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OFFSHORE MARINE BUSINESS REVIEW BUSINESS BUREAU VERITAS

2O19/2O MARINE &OFFSHORE THE SUSTAINABILITYTHE FLEET OVERVIEW FLEET HOW TO ACHIEVE BUREAU VERITASBUREAU CEO STATEMENTCEO TRENDS CHALLENGE? LEADERSHIP LEADERSHIP PEOPLE IN MARINE MARINE IN PEOPLE PAGE 4TO PAGE 17 & OFFSHORE WHO? PROFILE 2,650 2,650 2030 : : 2030 PAGE 20 PAGE VIEW PAGE 18 PAGE PAGE 2 PAGE PAGE 3 PAGE PAGE 1 PAGE

CONTENTS OUR CLIENTS’ CREW CREW CLIENTS’ OUR DRIVES US? DRIVES AND ASSETS SAFE, SAFE, ASSETS AND EVERY DAY EVERY WHAT WHAT KEEPING A diverse network of engineers and technical technical and engineers of network A diverse experts are dedicated to and offshore offshore to ship and dedicated are experts materials, machinery and operations and and operations and machinery materials, LEADING CLASSIFICATION safety and efficiency. They set, measure measure set, They efficiency. and safety share their expertise through advisory advisory through expertise their share OFFSHORE SAFETY AND AND SAFETY OFFSHORE IS ONE OF THE WORLD’S THE OF ONE IS and inspect standards for structures, structures, for standards inspect and WHERE? OUR CLIENTS, WHEREVER WHEREVER VERIFICATION BODIES THEY ARE THEY CLOSE TO TO CLOSE and support services and training. and services support and BUREAU VERITASBUREAU SOCIETIES AND AND SOCIETIES

LOCAL PLAN APPROVAL APPROVAL PLAN LOCAL MARINE OPERATIONS SURVEY STATIONS 180 CENTERS OFFICES 19 6

HAND-IN-HAND WITH HAND-IN-HAND WE WORK? WE HOW DO OUR CLIENTS

BUREAU VERITAS MARINE & OFFSHORE & OFFSHORE MARINE VERITAS BUREAU

PROVIDE OUR CLIENTS CLIENTS OUR PROVIDE WITH THE SUPPORT SUPPORT THE WITH AND KNOWLEDGE KNOWLEDGE AND WHAT DO WE DO? THEY NEED PROFILE #

DIFFERENT? OUR COMMITMENT MAKES US US MAKES AND OFFSHORE TO THE MARINE MARINE THE TO INDUSTRY WHAT WHAT REVIEW BUSINESS & OFFSHORE MARINE

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Volatility and uncertainty Bureau Veritas Solutions. The dominated 2019- and clarity of our proposition – a 2030: emerging confidence has separate company dedicated to providing our clients with taken a major hit in 2020 as HOW TO ACHIEVE THE SUSTAINABILITY technical advisory, asset the spread of the novel management and assurance – CHALLENGE? coronavirus, and an oil price appeals to clients. We have seen crisis, impact both people A CRITICAL strong, and growing demand for and markets. services as owners seek expertise One idea will dominate the next decade – environment. DECADE to increase the performance of As young people around the world demand an urgent response to the climate crisis, their marine and offshore assets. the onus is on industry to act. With IMO setting ambitious long-term targets, Matthieu de Tugny ship owners are adopting innovative technologies and fuels to improve efficiency Last year saw weakening PRESIDENT MARINE & OFFSHORE and reduce emissions. Offshore, oil majors, EPCs and new technology companies DIVISION global economic demand are leveraging traditional expertise to develop new energy-efficient solutions. and geopolitical risk Bureau Veritas is on hand to support the transformation ahead. impacting both marine A crucial decade and offshore industries ahead

