91 BUSINESS REVIEW HIGHLIGHTS FYE 2023 UTILISATION RATES Yinson Hermes 75% HEALTH & SAFETY PTSC Huong Giang 88% Yinson Perwira 100% PTSC Lam Kinh 100% Fleet average utilisation rate 90.8% (up 6.5% from FYE 2022) 100% uptime while on hire OPERATIONS 0.00 LTIF 0.00 TRIF AWARDS PTSC Lam Kinh received the 2021 Logistics Operator HSE and Operations Excellence Award from Hibiscus Petroleum in June 2022. PTSC Huong Giang received the 2022 Logistics Operator HSE and Operations Excellence Award from Hibiscus Petroleum in January 2023. REGULUS OFFSHORE Commentary by Mr Lim Chern Wooi, Regulus Offshore Chief Executive Officer REGULUS OFFSHORE GOALS AND STRATEGIES GOALS • Maintain a strong utilisation rate. • Maintain an industry-leading safety and performance track record. • Create further value through synergistic merger opportunities. STRATEGIES Short to medium-term (1 to 5 years) • Achieve strong utilisation rate through active client engagement. • Adopt industry best practices to meet safety and operational targets. • Streamline business and seek synergistic mergers for value creation. Long-term (6 to 10 years) • Establish industry-leading improvements in safety and performance processes. • Execute synergistic mergers for overall value creation of the Group. Fleet update We achieved a higher average utilisation rate of 90.8% in FYE 2023, showing a steady increase from 84.3% in FYE 2022 and 76.8% in FYE 2021. Yinson Perwira and PTSC Lam Kinh both achieved 100% utilisation, due to the long-term nature of their charter contracts. The utilisation rates for Yinson Hermes and PTSC Huong Giang, although lower than the other two assets, were still strong, given the shorter-term nature of their contracts. These two assets are typically off-hired in the monsoon season, as adverse weather during that time necessitates a shutdown in offshore operations on Malaysia’s east coast. During the off-hire season, we take the opportunity to refurbish our vessels to prepare for new contracts ahead. For example, PTSC Huong Giang has been refurbished and is now ready for her next contract, serving a wells intervention campaign in the PM3-CAA field in the northern waters of Malaysia.
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