79 YINSON PRODUCTION Project updates A huge achievement for YP was undoubtedly the milestone of first oil for FPSO Anna Nery, which took place on 7 May 2023. With that, we commenced the firm charter for the asset, which will be operating in Brazil’s North Campos Basin for the next two decades. Executing this project during the pandemic was certainly challenging. However, with support from our client, vendors and investors, our project team was able to navigate the uncertainties to deliver our first Brazilian asset for our client. The FPSO Maria Quitéria project is progressing according to schedule despite an 8-week pandemic-related lockdown in Shanghai at the start of the Repair, Life Extension and Conversion phase. All topside modules are now under construction and deliveries of company-supplied items have started. It is expected that module integration will commence in the middle of 2023 with sail away in the first quarter of 2024. Preliminary work on FPSO Agogo officially kickstarted in December 2022 when an APA was signed with Azule Energy. Thus, work was well underway by the time firm contracts were signed in February 2023. Accordingly, the donor vessel, FPSO Front Eminence, safely arrived at the Huarun Dadong Dockyard in Shanghai, China on 8 February 2023 and demolition activities commenced. On the engineering side, the project is tracking well against the schedule, with most major contracts and purchase orders placed. The site team mobilisation is also ongoing and the project is therefore on track to achieve its 35.5-month schedule. HSE performance The Health, Safety and Environment (“HSE”) performance across Operations and Projects continues to mature towards a ‘Culture of Safety’ that is aligned with best-in-class standards. In line with YP’s ESG commitments and targets, a 5% reduction in Total Recordable Injury Frequency (“TRIF”) was set as an objective for FYE 2023, providing a target of 0.19. The result of 0.14 was achieved, well below industry benchmarks. Our Lost Time Injury Frequency (“LTIF”) remains at zero. We have maintained our Safety Culture Transformation Programme (“SAYFR”) for a fourth year. The ‘X-lab workshops’ run by SAYFR subject matter experts were opened to 87 offshore and onshore leaders as part of this programme, which provided the knowledge and skillsets to prepare them to lead and facilitate the rollout of eight modules on safety leadership behaviours among their crew. The eight Safety Leadership Behaviours training sessions ended in 2023. We then carried out our fourth SAYFR safety culture survey, and are happy to report that our safety culture remains in the third quartile. BUSINESS REVIEW 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 0.58 0.44 0.21 YP HSE PERFORMANCE 0.14 FYE 2020 FYE 2021 FYE 2022 FYE 2023 TRIF LTIF 0.29 COVER -UP LAISSEZ-FAIRE 25% 7 0-1 2015 2023 2017 2022 Accident rate (per 1,000 FPSO-years) Share of companies 25% 2 4 50% ~1% NORMATIVE EXCELLENCE
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