In Marine, this weighed heavily As we go into the new decade, on new orders for bulk carriers three main topics dominate and tankers. Owners struggled theagenda. The first is with the double whammy of environmental – how the Marine major fluctuations in charter industry will lower its impact rates for oil tankers and dry bulk in line with ambitious regulations and uncertainty over the best and commitments by IMO and response to both the IMO 2020 the European Union. sulfur cap regulation and the need to decarbonize. The second is digital – how The result has been a wait-and- the industry will become smarter, see approach to new orders. with digital tools to increase Anticipating the timing of a return efficiency and protect itself to growth today is complex, as it against cyberattacks. The third will be linked to global economic is the energy transition – how demand in the wake of the marine and offshore players will COVID-crisis. It will also depend use their existing expertise to on owners feeling that they can respond to today’s energy needs ALTERNATIVE DIGITAL while developing the technology make more informed choices PROPULSION about their energy transition necessary for a low-carbon future. options. Innovation in these three areas will be rapid, and grounded in the Digitalization continues IMO 2020 is just the apace as owners and In Offshore markets, oil prices expertise that is being developed ENERGY were volatile in 2019 and today. This decade will be a beginning. To reach TRANSITION operators seek to improve plummeted in the first quarter turning point – for the industry, ambitious targets of -50% performance and protect of 2020. Many projects are now and for the planet. in GHG emissions by 2050, against cyber risk. owners are exploring Ship designs increasingly on , as their economics The offshore industry alternative fuel options. incorporate smart no longer stack up. Lastly, the spread of COVID-19 has a major role to play New designs increasingly technology, a trend set to will have a major impact on in developing less carbon- feature LNG as fuel, continue in the next marine and offshore markets intensive energy sources. with some owners turning decade. Smart solutions Orders increase as owners In a fast evolving in 2020 and beyond. At Bureau If gas is a critical transition to LPG. The industry is will also support Veritas, we have been able to fuel, offshore wind and seek expertise researching innovative the energy transition, market, Bureau keep working, not least because marine renewable energies solutions including biofuels as increased automation Against this backdrop, of the digital investments we have offer the promise Veritas is well and ammonia. for engines, navigation Bureau Veritas saw an uptick made enabling us, for example, of zero-carbon energy. Electric power is also systems and machinery in new orders in 2019 thanks to to carry out remote surveys. In the meantime, energy positioned to meet on the rise, albeit for short helps owners improve our positioning in the market We cannot know what the full efficiency is key, with oil distance travel. energy efficiency segments where demand was client needs. consequences will be. But we do and gas majors looking to and reduce OPEX strong: gas carriers; passenger know that we will continue to increase the performance to meet decarbonization including expedition cruise make safety and the well-being of assets, extend their requirements. and eco-friendly concepts; of our people, your people life, and decommission and vessels of many types that and all communities, our absolute them safely at the use LNG as fuel and other clean priority. We have been helping appropriate time. propulsion solutions. We also keep society safe since 1828 benefited from a steady stream and we will continue to help of class transfers. 2019 was the shape the world we need now, first full year of activity for more than ever – a world of trust.

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CMA CGM POWERS AHEAD WITH LNG AS FUEL PASSENGER VESSELS CMA CGM strengthened its environmental TARGET LOW EMISSIONS commitment in 2019 with the delivery of the world’s first LNG-fueled ultra large containership and For passenger , electric power an order for five more LNG-fueled vessels. is an increasingly attractive and viable option. Bureau Veritas is classing two innovative concepts. The CMA CGM Jacques Saade was the first BC Ferries has ordered four diesel-electric Island Class of nine 23,000 teu ships to be delivered by Shanghai vessels from Damen, as part of its move to full electric. Jiangnan-Changxing Shipyard. The 400m-long ships’ The 300 pax vessels are sister ships to two vessels environmental performance is also boosted thanks to that will enter service in mid-2020. their hydrodynamically optimized hull form. And Norwegian operator Brevik Fergeselskap CMA CGM went on to place an order with Jiangnan has ordered an all- electric 98-pax ferry to be for five 15,000 teu LNG-fueled containerships. delivered by Holland Shipyards end-2020. These vessels offer operational flexibility, as they could Rauma shipyard in Finland is also building a highly potentially be used on both Europe-Asia routes efficient dual fuel ferry to BV class for Tallink. and Pacific West Coast routes. A further five The 50,000 GT MySTAR will accommodate 15,000 teu vessels are to be built with scrubbers 2,800 passengers on the Tallinn-Helsinki route. at Hudong Zhonghua Shipbuilding in China. All vessels will be built to Bureau Veritas class.

With the IMO Low Sulphur Regulation coming IMO 2020 into force on January 1st 2020, environmental compliance READY moved center stage. FERRIES: As regulators and local communities push for greener coastal navigation, ferry operators THE FUTURE IS and ro-ro ship owners are responding with dual ELECTRIC fuel and electric hybrid solutions.

