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From Complexity to Simplicity Editorial 02 WorldHorizon 2015 Quarterly MagazIne of the BW Group MCI (P) 009/11/2014 from Complexity to Simplicity Editorial Publisher For further information, BW group please contact: Responsible Editor BW Maritime Pte Ltd nick fell 10 Pasir Panjang road #18-01 Mapletree Business City Managing Editor Singapore 117438 lisa lim + 65 6337 2133 [email protected] Editorial Team arathi Menon BW Gas AS Kate langstrom Professor Kohts vei 5, 1366 lysaker roy lee P.o. Box 443 1327 lysaker, norway Contributions From + 47 6721 1600 anders Bohm [email protected] Bo Sheng Wong Cathinka fornebo Mellem BW Offshore Norway AS Christina Chu Drammensveien 149 Corinne hobson P.o. Box 33 Skøyen erle Kristen Wagle 0212 oslo, norway hugo haeselich + 47 2313 0000 Jon Birkholm [email protected] Joyce lim leonard harbottle BW LPG Pte Ltd Marita Standvoll 10 Pasir Panjang road #17-02 Miriam V. Basco Mapletree Business City Mukesh Sharan Singapore 117438 Vibhas garg + 65 6705 5588 zhihui Seah [email protected] Design & Production Green Marine Capital lancer Design Pte ltd 10 Pasir Panjang road, #17-02 Singapore 117438 +65 6705 5588 WorldHorizon Contents 02/2015 04 Chairman’s messaGe 24 enGaGed, enaBled and enerGised in the spotliGht BW’s biannual engagement survey shows 22 From BankinG to shippinG a strong team behind the company BW welcomes Petter larsson, an experienced banker, to the family 25 Steady GroWth With half of its newbuilding programme delivered and a total of 38 vessels on water, BW lPg adds four VLGC newbuildings to its fleet 26 OnBoard BW prinCess World horizon learns more about BW lPg CEO nicholas gleeson’s recent experience 06 onboard one of the company’s vessels GloBal BW 22 06 Complexity to simpliCity 28 BW Group Fleet BW constantly adapts to market changes and reinvents itself to stay lean and fleet footed 29 AROUND the World 12 TurninG Gas into poWer BW adds a floating storage and regasification unit to the fleet 33 BW CryptiC CrossWord 14 Competent, CapaBle Cadets 1q2015 ansWers Investing in the professional development of our seafarers 08 34 speCial thanks to... 16 start them younG Feature BW is helping shape the future of 08 BW CatCher Fpso FinanCinG deal shipping, one child at a time BaGs Award Ing Bank n.V., DnB asia ltd and nordea 18 here For the lonG haul Bank norge aSa wins the Marine Money As rune Bjorbekk, Chief Commercial officer offshore Deal of the year award for Bank of BW offshore attests, keen foresight, Debt 2014 fortitude and flair are essential traits to rise above the challenge that is managing a 10 Solutions to sulphur emission global fleet of 16 fPSos partners reGulations GMC supports innovation in technologies 20 tWo to tanGo which can help shipowners comply with BW’s Shipping and fleet Management stringent emission control regulations teams come together to hold a technical seminar, share priorities and discuss mutually-impacting KPIs World Horizon Issue 02/2015 5 n the last edition of World horizon, I focus and efficiency of operation. and our wrote of the importance of changing current investment of time and money to with the times, and how adaptability is improve our It systems are also geared Ia core strength of the BW group. towards simplification and high quality reporting on the things that matter – top as organisations evolve, they become line improvements, cost effectiveness, more complex. Companies are added, and smooth operations. team size increases, processes multiply. although BW has always stayed on its all BW teams onboard and ashore have toes and continues to do so now, all a role to play. When we have three successful companies must keep watch processes where one will do, when for complacency – the feeling that the we spend $2 where $1 will do, we ask balance sheet is strong enough and each individual to consider how we profits high enough to be able to afford can do things better. this requires good more spending. judgement and working smarter, not just working harder. Clearly we operate If one loses the spirit of always trying in a business where robust processes to do better, things can start to go are critical and some things cannot be downhill. Productivity declines because short-circuited in the name of simplicity. of bureaucracy, costs increase faster than But overall, we can make our jobs more revenues, and suddenly people wonder enjoyable and the business more effective why the organisation is no longer so if we can reinvigorate the founder’s successful. no company is immune to this, mentality. unless the focus remains on simplifying even as we develop, staying lean even as Success is not a given, and businesses we grow. which do not fight for efficiency in everything they do will not succeed for our founder’s mentality encompassed long. to all of you who are working hard hard work and frugality. are those on