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Annual Report 2014

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Annual Report 2014 BUMI ARMADA BERHAD FOCUSED GROWTH ACROSS THE GLOBE 2014 ANNUAL REPORT ANNUAL REPORT 2014 BUMI ARMADA BERHAD (370398-X) Level 21, Menara Perak 24, Jalan Perak, 50450 Kuala Lumpur, Malaysia Tel +603 2171 5799 Fax +603 2163 5799 www.bumiarmada.com FOCUSED GROWTH ACROSS THE GLOBE The year 2014 was a challenging one for the oil and gas industry across the globe. Amidst a tough market environment, we took the necessary steps to realign our operations to better fit the dynamics of the markets we operate in while maintaining our profitability, productivity and efficiency. Today, as a leaner, financially stable organisation with strong cash balances and a solid order book, Bumi Armada is in a strong position to ride out the industry downturn. Going forward, we will set our sights on focused growth throughout our markets across the globe. OUR VISION To be the trusted offshore and marine energy services provider in every corner of the world. OUR MISSION To provide effective integrated floating solutions in a safe, sustainable, reliable and environmentally-friendly manner therefore fuelling the growth of our host nations and communities. BUMI ARMADA BERHAD 4 ANNUAL REPORT 2014 CORPORATE PROFILE ABOUT BUMI meet growing demand from global offshore oil and gas players to process BUSINESS ARMADA BERHAD hydrocarbons from reservoirs located SERVICES in increasingly remote, deeper and UNITS harsher waters. Bumi Armada Berhad is a Malaysia- based fully integrated offshore Every one of Bumi Armada’s FPSOs is solutions provider that operates across OSV designed and developed to meet the the globe. We offer our clients a suite specific requirements of individual of inter-related services, ensuring all clients and oilfields. Offshore Support Vessels aspects of the offshore oilfield lifecycle are seamlessly linked and managed. FPSO Operations oversees asset maintenance, production operations The Bumi Armada Group today and offshore management using Bumi comprises four core Business Units Armada’s proprietary Compliance that are divided into the Floaters Assurance Management Systems and Services segments. The Floating (“CAMS”). Our CAMS assures the overall Production, Storage and Offloading integrity of our offshore production (“FPSO”) Operations business and the facilities’ infrastructure, processing Floating Gas Solutions (“FGS”) business equipment and field operational come under the Floaters segment; aspects. Our practice of promoting our Bumi Armada is a leading OSV owner whilst the Offshore Support Vessels fully integrated systems and the right and operator with a fleet comprising (“OSV”) business and the Transport and culture has strengthened our capability 47 vessels with a further seven more Installation (“T&I”) business come under to achieve greater safety, longer undergoing construction. The fleet the Services segment. lifetimes, improved availability, and ranges from Anchor Handling Tug higher profitability and returns from Support (“AHTS”) vessels, Workboats/ The Business Units are supported our floating production assets. Light Construction Support vessels, by three Support Units, namely the Platform Support Vessels (“PSVs”), FPSO Sales, Projects, and Technology and Multi-Purpose Support Vessels & Development units. A recent (“MPSVs”). In 2014, under our fleet reorganisation of our operations has expansion/renewal programme, we helped improve the focus of each FGS took delivery of three new PSVs and are Business Unit and streamlined our today constructing four new MPSVs and reporting structure. Floating Gas Solutions three Ice Class OSVs. T&I BUSINESS UNITS FLOATERS Transport and Installation FPSO OPERATIONS The Floating Gas Solutions (“FGS”) business (previously known as Gas Floating Production, Storage Development and Technology), is and Offloading Operations focused on innovative solutions for the offshore liquefied natural gas (“LNG”) industry. As a facility owner and operator, FGS is involved in the The T&I business undertakes production and import segments of conventional installation (inclusive of the LNG value chain, specifically the pipelines, platform installation, subsea development of floating liquefaction spool tie-ins and shore pulls), floater and storage/regasification solutions. installation (FSO and FPSO installation including mooring pre-set, and hook- up) and Subsea Umbilicals, Risers and The FPSO Operations business Flowline or SURF installation (relating to (formerly known as Asset Management umbilicals, risers and flexibles as part and Operations) specialises in building, of FPSO completion or as stand-alone leasing and operating FPSO vessels to T&I projects). BUMI ARMADA BERHAD ANNUAL REPORT 2014 5 T&I’s key marine asset, the Armada and its in-house capability to execute Installer, is a purpose-built Derrick Lay FEED studies, Bumi Armada was T&D Barge (DLB) operating in the Caspian selected to participate in several FEED Sea. The DP2 multi-purpose vessel, competitions. Two of which resulted in Technology & Development the Armada Hawk, entered the fleet in the award of FPSO contracts. 