TWO NEW LNG-ELECTRIC HYBRID VESSELS FOR SEASPAN Damen is building two more BV-classed FUEL TESTING SUPPORTS LNG-electric hybrid ro-ro ferries for Seaspan. The 149m vessels will go into service for IMO 2020 COMPLIANCE Seaspan Ferries in 2021 as part of the To achieve compliance with IMO 2020, the majority company’s fleet replacement programme. of owners chose to switch to low-sulfur fuel oil (VLFSO) or They will join two BV-classed LNG-hybrid Marine Gas Oil (MGO) rather than make vessels already linking the British Columbia costly decisions on installing a scrubber mainland to Vancouver Island, which operate or switching to LNG as fuel. with emission reductions of over 50% compared Bureau Veritas published dedicated Guidelines (NI 559) to traditional vessels. Seaspan’s low emissions covering the use of low sulfur fuel oils and detailing also enable it to take advantage of tax reductions design and operational measures with a view offered by the Port of Vancouver as part of to supporting ship operators to prevent issues its EcoAction program. and ensure regulatory compliance. We also offer dedicated marine fuel testing via our VeriFuel program. Backed by our global network of laboratories, VeriFuel provides marine fuel quality and quantity assessments. For owners operating on VLSFO or MGO, this includes test for stability, compatibility, cold flow properties and many other necessary tests in order to mitigate any potential issues onboard the vessel. 4 MARINE & OFFSHORE BUSINESS REVIEW 5 BUREAU VERITAS MARINE & OFFSHORE BUREAU VERITAS MARINE & OFFSHORE TRENDS TRENDS # #

GROWTH IN LNG AS FUEL FOR GAS CARRIERS BOOSTS ORDERS For the second consecutive year, Bureau Veritas was awarded classification of 20% of LNG carrier newbuilding orders placed in 2019, reflecting its expertise in a key market driver: LNG as fuel. Japanese owners placed orders for dual fuel LNG SUPPORTING A BUNKERING BOOM carriers to be built at Korean yards. NYK ordered Bureau Veritas is the classification society of choice six 174,000m3 tankers from Samsung Heavy for LNG bunker ships, accounting for over half of Industries (SHI) and Hyundai Samho Heavy Industries. vessels in service and under construction. Nisshin Shipping also placed an order for one New orders in 2019 included two dual-fuel bunker 174,000m3 carrier from SHI, while MOL ordered two vessels for Mitsui O.S.K. Lines (MOL). A 135m-long 180,000m3 and one 174,000m3 carrier from DSME. ship with capacity of 18,600m3 will be built by Greece’s Dynagas similarly placed an order for two Hudong-Zhonghua Shipbuilding. Chartered to Total, 180,000m3 vessels from Hyundai Heavy Industries. it will supply LNG bunker to a wide range of ships in LNG carriers have been using LNG as fuel for many the Mediterranean. A second 12,000m3 newbuilding, years through a variety of available built-in chartered to Pavilion Gas, is to be constructed by technologies. As IMO 2020 kicks in, LNG remains Sembcorp Marine. Both vessels will be fitted an attractive fuel choice for LNG carriers. with GTT’s Mark III membrane containment system, which is designed to reduce cargo loss through operation thanks to a lower boil-off rate. Bureau Veritas is also classing Shturman Koshelev’s 5,800m3-capacity ice-class bunkering vessel built by Keppel Offshore & Marine.

LNG AND BIOGAS LNG carrier and oil/chemical designs A NATURAL CHOICE are adapting alternative propulsion and other low emission technologies. FOR TANKERS

TÄRNTANK POWERS ITS ENERGY TRANSITION WITH FOUR-FUEL TANKERS As part of its transition to clean energy, Tärntank Ship Management AB ordered GAS TO POWER IN SENEGAL two 15,000-DWT liquefied biogas/liquefied MOL has also teamed up with Karpower, natural gas-powered (LBG/LNG) product a subsidiary of Karadeniz, to develop the first and chemical tankers with a hybrid battery LNG-to-powership project, to be operated in system from AVIC Dingheng Shipbuilding. Africa. The KARMOL project comprises Designed by Kongsberg Maritime, this is two assets: an FSRU and a Powership, both the second series of ships ordered from BV-classed. The FSRU will deliver re-gasified the Chinese shipbuilders. These latest vessels LNG to the Powership, which will produce can run on four different types of fuel electricity. MOL’s FSRU is being converted – LBG, LNG, MGO and LSHFO – making them from an existing LNG carrier in Singapore. environmentally friendly and efficient. The Powership, which will be converted to dual fuel propulsion, will carry Bureau Veritas’ POWERGEN notation. KARMOL’s LNG-to-Powership solution with power generation capacity of 120MW will create a stable and reliable supply of electricity for Senegal.

