21 October 2021 with zero LTI and a technical uptime of 99.6% and continues to maintain optimal production until now. To achieve such a performance is already outstanding under normal circumstances, but for a newly deployed asset to achieve this under pandemic circumstances is truly a testament to the joint commitment of Yinson and our client FIRST E&P. My heartfelt thanks go out to our project teams, operations teams and crew around the globe for the sacrifices they’ve made to achieve these outstanding performances. AVERAGE FLEET TECHNICAL UPTIME FOR ASSETS THAT WERE IN OPERATION IN FYE 2022 Q1 Q2 Q3 Q4 FYE 2022 average FPSO Adoon 100.0% 100.0% 100.0% 100.0% 100.0% FPSO Abigail-Joseph 99.8% 99.7% 100.0% 99.9% 99.8% FPSO JAK 99.9% 99.9% 100.0% 100.0% 99.9% FPSO Helang 99.1% 98.7% 98.6% 99.5% 99.0% FPSO PTSC Lam Son 100.0% 100.0% 100.0% 100.0% 100.0% FSO PTSC Bien Dong 100.0% 100.0% 100.0% 100.0% 100.0% COMBINED AVERAGE FLEET TECHNICAL UPTIME 99.8%
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