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 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, 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 , 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. The firm Catcher will operate for in the coverage of financing trends and deals period of the contract is seven years, UK North Sea, with expected first oil in in the international shipping and oil with extension options. Based on a field 2017. The contract was awarded to BW service market. For BW Offshore, it is a life of ten years, the contract value is Offshore in April 2014 after a thorough testament of its professional managerial USD2.3 billion including FPSO charter rate tender process. and financial skills and sophistication. and operating expenses.

Early commitment Fully financed The FPSO will have a processing capacity “Commitment from leading banks was The debt facility will cover of 60,000 bbl and a storage capacity of required during the tender, which meant approximately 70% of the total USD1.2 650,000 bbl. BW Offshore has ordered we had to balance work between banks billion cost for the FPSO, with the a newly built hull from Japan for the and client with our own requirements for remainder being funded by existing project, with conversion and integration the facility”, says Ketil Eik, SVP Treasury of liquidity, other debt facilities and work to be performed in Singapore. BW Offshore. The facility was substantially operating cashflow. “We are grateful for oversubscribed by a group of 13 leading the continued support from our banks, international banks, led by DNB, ING which again proves their confidence in Feature

10 Feature World Horizon Issue 02/2015 Solutions to Sulphur Emission Regulations GMC supports innovation in technologies which can help shipowners comply with stringent emission control regulations

he International Maritime of the required fuel oil. There have been Organization (IMO), through its various initiatives regarding the expansion Scrubber Marine Environment Protection of the current ECAs. For example, the EU technology has TCommittee (MEPC), introduced issued a revised directive to its Member been proven and regulations for the prevention of air States stating that marine fuels with a pollution under Annex VI of the MARPOL sulphur content of more than 0.5% (the used extensively Convention. Annex VI, which came into current limit is 3.5%) cannot be used in for onshore force in May 2005 and subsequently their territorial seas, exclusive economic applications, but amended, and other related documents set zones, and pollution control zones from a framework of mandatory limits on the 1 January 2020. marine scrubbers emissions of Sulphur Oxides (SOx), both are considered globally and within the Emission Control Additionally, in February 2015, the a relatively new Areas (ECAs). International Chamber of Shipping (ICS) advised its members to be prepared technology. From 1 January 2015, the new SOx limit for the possibility that the global 0.5% within the ECAs was reduced to 0.1% sulphur limit in marine fuels would be m/m down from 1.0%. Under the revised implemented worldwide by the IMO from IMO MARPOL VI regulations, the maximum 2020 rather than 2025. The ICS has also sulphur content of bunker fuel would be urged the shipping and bunker refining capped at 0.5% by 2020 or 2025, subject industries to work together to ensure to a review in 2018 on the availability sufficient quantities of compliant fuel Feature

World Horizon Issue 02/2015 Feature 11

Engine Exhaust Gas Sea water Possible Scrubbed plume control Exhaust Gas Sea water from scrubber Sludge Laser Gas Analyser Control data

HMI Control Scrubber unit Cabinet

Optional Return pump Water treatment

Water Water Monitoring Monitoring De-aeration vessel

Sludge Tank Wash water discharge

Scrubber In port reaction Supply pump water pump

by 2020, rather than rely on the results 3. Sulphur removal from HFO in the pre- applications, but marine scrubbers are of the fuel availability study by the IMO combustion stage before it is burnt. considered a relatively new technology. in 2018. If any supply problems are Sulphur removal is a new technology While scrubbers require upfront capital identified at the end of 2018, this will be and is still in the nascent stage; and expenditure and may result in higher too late for governments to take remedial operating costs, these costs can be offset regulatory actions. 4. exhaust Gas Treatment Systems, by the potential savings in fuel expenses by otherwise known as scrubbers, which using HFO instead of MGO. The market has responded with remove sulphur from the exhaust innovative solutions which can be gases from ships. Depending on the The actual time spent in the ECAs, the adopted to ensure compliance with technology, scrubbers can also remove difference in cost between the various upcoming regulations. The following are Nitrogen Oxide and Particulate Matter. fuel grades, and the commercial life of the available in the market today: vessel are the main criteria that will affect Electing to install a scrubber offers ship the payback period and the decision to 1. Switch to more expensive Marine Gas owners and operators greater flexibility install scrubbers onboard. Oil (MGO) instead of using Heavy Fuel as ships can continue to burn HFO in open Oil (HFO); waters and switch the scrubber on when Emissions control regulations are expected travelling in ECAs, thereby meeting SOx to become more stringent in the future, 2. Change to alternative cleaner fuel, for emission limits. and shipowners are seeking effective, cost example liquefied natural gas, which efficient technologies to ensure compliance. requires extensive modifications to Scrubber technology has been proven to GMC is actively looking at innovations in this a ship; work and is used extensively in onshore area to meet this demand. 12 Global BW World Horizon Issue 02/2015 Turning Gas into Power BW adds a floating storage and regasification unit to the fleet