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INNOVATION A raft of innovative SOVs and construction POWERS OFFSHORE WIND vessels are supporting construction and operation of tomorrow’s offshore wind projects. SUPPORT VESSELS ADVANCING DEVELOPMENT OF LNG CONTAINMENT SYSTEMS Leveraging 50 years’ experience in the LNG industry and extensive expertise with GTT LNG containment systems, Bureau Veritas Marine & Offshore has performed Design Assessment of the latest GTT Mark III Flex+ system. Based on Mark III Flex technology - a cryogenic liner used to contain liquefied gas at low temperatures during shipping Jan De Nul Group ordered two innovative offshore at atmospheric pressure - this new GTT wind installation vessels, both built to BV class containment and insulation system uses and slated for delivery in 2022. The Voltaire is the latest membrane technology to offer Jan de Nul’s third jack-up installation vessel, greater capacity, increased thickness under construction at COSCO Shipping Heavy Industry and better insulation. in China. Designed to transport, lift, install and decommission offshore wind turbines, transition pieces, and foundations, the Voltaire also will carry Bureau Veritas’ Ultra-Low Emissions Vessel (ULEV) notation, assigned to vessels with very advanced emission-control technology. The Voltaire is the tallest jack-up in the world, and its , with a capability of more than 3,000 tons, is capable of loading the next generation of wind turbines and foundations (more than 270m high and fitted with 120m long blades). The Luxembourg-based group also ordered Les Alizés, a floating installation crane vessel, from China’s CMHI Haimen shipyard. Equipped with a crane with a lifting capacity of 5,000 tons, Les Alizés is capable of both building the newest generation of offshore wind farms and also decommissioning offshore oil and gas platforms.

Also in 2019, DEME Group held a keel-laying ceremony for its first dedicated offshore ELECTRIC ORDERS FURTHER BOOST wind farm maintenance SOV, also the world’s PONANT’S GREEN CREDENTIALS first DP2 twin-hulled SOV. Due for delivery Ponant ordered two hybrid electric 230-pax in 2021, the 60m vessel will feature expedition cruise ships to be built to BV class a Small Waterplane Area Twin Hull design, at VARD, for delivery in 2022. The design of which ensures low wave impact on the vessels features a battery package allowing movements when approaching turbines, smokeless operation at anchor, in ports, compared to a monohull SOV. and in environmentally sensitive areas. Finally, Louis Dreyfus Armateurs’ 83m SOV, Two 184-pax sister ships, Le Bougainville and Wind of Change, was awarded the Offshore Le Dumont-d’Urville, joined the fleet in 2019. Renewables Award at the Offshore Support They represent the third and fourth ships in Journal Awards. Capable of accommodating the Explorers series to be designed and built by VARD, 90 people on board, it was designed by following the delivery of Le Laperouse Salt Ship Design, it was built by Cemre and Le Champlain the previous year. in Turkey, and delivered in April 2019. A further two vessels will be delivered in 2020. A second vessel, Wind of Hope, is under construction for delivery in 2021 Also under construction for Ponant at Vard and will service Ørsted’s Hornsea is Le Commandant Charcot. An icebreaking cruise two offshore wind farms. ship that will use LNG as fuel, it features a GTT membrane tank fitted to the shape of the hull.

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RESEARCH & DEVELOPMENT Bureau Veritas takes part, alongside industry partners, in R&D programs that advance understanding necessary to the development of marine renewable energy (MRE) technologies. These range from development of calculation tools to full-scale demonstration of new concepts. One such project is RealTide, a 3-year project funded by the European Union. The project focuses on reliability, design and materials, condition-based CERTIFICATION monitoring, tidal flow characterization and turbulence, MRE developers need to de-risk their innovations, and realistic simulation of tidal energy converters. and demonstrate to public authorities and finance It seeks to improve understanding of the tidal energy providers their safety and performance. environment and to assess where system-wide Bureau Veritas has developed robust sector-specific reliability improvements can be achieved. certification schemes in line with IEC guidelines Bureau Veritas is also taking part in the MONAMOOR that prove developers’ ability to deliver. project run by France Energies Marines, an institute In 2019 it issued an update to its dedicated rule note for Energy Transition dedicated to MRE. for floating offshore wind turbines (NI 572), Focused on monitoring of polyamide mooring lines, a supplement to its Certification Scheme for the project aims to develop modelling Marine Renewable Energy Technologies (NI 631). tools to understand the dynamic behavior Bureau Veritas provided certification services of cables, and monitoring instruments to study for two projects in the Mediterranean. It is providing how cables deteriorate over time. full scope certification services for Provence Grand Large, a project 40km offshore Marseille led by EDF Renouvelables. The project, which consists of three 8MW Siemens Gamesa Renewable Energy wind turbines installed on floating sub-structures supplied by SBM Offshore, aims to demonstrate that generating electricity from floating wind technology is both technically and commercially viable. The wind farm will produce a total capacity of 24MW, or enough electricity to power a town Eoliennes Flottantes du Golfe of 40,000 inhabitants. du Lion (EFGL), a 24MW project by Wind and sea offer potentially limitless sources ENGIE, EDPR and Caisse des Dépôts FACILITATING also benefited from support. of energy. But harnessing them requires new technology. Bureau Veritas is providing DEVELOPMENT OF An established player in the mature offshore fixed wind certification of the WindFloat sector, Bureau Veritas supports developers of floating wind floater technology developed by MARINE RENEWABLE and emerging tidal technologies at every stage in their Principle Power, following an initial ENERGIES journey from initial concept to final installation. Approval in Principle in 2016.

