Bus iness Overvi ew Sect ion 01 25 Annual Report 2022 OUR STRATEG I C SNAPSHOT ENGINEERING SERVICES SECTOR Outputs, Performance Highlights & Achievements, Values Created Potential Risks, Issues & Challenges Opportunities & Strategic Priorities Business Strategies - Ranhill Worley (“RW”) • Successful replenishment of order book on the back of contracts secured in FY2022. • Continued to expand an undertaking well rejuvenation projects or working on marginal fields. • Secured the world’s largest offshore CCS project, the RM18 million Design Competition Phase and RM52 million for Detailed Design Phase - Malaysia Kasawari CCS project. • Secured the USD27.0 million Brazil P-82 Floating Production Storage and Offloading (“FPSO”) facility, awarded by Sembcorp Marine Integrated Yard Pte Ltd. • Secured the RM43 million FEED contract for offshore facilities at the SK410b Lang Lebah Development off the coast of Sarawak, Malaysia. • Secured RM15 million detail engineering design including follow on engineering for EPC services of Fixed Offshore Platform for Rosmari-Marjoram Gas Project; Solar Powered Offshore Platform for Sarawak Shell Berhad. • The United Nations Climate Change Conference (“COP27”), saw growing scrutiny on industry players’ moves in delivering their respective commitments to limit emissions and increase in global temperature. • Create huge challenges as well as opportunity to the industry player where development of new fields requires more technological advancement in minimising emission which may increase cost of investment. • Pursue projects in tandem with the ongoing recovery of the oil and gas sector, namely brownfield or marginal field related projects in Malaysia. • To target offshore works in overseas markets related to FEED development, design of offshore facilities and expansion contracts. • Anticipated growing trend on decarbonisation and CCS on oil and gas projects moving forward. RW is exceptionally well positioned with carbon storage and decarbonisation knowhow and technology with recent award of Malaysia Kasawari CCS, world’s largest offshore carbon capture and storage, and Brazil P-82 FPSO where FPSO will incorporate carbon capture, closed flare technology, which increases gas utilisation in a safe and sustainable manner and prevents it from being burned into the atmosphere. • RW’s strategic priority is to target the design and engineering of offshore facilities work for both international and local customers. This includes FEED and detail engineering for offshore wellheads, compression and processing facilities as well as greenfield facilities & brownfield modifications and enhancements. Note: Please refer to the Management Discussion and Analysis section of this report for further details.
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