our value of “always trying to do principles still in place today? as a smart better”, please keep up the good work. CEO once observed: “Simplicity equals hard work. Complexity equals no work at all”. and so it is fitting that our new CEO Carsten Mortensen has made it a priority to simplify our operations where we can. our moves to channel our business into Sincerely, clear segments (offshore, lPg, product Andreas Sohmen-Pao tankers etc) is also to ensure clarity of Chairman 6 Global BW World Horizon Issue 02/2015 From Complexity BW constantly adapts to market changes and reinvents itself to stay lean and fleet footed n organisation changes in simple structure is in place, one which can to mid-1980s into a diversified oil and gas many ways – through major operate efficiently and respond quickly. maritime enterprise today. initiatives such as mergers and aacquisitions, or minor activities a history of change the process of evolution and rejuvenation such as departmental reorganisations and for over 75 years, BW’s history has been continues. In recent years, major changes relocation of offices. one of change. Since the beginning of have come quickly. for example, the Bergesen in the 1930s and World-Wide initial public offering (IPo) of BW lPg in as an organisation grows and evolves, it Shipping in the 1950s, both companies november 2013, the creation of two joint runs into the danger of over-complication. adapted to market forces through ventures (JV) with PAG and Pavilion energy While best practices and robust processes organisational changes – acquisitions, less than a month apart in May 2014, are important, the introduction of public listings, fleet size adjustments as the retirement of Dr helmut Sohmen as overly burdensome requirements and well as forays into new market segments. Chairman of BW group in november 2014, complicated chains of command can slow Major changes happened between 2003 new BW group CEO Carsten Mortensen, progress and reduce efficiency. as an and 2005, with the combination to form new BW lPg CEO Martin ackermann in organisation changes to reflect market BW. the group has evolved from its bulk august 2015, and new CEO-designate of demands, care must be taken so that a and tanker shipping heritage in the 1950s BW Pacific tina revsbech. In BW offshore, World Horizon Issue 02/2015 Global BW 7 to simplicity a new Chief Commercial officer rune the group has developed a strong leadership With outstanding Bjorbekk has been appointed to join the team over the past decade, which continues personnel in the management team. added to these are a within the new structure. With new maritime sector robust newbuilding programme and active outstanding personnel in the maritime sector joining us, we have acquisition initiatives. joining us, we have additional leaders who additional leaders can exercise stewardship in developing the who can exercise harnessing opportunities company’s platform of assets and capabilities BW has significantly broadened its scope and bring BW into the next phase of growth. stewardship in of activity in the past decade across developing the multiple maritime sectors and is well Changes need to be adapted to and with company’s platform of positioned for future growth. to ensure the right attitude, leadership and good assets and capabilities clarity of focus and efficiency of operation, communications, our teams are rallying and bring BW into the efforts are underway to channel our together and seizing opportunities that next phase of growth. business into clear segments. these changes bring. 8 Feature World Horizon Issue 02/2015 BW Catcher FPSO Financing deal Bags award ING Bank N.V., DNB Asia Ltd and Nordea Bank Norge ASA win the Marine Money Offshore Deal of the Year Award for Bank Debt 2014 World Horizon Issue 02/2015 Feature 9 billion TheUSD2.3 contract value including FPSO charter rate and operating expenses bbl FPSO650,000 storage capacity W offshore congratulates Ing and nordea as Joint Bookrunners and BW offshore and our fPSo capabilities. Bank n.V., DnB asia ltd and Mandated lead arrangers. “[this is] a the project is fully financed” says Knut r . nordea Bank norge aSa on being classic case of banks delivering value Sæthre, CFO of BW offshore. Bconferred the Marine Money to a client in the clean and consistent Bank Debt Deal of the year award. BW way needed for the company to usd2.3 billion contract value offshore signed a ten year uSD800 million move confidently through the tender BW offshore’s scope includes the delivery facility in July 2014, which is a combined process”, says James lawrence, of the fPSo, mooring system, and construction and long term financing publisher of Marine Money. Marine installation and operation of the unit facility. the floating production unit BW Money is the leading publication for throughout the charter period.
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