APPROVALS IN PRINCIPLE An Approval in Principle (AIP) provides a technology developer with third-party validation that a concept is fit for purpose. Achieving an AIP can be an essential step to secure financing for a prototype or to pitch technology to a project owner. Bureau Veritas has recently provided two AIPs for innovative floating wind concepts. It assessed ’s pendular floater technology, enabling the EPC contractor to conduct a complete design review and verify that design assumptions matched market needs. And in a second project, it is working on an AIP for an offshore floating platform concept by Saitec. SATH – Swinging Around Twin Hull – is designed to reduce construction and maintenance costs through the use of concrete rather than steel. Bureau Veritas also provided Ciel & Terre with design review for a floating photovoltaic panel concept to be used on lakes. 10 MARINE & OFFSHORE BUSINESS REVIEW 11 BUREAU VERITAS MARINE & OFFSHORE BUREAU VERITAS MARINE & OFFSHORE TRENDS TRENDS # #

3D CLASSIFICATION ACCELERATING THE DESIGN REVIEW REMOTE AND AUGMENTED SURVEYS PROCESS INCREASING SAFETY, REDUCING Today our 3D Classification allows ship builders PREPARATION COSTS and designers to share the 3D model of their assets Today we can successfully see remotely thanks to with Bureau Veritas experts, who can use this digital data-capture technology such as drones and robots. twin to conduct design review and perform We have now also tested the use of connected devices necessary calculations within a single model. onboard for the surveyors to be able to perform OPTIMIZED AND This will enable ship builders and designers to save the verification remotely for a range of class items. time in modelling, get improved reply time We are also progressively developing artificial PREDICTIVE SURVEYS and gain in quality with accelerated iterations. intelligence solutions, such as an application A SOLUTION FOR CLASS As we continue implementing our vision, that allows automatic detection of corrosion on AND STATUTORY SURVEYS our 3D classification offer will enable the sharing pictures. The data we are already gathering will Optimized and predictive surveys of up-to-date information from design and feed artificial intelligence to help assets will use a ship’s most recent data construction to surveys and decommissioning, from a distance. This smart approach to monitoring and complete maintenance history to helping owners keep assets safe and compliant. vessels helps reduce risk to personnel and evaluate when it should undergo provides a safe way to survey inaccessible areas. survey. This risk and condition-based approach, already applied today by BV for the classification of offshore units, will help optimize survey costs, improve efficiency and safely resolve asset-specific problems quickly and accurately. Our new Digital Classification offer will combine 15,000 TAKING CLASSIFICATION three pillars to provide our clients with improved efficiency TO NEW DIMENSIONS and quality throughout the Classification processes, E-CERTIFICATES while further improving ship’s safety and maintenance. ISSUED IN 2019

CYBER MANAGED NOTATION NEW TOOLS SIMPLIFY CLIENT ENABLES IMO 2021 COMPLIANCE EXPERIENCE Bureau Veristar has introduced two new tools as part of Bureau Veritas launched Cyber Managed, a class its end-to-end digital offer to improve client experience. notation providing a pragmatic approach to Veristar Equipment is a digital platform that enables cyber security -reflecting industry needs and cyber manufacturers to create requests, select certifications, security best practice. Co-developed with marine and monitor requests in real-time. Users can receive security experts, it enables shipowners to meet automated notifications, contact Bureau Veritas directly IMO 2021 requirements for cyber security. and download their certificates from the platform. Cyber Managed focuses on ensuring A second tool, Optimum Survey Planning, ensures that cybersecurity is managed onboard that fleet managers get the right survey at the right time as per industry best practice for change in the optimal location. The digital survey planning tool management and traceability of IS/IT systems, helps save time and money while minimizing disruption emergency procedures and basic security protection to ship operations. It provides notifications on survey measures. The voluntary notation is being applied to times and locations, taking into account availability a growing number of ships including some large of Bureau Veritas surveyors and their expertise. Greek-owned fleets. Around 100 ships are expected Users benefit from optimized proposals, information to be operating under the notation in 2020. on surveyor availability in each port, and visibility of the status of their request.