n 29 May 2015, BW welcomed BW’s view on the market outlook on a crude, product and chemical tankers). BW its first Floating Storage and medium to long term basis is positive, prides itself in maintaining and developing Regasification Unit (FSRU), with the strong increase in supply from a high level of safety focus and technical OBW Singapore, to its fleet of new liquefaction projects coupled with competencies in the gas transportation vessels. BW Singapore can not only sail solid demand from key economies, business. This organisation and track record like a ship but can also sit like a terminal mainly in Asia, boding well for LNG forms a solid base for continued growth in and regasify LNG in order to deliver gas to shipping requirements going forward. LNG LNG shipping. where it is needed. Built at a cost of over transportation is a business which requires USD250 million, she is another example of patience and a long-term perspective – A fitting name for a ship BW’s long-term commitment to the LNG both BW strengths. BW’s first FSRU could not have been better market. BW’s second FSRU is slated to be named. The name is appropriate because ready in November 2016. Each FSRU has With close to half a century of experience like the country she is named after; she a storage capacity of 170,000cbm, and in LNG, and a fleet of over 20 LNG ships, is very high quality, modern, and green. they are amongst the largest FSRUs in BW is adding these two FSRUs to its Singapore also stands for adaptability to operation. This FSRU is also designed to offerings so as to provide better service global market changes – Singapore is fast trade as a conventional LNG carrier with a to customers. In addition, we have becoming a key hub for LNG trading in the maximum sea going speed of 19.5 knots, lined up growth in the form of four LNG region, and the name creates a symbolic an important feature for customers with newbuildings, most recently with several relationship between the ship and the seasonal requirements. contracts with DSME for LNG vessels. country as an emblem of the growing global LNG trade. Long-term player in the LNG market BW Fleet Management a The world needs clean energy, and this cornerstone of success Off to Egypt vessel will help to deliver it. Between 2010 At the cornerstone of this delivery is BW’s On 4 August 2015, BW was selected and 2014, floating regasification capacity in-house fleet management organisation, by the Egyptian Natural Gas Holding doubled from 4% to 8% of the total global which serves a large and diversified fleet. Company (EGAS) to provide LNG regasification capacity, and regardless of BW Fleet Management manages one of regasification services through FSRU BW fluctuations in the energy markets, BW the largest combined fleets of LPG and Singapore. She will be ready for operation expects demand to stay strong. LNG carriers in the world (in addition to in October 2015. World Horizon Issue 02/2015 Global BW 13

From left to right: Graeme McDonald, Yngvil Asheim, Carsten Mortensen (sitting left), HE Eng Sherif Ismail, Minister of Petroleum and Mineral Resources, Eng Khaled Abdel Badie, Chairman EGAS (sitting right), Sherif Sousa, 1st Undersecretary for Gas Affairs at the Petroleum Ministry, Tarek El Molla, CEO, EGPC. 14 Global BW World Horizon Issue 02/2015

global shortage of competent and capable seafarers is keenly felt in the industry, and in Aresponse, BW is conducting dedicated cadet training programmes Competent, and participating in industry-led training initiatives so as to grow a strong pool of quality officers.

