54 Performance Revi ew 02 Sect ion Ranhi ll Ut i l i t i es Berhad RW also secured the USD27.0 million Brazil P-82 Floating Production Storage and Offloading (“FPSO”). The FPSO will incorporate carbon capture and closed flare technology features. The contract was awarded by Sembcorp Marine Integrated Yard Pte Ltd. The P-82 FPSO vessel is for Brazilian stateowned oil and gas producer, Petroleo Brasileiro S.A (“Petrobras”). P-82 when completed, will be one of the largest offshore vessels deployed in the ultra-deepwater Buzios oil and gas field spanning more than 853 km2. It is located about 180 km off the coast of Rio de Janeiro, Brazil. The project features new generation of production facilities, which enable high production capacity and the technologies to reduce CO2 emissions. The unit will also be equipped with water injection capacity of 255,000 barrels per day and a storage capacity of two million barrels per day. It will also feature closed flare technology, methane gas detection systems and “digital twins” capabilities, enabling virtual reproduction of the platform to test multiple simulations and remote tests prior to commencing operations. This improves safety and operational reliability. P-82will also be equippedwith Carbon Capture Usage Storage (“CCUS”) and geological storage of CO2. RW also secured the SK410B field, where the Lang Lebah project is located, is one of PTTEP’s global key projects. RW brings its unique integrated capabilities and synergistic capabilities – leveraging on the Worley Group’s proven expertise and technical know-how to successfully meet the challenging FEED requirements for the project. RW’s expertise and value include in-house multi-disciplinary engineering specialties specialising in niche services and an experienced local team of personnel, augmented by global subject matter experts. These projects are noteworthy as it involves the introduction of new technologies such as CCS and CCUS and other “green” based solutions. Ranhill is developing its capacity and track record in a field where there are relatively still few players within Malaysia and Southeast Asia. This positions us in a competitive position for the future. A key highlight was the achievement of 18 million safe work hours without a loss time incident (“LTI”) on 30 June 2022. As at 31 December 2022, the number LTI clock stands at 18.7 million safe work hours. OUTLOOK AND PROSPECTS - RWS Having successfully delivered on several projects nationwide under Approach One, RWS is exploring opportunities to propose and undertake NRW reduction programmes under Approach 2 for Johor, Melaka, Selangor, Perak, Penang, Terengganu and states which has completed Approach 1 Programme. Approach 2 has a budget of RM1.37 billion under its Matching Grant Programme and is aimed at encouraging state governments to undertake much needed NRW loss management works and leverage on the matching grants. Aside from state water operators, RWS will also engage other stakeholders such as government ministries and agencies, as well as private sector to undertake NRW related projects. As it focuses on business development, RWS will continue to expand its supply chain – increasing its pool of OEM product manufacturers. This will alleviate present bottlenecks faced in the supply of parts by providing RWS with a wider range of suppliers. It also enables more choice in terms of suppliers for RWS based on cost and quality propositions. This flexibility will enable RWS to submit more competitive bids for NRW projects going forward. Other strategic priorities for RWS in FY2023, include diversification into facilities management (focusing on the water supply system of facilities) and adoption of IR4.0 technologies and methodologies. OUTLOOK AND PROSPECTS – RWT Interest in wastewater reclamation continues to increase with industrial parks, municipal authorities including water treatment and sewage treatment players as well as from mediumto large scalemanufacturers expressing aspirations to incorporate such approaches into their waste management approaches. The ongoing shift in perceptions towards the value of reclaimed water is being driven by several factors. Among these include increased scrutiny by industry regulators, the potential medium to long term cost savings yielded by using reclaimed over potable water and a growing consciousness among businesses on the need to adopt more sustainable business practices. The requirement from buyers as well as financiers (i.e. banks and investors for companies to adopt circular economy approaches in the business model) has also stirred greater interest in reclaiming wastewater, particularly for non-potable industrial and commercial applications. The focus is to commercialise growing interests amid concerns of upfront capital expenditure costs that for many businesses, perhaps can be invested in more directly beneficial areas of the business to ramp up growth and to make up for the slowdown during the COVID-19 pandemic. All the same, as businesses continue to recover and reach their full operational momentum, the volume of wastewater should also increase, thus providing both reclaimed water opportunities along with increased conventional wastewater treatment solutions. With demand growth, RWT is in a strategic position to tap on the emerging potentials, given its proven track record in successfully delivering projects of varying magnitude and scale. The company’s growing reputation as an industry leader with strong technical capabilities in design and build as well as project management holds RWT in good stead when bidding for projects locally and abroad. OUTLOOK AND PROSPECTS – RBSB The Malaysia construction sector rebounded strongly inFY2022by8.8%and themomentum of growth is expected to continue going into FY2023. However, rising inflationary pressure, supply chain issues, lack of foreign labour and other external developments may impact the level of recovery. In addition, the new government post GE15 has expressed its intention to control the nation’s high debt position by reducing large scale infrastructure projects. The exception being the HSR which has been revived since, though with some changes than the originally proposed plans. MANAGEMENT DI SCUSS ION & ANALYS I S
RkJQdWJsaXNoZXIy ODQxNzg=