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BUREAU VERITAS SOLUTIONS – DIGITAL TOOL FACILITATES REGULATORY COMPLIANCE MARINE & OFFSHORE Bureau Veritas introduced an online tool to support offshore verification and safety Bureau Veritas Solutions Marine & Offshore (BVS) provides technical advisory, asset management projects for clients including Shell and assurance solutions for the shipping and offshore energy markets. and NOV. BV Compliance is a desktop Its added-value solutions enable clients to resolve new and complex issues, and app-accessible tool, that enables operators de-risk projects, and optimize costs. It comprises five main areas of activity: engineering, to get complete maintenance, inspection and verification information through risk, regulatory support, assurance and asset management. a single user-friendly interface. In 2019, its first full year as an independent entity, BVS saw strong organic growth of +16%. It offers operators both a holistic view and Services are performed independently from Bureau Veritas Marine & Offshore the ability to obtain detailed data on individual regulated activities, such as classification and statutory certification. assets and systems and their verification, inspection and certification programs. Clients benefit from ease of planning and historical data tracking, all with a much quicker turnaround than was previously possible. BV Compliance will be available for use in other regions in 2020.

ENGINEERING RISK STRUCTURAL SAFETY STUDIES ANALYSES SUPPORT FOR INNOVATIVE NEW DESIGNS VESSELS BVS supports owners Demand for engineering services to manage risk throughout SUPPORTING Offshore operators demand the highest is growing, with owners turning the asset lifecycle with studies levels of safety and performance. to BVS for structural integrity to identify, quantify and EFFICIENT OFFSHORE calculations, hull performance understand risks related to your Digital tools and new flexible designs assets. Owners called upon BVS are helping them achieve their objectives audits and hull optimization OPERATIONS studies in particular. in 2019 for safety studies relating to new designs for assets and Jan de Nul called on BVS to carry processes in the LNG value chain: out structural analyses for the dual fuel vessels, bunkering Voltaire wind turbine installation vessels and transfer systems. vessel (see pg.9), expected to be BVS also developed Risk-based the largest in the world when Inspection projects for clients. it launches in 2022. The studies In 2019, BVS performed FAST BUILD TIME SECURES covered the hull and the truss legs as part of the vessel’s basic more than 40 risk projects NEW ORDERS FOR SBM OFFSHORE engineering phase. BVS worked for the main industrials such as Bureau Veritas further developed its collaboration in close collaboration with Total, Exmar, SBM Offshore, with SBM Offshore during 2019 as part of a long-term Jan de Nul and naval architect Reliance, Ponant. technical and commercial frame agreement covering Stogda to overcome specific classification, second party inspection and design challenges. These included assessment studies. the interface between the hull, It is classing four new build FPSO hulls to be constructed the jacking system and the truss at Shanghai Waigaoqiao Shipbuilding and Offshore Co., legs, as well as hydrodynamic Ltd. (SWS) and China Merchants Industry Holdings (CMIH). loading of the structure The orders take the total number of Fast4Ward™ hulls to five. in order to ensure safe Two will serve the Liza field offshore Guyana operated by operations at sea. an ExxonMobil-led consortium and its block co-venturers. Another will be deployed at the Petrobras-led Mero field offshore Brazil. The Fast4Ward™ concept featuring standardized hull and topsides is designed to meet the needs of offshore operators, offering reduced cycle time to energy delivery, the de-risking of projects and improvement of the quality and safety. Bureau Veritas is also supporting SBM Offshore with technical studies and vendor qualification. In 2019 alone, it processed 300 vendors in Europe, China and Brazil.

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REGULATORY CREATIVE THINKING FACILITATING IHM TO KEEP UK COMPLIANCE DECOMMISSIONING The end-2020 deadline is LOCAL looming for compliance with Through its Aberdeen-based the European Ship Recycling company, Maritime Assurance Regulation (EU SRR), introduced and Consulting (MAC), to ensure safe disposal or Bureau Veritas Solutions Marine recycling of all ship components & Offshore is collaborating at end of life. To assist shipyards with Forth and Tay and owners, BVS supports Decommissioning alliance preparation of an Inventory of (F&TD) to offer an innovative, Hazardous Materials (IHM) and low-cost solution to keep development of a compliant North Sea decommissioning Ship Recycling Plan (SRP). local. To overcome the UK’s lack It has also launched IHM Praxis, of natural ultra-deep water ports, a user-friendly digital application they are exploring the concept that facilitates compliance with of a “virtual deep-water port”, both EU SRR and the IMO by creating a ‘virtual’ floating Hong Kong convention, keeping quayside for natural inshore owners up to date and offering UDW areas far from the quayside. a simplified process for IHM F&TD and MAC are defining Certification. Fleet managers can the scope of this project and control and maintain multiple its accompanying practicalities, IHM manuals, keep track of and a full cost benefit analysis HAZMAT locations and maintain is to be conducted. maintenance records. Bureau Veritas subsidiaries TMC Marine and MatthewsDaniel are also providing support with specialty services.