Investing in seafarers Capable BW has, for many years, invested in the recruitment and training of cadets. In line with our strategy of promoting and developing seafarers from Asia, BW has set up successful cadet training Cadets programmes in China, India, and the Philippines. Graduates from these Investing in the professional centres join the current pool of officers, and provide additional strength to development of our seafarers support fleet growth. World Horizon Issue 02/2015 Global BW 15

In China and India, BW provides 12-month candidates for grooming into officers. A BW success story qualifying sea time for cadets so that BW has cadets attending the Warsash Says Captain George Padilla, a former they can complete their certificate of Maritime Academy in Southern England. seafarer and now Manager at BW’s Manila competency. In the Philippines, BW is a In June this year, Samuel Abraham Hiring Department, “Working at sea and participant in the Norwegian Shipowners’ (Engine), Deacon Bitrus Emmanuel ashore requires a lot of patience. The Association (NSA) Philippines Cadet (Engine), Tamanoiyowuna Green (Deck), journey from a cadet to working ashore is Programme. BW supports this four- and Oseni Babatunde Oseni (Deck) like being on a lifeboat in the ocean with year scheme through the provision of celebrated the completion of their Higher nothing but rolling waves in every direction. scholarship grants, so that cadets can National Degree programmes and will Although the boat is equipped with oars, undergo rigorous training without having shortly begin sailing as officers onboard which direction will you row? Now imagine to worry about financial concerns. Recently, BW’s LNG vessels. The Higher National you see an island and you start rowing a small training programme in Singapore Degree programmes at Warsash Maritime towards land. Sighting the island gives you was also established to support our Academy typically last three years both motivation and purpose. I believe that investment in the Singapore Flag Register. and consist of five phases each cadet if a cadet is well motivated and dedicated must successfully complete, alternating to achieving, the goal of being in a At home onboard gas and oil tankers between rigorous classroom blocks and management position is definitely realistic In general, cadets specialise and are trained periods at sea where learned concepts are within 10 years”. solely on either gas or oil tankers. In 2014, applied and skills are honed. however, BWFM offered two Filipino cadets Leading by example, Captain Padilla is the opportunity to spend six months on an A ten-year journey an excellent role model for BW’s young and six months on a gas tanker. When recruiting cadets, Len Harbottle, cadets. BW also extends our warmest This pioneer initiative was a success and the Senior Manager, Marine Personnel & congratulations to all BW cadets who are programme will be offered to more cadets Training, says, “Give me ten years, completing their studies at various colleges this year. It is hoped that the result from and with dedication and hard work, and academies around the world. this initiative will be a pool of junior officers you can achieve a management level who are comfortable serving onboard oil appointment”. Over ten years, cadets and gas tankers. can qualify for his or her first certificate of competency at an operational level Rigorous global training and, combining personal ambitions, Looking away from Asia, a condition of developmental opportunities and training our charter agreement with NLNG is provided by the company, and the to ensure the employment of Nigerian necessary qualifying sea time, a promotion seafarers. Our current training programme to a management level appointment is for Nigerian cadets is to identify suitable well within reach.

Combining personal ambitions, developmental opportunities and training provided by the company, and the necessary qualifying sea time, a promotion to a management level BW cadets looking smart at a graduation ceremony at the Warsash Maritime appointment is well Academy. From left to right: Babatunde Oseni Oseni (Deck), Samuel Abraham (Engine), Deacon Bitrus Emmanuel (Engine), Tamunoiyowuna Green (Deck) within reach. 16 Global BW World Horizon Issue 02/2015

hipping is a cyclical business, which is why we take on a long-term view in the way we run the business at SBW. This also applies to how we Start approach nurturing future industry talents. Collaborative spirit To that end, BW consistently cooperates with industry players to build on human capital – for the short and long term – and Them also maintain standards for recruitment so that shipping remains a competent and competitive career.

In Norway, this is achieved through Young a committee called the Workgroup 5 (WG5) which comprises BW Gas, Wilhelm BW is helping shape Wilhelmsen, Solvang, Grieg Star, Höegh Autoliners and Torvald Klaveness. Further, the future of shipping, BW has always been working closely with one child at a time the esteemed Norwegian University of Science and Technology (NTNU) as well as various renowned maritime academies, particularly in areas of talent development and deep sea shipping.

