118 YINSON HOLDINGS BERHAD STRATEGY & OUTLOOK BUSINESS REVIEW - OFFSHORE MARINE & MALAYSIA OPERATIONS supply chain locally. We are doing our part to work closely with our client JX Nippon to explore how we can lower the emissions of FPSO Helang. Thus far, we have commenced feasibility studies for the installation of hydrocarbon blanketing and closed flare technologies on board. The studies are on track to be completed by the first half of 2022. Malaysia is where Yinson was founded and is currently headquartered, and we are privileged to contribute back to the country’s energy supply through FPSO Helang. Environmental performance, pg 101; Zero emissions FPSO concept, pg 102; Climate change & greenhouse gas emissions, pg 159 The oil & gas market is mature in Malaysia. The development of some newly discovered resources, some of which are deep water, provides moderate opportunities for FPSO players. In line with the national push for climate-friendly energy production, we believe that FPSO companies with a commitment and track record in low-emission designs and relevant technological expertise will have an advantage when bidding for upcoming FPSO projects in Malaysia. With our strong sustainability leadership position, plus proven track record in governance and project delivery, Yinson is well positioned to enter into such opportunities within the Malaysian FPSO space. Offshore Marine update Fleet utilisation Our fleet utilisation rate for FYE 2022 had a slight increase of 7.5% to 84.3% in comparison with the previous year of 76.8%. The improved demand was a result of the reopening of the economy and lifting of the movement restrictions arising from the Covid-19 pandemic. Yinson Hermes Yinson Hermes secured a much higher fleet utilisation rate in FYE 2022 due to back-to-back projects. Yinson Hermes provided cargo delivery for a platform extension module, crew accommodation and supported cargo runs. PTSC Huong Giang PTSC Huong Giang was active for most of the year, apart from the monsoon season, when PSV-type vessels are typically less active. The asset supported a well intervention project and served as a backup for PTSC Lam Kinh when it was undergoing drydocking. PTSC Lam Kinh PTSC Lam Kinh’s utilisation rate dipped to 89.6% from 100%, as it underwent a-24-day drydock in Singapore before sailing for bollard pull certification at Batam, Indonesia and coming back to Bunga Orkid field. Yinson Perwira For the third consecutive year, Yinson Perwira maintained its full utilisation rate as a support vessel at Kikeh Field. REGULUS OFFSHORE FLEET UTILISATION 100% Yinson Hermes PTSC Huong Giang Yinson Perwira PTSC Lam Kinh 80% 60% 40% 20% 0% 59.2% 71.2% 76.2% 89.6% 100% 100% 100% FYE 2021 FYE 2022 48.0%
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