ASSET MANAGEMENT With the North Sea set to be a decommissioning NEW SOLUTIONS hub for decades to come, the oil and gas industry is looking for efficient solutions. FOR DECOMMISSIONING

ASSURANCE YARD SERVICES VERISTAR AIM3D: FOR OWNERS A DIGITAL TWIN AND CHARTERERS FOR DECOMMISSIONING CAP and second party shipyard services were in demand during Bureau Veritas Solutions’ Asset Life 3D 2019. BVS acts on behalf of Management solution Veristar AIM owners as a second party creates a digital twin of an asset. representative at the yard during With the inclusion of comprehensive new constructions or retrofits. condition monitoring, RCM, CBM In 2019, it extended this service, and other maintenance techniques, representing a charterer during it enables better understanding and the fabrication, installation and faster maintenance and repair decisions, testing of the cargo containment saving time and money. system of a LNG carrier. Used until now to create digital twins The project includes a long of new and existing floating units, period of technical assistance the scope of Veristar AIM3D will soon be with regular progress reports. extended. The Oil and Gas Technology The cargo containment system Centre, an Aberdeen-based industry is sensitive due to the nature body, has approved a project to use of the LNG cargo. Charterers Veristar AIM3D in a decommissioning are keen to ensure safe transfer environment, and is seeking a pilot of LNG, minimize boil-off rate project to demonstrate the value and ensure the highest volume of using digital twin technology of LNG upon arrival at destination. in end-of-life applications. 16 MARINE & OFFSHORE BUSINESS REVIEW 17 BUREAU VERITAS MARINE & OFFSHORE BUREAU VERITAS MARINE & OFFSHORE FLEET OVERVIEW FLEET OVERVIEW # #

GROWTH IN CLASSIFICATION THE BV CLASSED FOR NAVAL SHIPS Naval expansion continues worldwide, with countries adding new vessels as they increase defense spend. Bureau Veritas is classing several ships under construction at French yards. FLEET Chantiers de l’Atlantique is building two 194m auxiliary ships for the French Navy, while UAE The BV classed fleet reached 11,400 vessels in 2019. In addition to seeing has ordered a 102m from Naval Group. strong growth from LNG carriers and gas-fueled newbuildings, Bureau Veritas The Argentine Navy, meanwhile, has placed welcomed 440 existing vessels to its register. orders with Kership for three 87m patrol ships. Bureau Veritas was also appointed to the classification panel of the Royal Australian Navy.

The FSRU Turquoise built by Hyundai Heavy Industries and delivered to Pardus Energy Limited in June 2019 has a capacity of 170,000m3. NEW STRUCTURAL RULES MSC CRUISES Bureau Veritas developed new Tentative Rules for the Structural Assessment of Steel Ships. Construction of mega-cruise ships The new Rules represent a voluntary alternative to continues apace at Chantiers de NR467 structural requirements for l’Atlantique, with two new vessels joining the classification of ore carriers, non-CSR oil the fleet in 2019. The 170,500 GT tankers, product tankers, liquefied gas carriers MSC Bellissima accommodates and general cargo carriers. They follow the lead of 5,500 passengers. The 177,500 GT BV’s recent Rules for container ships, increasing MSC Grandiosa is the first of a series accuracy by introducing the powerful concept of of three Meraviglia-Plus ships equivalent design waves alongside new formulae which will accommodate for fatigue assessments. Bureau Veritas 6,200 passengers: a mid-section will extend the Rules to additional ship types has been inserted to lengthen before the new Rules become compulsory in 2021. the vessel. The next to be delivered will be the MSC Virtuosa in 2020, followed by the LNG-fueled World Class series over the next decade.

The Olympic Life is SUNSTONE PLACES managed by Springfield NEW ORDERS Shipping. Hyundai Heavy The first expedition to Industries achieved the be built in China, SunStone’s construction of this Greg Mortimer, was delivered by CMHI 318,676-dwt in 2019. The 104m-long ship built in March 2019. to Polar Class 6 standards features Ulstein’s X-bow hull, designed to improve comfort and efficiency. SunStone has ordered a further six ships to BV class, with up to two to be delivered in 2020. SURGE IN CLASS CHANGE FOR OSVS A significant number of offshore service vessels switched to BV class during 2019, reflecting our traditional strength in this segment. Class transfers included BULK CARRIERS multi-purpose support vessels MOVE TO BV CLASS from Boskalis, Fugro, Louis Dreyfus BV-classed tonnage grew 6% Armateurs and Olympic Shipping. over 2019, largely as a result of owners Two platform supply vessels from transferring 68 existing vessels Gardline and Rohde Nielsen also to BV class. Greek owners including joined the fleet. Star Bulk chose Bureau Veritas, alongside owners from the Far East, including Sinokor.