Class 2C of Grav Skool with Erle Kristin Wagle at second row, far right World Horizon Issue 02/2015 Global BW 17

Shipping is no child’s play On 24 April, Environmental Performance Manager Erle Kristin Wagle from our BW Moulding office in Norway reached out to a group of second-graders from Grav Skole in Bærum. future leaders Playing the role of teacher for a couple of hours that day, Erle gave a lesson on the The company’s quest in nurturing the next generation continues history of shipping and how Norway came beyond the primary schoolers. to be known as one of the top shipping nations in the world. Through group work, Over in Singapore, on 24 March, BW Offshore welcomed 80 the 27 eight-year-olds learnt about basic undergraduates from the Norwegian Institute of Technology ship design as well as the kind of work (NTNU) for an in-depth orientation of the company. opportunities that are available in the shipping industry. This introductory session, held at the Shangri-la Rasa Sentosa Resort in Singapore, is an extension of BW Offshore’s active Though it may seem that these children outreach to tertiary institutions. Firmly believing that the future have a long way to go, Erle feels that it of offshore is theirs to mould, BW Offshore participates in various always pays to start young, “After taking university career fairs to attract the next generation of employees. them through shipping history alongside hands-on shipping-related class activities CEO of BW Offshore, Carl Arnet presented to the students the and playing videos from the Norwegian history, values and key milestones of the company, and he was Shipowners Association, the kids now all followed by Senior Vice President Hans Kristian Langsrud, who claim they will work with ships when they shared the key career programmes which BWO is spearheading grow up!” The children went home with – the BW Offshore Internship and BW Offshore Graduate newfound knowledge and enthusiasm for Programme. Each year, BW Offshore receives positive response shipping, as well as a small bonus of BW from students attending the summer internship, as well as caps and pens memorabilia. interest in pursuing long-term employment with BW Offshore.

The BW Offshore BW Offshore Graduate Internship Programme Each year, a group of six to Over a two-year period, Some students from NTNU at Rasa Sentosa, Singapore 10 interns are recruited to graduates will come out with a participate in an intensive solid overview of the business eight-week tailor-made and a strong understanding internship, where they spend of expectations and career six weeks in Oslo and two possibilities within BW Offshore. in Singapore during the Graduates typically spend six summer holiday. Students months each in engineering, will get international exposure projects and operations, with and a real experience of the the last six geared towards work environment at BW shaping a more long-term Offshore. The programme permanent position, depending is specially designed for on individual experiences and students who are in their last preference, as well as company year of graduate studies. evaluation and needs. 18 Global BW World Horizon Issue 02/2015 Here for the Long Haul As Rune Bjorbekk, Chief Commercial Officer of BW Offshore attests, keen foresight, fortitude and flair are essential traits to rise above the challenge that is managing a global fleet of 16 FPSOs

ver the past three decades, BW Offshore has completed 38 projects comprising 28 OFloating Storage, Production and Offloading (FPSO) vessels and 10 Floating and Storage (FSO) projects. And as more global oil production occurs in the deep sea, especially with mature fields slowing down, FPSOs inevitably get thrown into the spotlight. These vessels are not only moveable but also less costly as there is no need to install infrastructure to connect shore to fields. World Horizon Issue 02/2015 Global BW 19

