41 LEADERSHIP MESSAGES GROUP CEO REVIEW Another significant way Yinson is endeavouring to support the decarbonisation of the world is by investing in the development of future business solutions. We aim to find alternative, low or zero carbon fuels that can disrupt the heavy industries and overall energy system. One example is the offshore production of blue and green ammonia, which we have studied and where we are currently exploring commercial feasibility. Other examples are Direct Air Capture (“DAC”) and Carbon Capture & Storage (“CCS”), which we are actively exploring for future implementation across industries. CLOSING REMARKS The Group certainly has a lot to look forward to as we continue building our growth story and shaping the Yinson of the future. A sustainability mindset will continue to drive our direction, and our passionate workforce will continue to ensure that we deliver well on our commitments. To my fellow Board members, Senior Management and leadership teams – we have made some big decisions together this year as a company, and I believe our collective knowledge and experience have guided us to make decisions that bring the most value to our stakeholders. To our many stakeholders, many of whom have now become close business associates and friends – thank you for supporting us as we execute our purpose. We are grateful that you have placed your trust in us and we will strive to continuously deliver value to you. To our employees and crew all over the world – you are the backbone of our business. We truly appreciate your hard work and sacrifices in order for us to ‘Passionately deliver powerful solutions’. TOWARDS FULLY AUTONOMOUS AND SUSTAINABLE FPSO SOLUTIONS YP continues its digital transformation journey in alignment with its strategic goal of investing in asset lifecycle management via a proactive digitalisation strategy. Enabling digital technology while empowering our people has been key to ensuring data is accessible, structured and quality-assured for visual presentation through an integrated data visualisation platform. This forms the foundation for data contextualisation and automation. In addition, we believe it is the key to creating an efficient and sustainable supply chain while reducing human risk exposure, carbon footprint and cost. Over the past years, we have invested in digitalising various aspects of our FPSO business, such as through 3D printing of maintenance parts, using drones and remotely operated vehicles (ROVs) to inspect and maintain our operating assets, integrating cloud-based platforms for digital warehousing and building up our integrated data visualisation platform. These various components of our digitalisation efforts are now coming together in an initiative called Project Polaris, through which we aim to eventually develop industry-leading, fully autonomous and sustainable FPSO solutions. To this end, we signed an MoU with leading industrial software leader AVEVA in December 2022, a company we have already been partnering with for many years on our digitalisation journey. Project Polaris, focusing on FPSO Helang, will provide scalable enterprise system integration, enabling asset strategy optimisation, predictive maintenance and automated Lifecycle Costing (LCC), as well as a unified operations centre for visualisation and human interaction for data-driven decision-making. The contextualisation and automation of data through Project Polaris will form the foundation for further integration of existing engineering tools, enabling efficient data-driven decision-making across the asset lifecycle.
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