18 MARINE & OFFSHORE BUSINESS REVIEW 19 BUREAU VERITAS MARINE & OFFSHORE BUREAU VERITAS MARINE & OFFSHORE leadership view BUREAU VERITAS’ PROFILE # #

MARINE & OFFSHORE 140 EXECUTIVE COMMITTEE COUNTRIES

Bureau Veritas’ Marine & Offshore business is led by an Executive Committee. FOCUSED ON OUR CLIENTS, Engineers and business leaders with an international background and outlook, DRIVEN BY SOCIETY 1,500 they steer a global organization of 2,650 people. Together, they lead the development OFFICES AND Bureau Veritas is a Business to Business to of new services, rules and tools, and are spearheading a digital transformation LABORATORIES Society company, contributing to transform designed to deliver ever-better service to Bureau Veritas’ customers. the world we live in. Our mission is to reduce risk, improve our clients’ performance and help them innovate to meet society’s 77,000 challenges with confidence. EMPLOYEES A world leader in Testing, Inspection and Certification, we help clients across all industries address challenges in quality, health and safety, environmental protection (QHSE) €5,1 BN and social responsibility. Through our wide IN REVENUE range of expertise, impartiality and independence, we foster confidence between companies, authorities and consumers. MATTHIEU DE TUGNY CLAUDE MAILLOT PAILLETTE PALAIOLOGOU PAUL SHRIEVE For 190 years, our brand has been PRESIDENT SENIOR VICE-PRESIDENT, VICE-PRESIDENT, VICE-PRESIDENT, NORTH ASIA ZONE HELLENIC BLACK SEA OFFSHORE & SERVICES synonymous with integrity and trust, & ADRIATIC ZONE for the benefit of business and people.

OUR CORE SERVICES Bureau Veritas supports clients across all industries to improve safety, quality and performance throughout the life of their assets and products, and to achieve BRUNO DABOUIS HERMAN SPILKER KEREM KIPER DAVID BARROW KEVIN JARMAN continuous improvement in their VICE-PRESIDENT, VICE-PRESIDENT, VICE-PRESIDENT, VICE-PRESIDENT, CEO, management systems and processes. SOUTH EUROPE NORTH EUROPE ZONE MIDDLE EAST, AFRICA SOUTH ASIA ZONE MATTHEWSDANIEL & NORTH AMERICA ZONE & INDIA ZONE We do this via three core services:

TESTING INSPECTION LAURENT LEBLANC FABRICE LASSALLE CLARE PIKE JEAN-BAPTISTE GILLET IN A LABORATORY, VERIFIES ON-SITE SENIOR VICE PRESIDENT, VICE-PRESIDENT, HUMAN RESOURCES STRATEGY & ADVANCED TECHNICAL & OPERATIONS FINANCE DIRECTOR SERVICES DIRECTOR DETERMINES A PRODUCT’S THAT A PRODUCT, ASSET OR MATERIAL’S OR SYSTEM MEETS CHARACTERISTICS CERTIFICATION SPECIFIED CRITERIA PROVIDES ASSURANCE BY A THIRD PARTY THAT A PRODUCT, SERVICE OR SYSTEM CONFORMS TO AN AGREED STANDARD

GIJSBERT DE JONG NICHOLAS BROWN PATRICK LE DILY LAURENT HENTGES MARINE MARKETING COMMUNICATIONS VICE-PRESIDENT, VICE-PRESIDENT, & SALES DIRECTOR DIRECTOR LEGAL, COMPLIANCE OPERATIONAL EXCELLENCE & REGULATORY MATTERS & INFORMATION SYSTEMS 20 Front cover: Frederic Boudin, Stock image - P 1. Bureau Veritas - P 2. Baptiste Lignel - P 3. Stock image, Exmar, Naval Group - P 4. CSSC, Stock image - P 5. Damen Shipyards, Seaspan - P 6. DSME - Tärntank Ship Management AB - P 7. Huding Shipyard, Exmar - P 8. GTT, PONANT - P 9. Jan de Nul - P 10. Sabella, Saipem - P 11. Provence Grand Large - P 12. Naval Group, Stock image, Bureau Veritas - P 13. Stock image, SBM Offshore - P 14. Jan de Nul - P 15. Stock image - P 16. DR, Bureau Veritas - P 17. DR, Bureau Veritas - P 18-19. Pardus Energy Ltd, Bureau Veritas, MSC Cruises, Hyundai Heavy Industries, Aurora Expeditions, Louis Dreyfus Armateurs

FOR MORE INFORMATION, CONTACT BUREAU VERITAS MARINE & OFFSHORE

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