“I would like to continue with our approach of investing in existing assets i.e. converting old FPSOs and extending their life span while they are still functional and producing. We have found this to be as it is about being technically capable. return on investment. I have been here for commercially viable – a In everything we do – from business 20 years and this is a common pattern in a win-win solution that is development to tender development and cyclical business like oil and gas. That said, from project execution to fleet operations I remain optimistic in our business segment welcomed by our clients.” – the contract is key. Formalising a Chief because although easy oil may be history, Commercial Officer position on the senior oil is not.” management team merely reinforces the way we conduct our business and gives Taking on company-wide commercial the role the importance it deserves”. responsibility may be a large task, but it is the satisfaction of the job – whether it is For Rune, not a day goes by without when an extension of an FPSO is achieved applying much of his technical expertise, or a project is delivered on schedule – that Think long term logical thinking and common sense. “It spurs Rune on. Indeed, opportunities always abound for is important that even as employees of those in the FPSO business but it is only the business, we think and act like an “Securing redeployment for existing FPSOs those who seize the right ones at the owner. We have a cradle to grave view of may be testing but once we garner a right time who pull through in the end. our assets and that, I feel, is our unique contract, it is a pat on the back for everyone Rune Bjorbekk, Chief Commercial Officer selling point.” involved.” Typically, a successful FPSO is of BW Offshore is strongly aware of this deemed to be one that endures two to and believes, in the cyclical oil and gas When asked how else BW Offshore sets three contracts (each ranging between five business, that it pays to have patience itself apart from other industry players, and 15 years) in its entire lifespan. and to apply a visionary approach when it Rune said that it is all about being comes to overseeing the assets. operationally competent, educating the Change is the only constant client on what is best for them to buy, and In the spirit of enterprise, Rune has already Previously the Asset Management and implementing contract agreement models set his sights on the next milestones for Commercial Senior Vice President, Rune’s that are flexible (for example, partly or BW Offshore. 20 years of industry experience comprise fully reimbursable Opex rates, Capex rates 15 years in the pioneering team of the aligned to production profiles, variable “I would like to continue with our technology division, APL (Advanced compensation linked to production, etc) to approach of investing in existing assets i.e. Production and Loading) where he was help meet both parties’ needs. converting old FPSOs and extending their Project Manager, Fabrication Manager and life span while they are still functional Head of Supply Chain, and five years at Keep calm, dig deeper and producing. We have found this to be BW Offshore at where he spent the bulk of No doubt lower oil prices have stirred commercially viable – a win-win solution his time as Vice President of Modification the industry, but it is the long-term view that is welcomed by our clients.” Projects and managing the assets and and big picture view of the business commercial aspects of the business as that have pulled BW Offshore through “My other target is for the team to secure Senior Vice President. While his title may challenging times. “Lower oil prices will not redeployment of vessels coming off have changed, he remains as the go-to man immediately affect us as we do not operate existing contracts, in particular, Athena for all things commercial at BW Offshore. in a spot market, as ships and drill rigs tend and Azurite. It will take hard work and to do, and the majority of field investments synergy from everyone to make this work. Shuffling for success are already sunk costs. As long as clients But judging from the immense talent and BW Offshore CEO, Carl Arnet, explains: can still generate a positive cash flow from dedicated people I have seen and had “As a leadership team, we have long had their oil field operations, it makes sense for the privilege to work with so far in my 20 the understanding that our business is as them to continue operating even if the field years at BW Offshore, I’m certain we can much about being commercially astute may not generate the originally expected achieve this.” 20 Global BW World Horizon Issue 02/2015 Two to Tango BW’s Shipping and Fleet Management teams come together to hold a technical seminar, share priorities and discuss mutually-impacting KPIs

f time is money, then colleagues from BW Shipping’s Commercial and Operations teams as well as BW Fleet Management’s Itechnical experts showed the value they placed on continued cooperation when they attended a three-hour in-house technical seminar in Singapore.

Plain English Opening the seminar with a light-hearted call for jargon to be kept to a minimum, Vibhas Garg, Vice President and Head of Fleets (Singapore), said, “This seminar is a perfect example of our fourth value, where we are here together to create energy through collaboration. When we understand each other’s priorities and limitations, we further reduce chances for misunderstanding and tension. Disagreements are healthy when they force us to reflect on ourselves and expand our common ground. And such seminars are important to encourage more constructive disagreements.” World Horizon Issue 02/2015 Global BW 21

levels of technical expertise to operate opportunity to share their perspectives and upkeep. It takes 10-12 hours to on tank cleaning and Crude Oil Washing; change a piston – an engine on average highlighting the risks, challenges and has six to seven pistons and each piston regulations determining these activities. weighs well over a thousand kilograms. Oftentimes muscle power coupled with Always trying to do better a sledgehammer and hydraulic tools are The seminar allowed all parties to think needed to change nuts and bolts. For about current work practices, and how both such critical pieces of equipment, planned teams can work together for the benefit maintenance must be factored in to any of the company. It is also a great example commercial agreement or time charter, of yet another company value – we all try and unplanned maintenance minimised. to do better, in all that we do. When the teams are accountable for key performance Vagaries of weather and machine indicators (KPIs) that are cross-departmental When working with huge equipment in in nature, it is important to ensure that tight spaces, throw in the vagaries of such shared KPIs are met through team weather at sea and you have a recipe for collaboration so that shared goals are complex technical maneuvers. A vessel protected and not set aside in the pursuit of can be seen as a floating factory with individual targets. an intricate system of pipelines, valves and pumps to manage as it transports its cargo of energy around the world. Cargo systems involve topics such as inert gases, back pressure (a condition generated by situations such as shore tanks being far away or located at a height as compared to the terminal) and cargo density.