2011 to expand T&I services with SURF capabilities. Our DP2 multi-purpose vessel, the Armada Condor, has been operational since 2013. The Armada KP1, a DLB, was introduced in 2014 PROJECTS to target key conventional pipelay markets across Asia. Our Caspian Sea Projects undertaking has also led us to procure a Shallow Water Barge and this will be made available in 2015. Post-trenching and backfilling equipment will be Technical expertise in established installed onto the Shallow Water Barge, and emerging technologies are boosting our comprehensive solutions critical success factors, as are the in the Caspian Sea region. timely identification, development and/or acquisition of appropriate technologies. This allows us to deliver safe, environmentally sustainable and SUPPORT The Projects unit provides extensive competitive outcomes that enhance the UNITS Engineering, Procurement, Construction value and reputation of our business. and Commissioning (“EPCC”) competencies Today, Bumi Armada’s Technology & in managing and delivering large Development specialists work closely projects such as FPSOs, FSOs, FPUs with our Projects unit to meet the FPSO SALES and early production systems within a stringent requirements of function, stringent work schedule, cost, quality class, safety, quality and flexibility Floating Production, Storage and safety framework. demanded by our worldwide clientele and Offloading Sales in diverse regulatory regimes. The Projects Team is equipped with extensive experience in EPCC The T&D unit works together with the project management leadership and a Projects and FPSO Sales units to provide systematic approach from conceptual guidance towards internal development design, detailed engineering, of technologies, whilst also facilitating construction, pre-commissioning peer reviews of concept and basic and start-up, secured with strategic designs prepared by the Projects and partnership with vendors, yards and FPSO Sales teams. Besides harnessing key technology providers. This gives innovation and value engineering, us a competitive edge to overcome the T&D unit team patents the novel The FPSO Sales unit encompasses challenges in providing the desired designs developed by the Projects unit. business development, proposals, output and in satisfying our customers. Moreover, it enables special projects to estimating and tender FEED execution be rolled out for the development of activities. Our sales team offers Our in-house experts leverage on a innovative technologies such as high- innovative and cost effective FPSO seamless working relationship with pressure swivels, topsides technologies solutions. Our proposal teams consist our key partners and suppliers to and others. Our internal tie-ups enable of highly competent experts in various successfully execute projects. These us to also assess globally available FPSO disciplines who begin their projects include the FPSOs, namely the technologies. These are geared to cover activities at the tendering stage, from Armada Perkasa, Armada Perdana, a wide range of topsides, turret, swivel critical concept selection, and move Armada TGT 1, Armada Sterling, and marine systems technologies that on to the subsequent development Armada Claire and Armada Sterling are applied to the design of floating phases. They ensure that we accord II, as well as the pipelay barge DLB solutions. our clients the best solution in line with Armada Installer, and FSO Sepat. the requisite technical specifications in Currently, three projects are underway an economical and feasible manner. In and upon completion, these vessels will recognition of its technical competence be deployed to the North Sea, Angola and Indonesia. BUMI ARMADA BERHAD 6 ANNUAL REPORT 2014 GLOBAL PRESENCE Shore bases/offices FPSO T&I OSV vessels in operation Armada Kraken FPSO under conversion UNITED STATES DLB Armada Installer MEXICO Ciudad del Carmen BRAZIL Rio de Janeiro Armada Perdana Armada Perkasa Armada Olombendo FPSO FPSO under conversion BUMI ARMADA BERHAD ANNUAL REPORT 2014 7 going FURTHER, DEEPER, HARSHER Armada Sterling Armada TGT 1 RUSSIA Aberdeen UNITED KINGDOM TURKMENISTAN Astrakhan Turkmenbashi Caspian Sea Ashgabat INDIA SOUTHEAST ASIA Mumbai NIGERIA VIETNAM GHANA Accra MALAYSIA Lagos Kemaman Labuan Port Harcourt Kuala Lumpur CONGO SINGAPORE Jakarta Luanda INDONESIA ANGOLA AUSTRALIA Perth Armada Sterling II Rainbow 1 Armada Claire FPSO under conversion BUMI ARMADA BERHAD 8 ANNUAL REPORT 2014 GLOSSARY OF TECHNICAL
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