These topics are everyday lingo for colleagues in the fleet management Jon Birkholm, Head of Commercial department, and concerns over their (Tankers) agrees. “When we approached functioning are shared by colleagues in Vibhas with the idea of a technical seminar BW Shipping’s Commercial and Operations to teach the less technically-inclined departments. For example, if the inert gas amongst us about the challenges on system is faulty, the vessel is unable to running a fleet of world-class vessels, carry cargo and hence cannot be traded. he was very supportive. The Commercial Cargo density is a factor which affects pump and Operations teams will benefit from performance. Centrifugal cargo pumps are knowing where key stress points are for designed to handle a certain density at a Just how big is big? fleet management colleagues when we specified back pressure to give an optimal At five storeys tall and negotiate transactions and charters.” discharge rate, and anything outside of the design parameters can affect discharge weighing over two Colleagues were taken through topics such performances and therefore turnaround million kilograms on as engines, cargo systems, navigational time and time spent in port. equipment and waste management – where average, these massive routine operations may have an impact on Another common point of concern is a machineries churn out commercial considerations. vessel’s tanks. At the heart of a vessel, apart from her engine, are her tanks. the power of over 35,000 Size matters Tank cleaning – while usually a voyage horses and demand The heart of any vessel is her engine. Ships requirement when the Commercial team have large engines but, just how big is from BW Shipping fixes a vessel – can also high levels of technical big? At five storeys tall and weighing over be undertaken for technical reasons which expertise to operate and two million kilograms on average, these are initiated by BW Fleet Management, massive machineries churn out the power such as for repairs or inspections. upkeep. It takes 10-12 of over 35,000 horses and demand high The Operations department took the hours to change a piston. 22 In The Spotlight World Horizon Issue 02/2015

From Banking to Shipping BW welcomes Petter Larsson, an experienced banker, to the family World Horizon Issue 02/2015 In The Spotlight 23

When did you join BW? in the shipping and financial institutions I started my role with BW on 6 January segments. Subsequently I spent seven 2014. It marked an exciting new years with Nordea Markets where my last “ I focus on beginning and new direction in my career tenure was as a Managing Director with after many years in finance/banking. responsibility for origination within the excellence of energy and transportation sectors. What is your educational and career operations, background? What are your duties and I was at the Waldorf/Rudolf Steinerschool responsibilities at BW? maximising for 12 years (surprise to some), before As Head of LNG Shipping I have spending two years in Officer Candidate commercial responsibility for our fleet School where I specialised in military of LNG vessels. I focus on excellence in our earnings, intelligence. I then completed a Bachelor operations, maximising our earnings, of Science (BSc) degree in Business serving our clients and searching for our serving our Management from King’s College London, next growth projects. followed by a Master of Science (MSc) clients and degree in International Accounting What do you consider vital skills for and Finance from the London School your role? searching for of Economics, as well as becoming a Motivation, perseverance, energy, Certified European Financial Analyst teamwork skills, humour, some interest (CEFA) and obtaining a Masters in and skills in numbers and client our next growth Business Administration (MBA) from the management. Norwegian School of Economics. projects.” Tell us a little known fact about Career-wise, I spent six years with yourself. Citigroup, first through the Management I am the father of two girls named Trainee programme (New York, London Louise (4) and Josephine (2) – they and Oslo) and then VP in the Global are my pride, joy and frustration all in Corporate and Investment Banking division. one. I also have a dog, a brown-dotted I was a senior relationship manager for Dalmatian called Emil. I am also a keen several corporate clients in Norway, mainly skier and tennis player. 24 Global BW World Horizon Issue 02/2015

Engaged, Enabled and Energised BW’s biannual engagement survey shows a strong team behind the company

W’s Human Resources department performance’ norm is derived from recent conducts engagement surveys client studies conducted by the firm, which through an independent third party includes organisations which meet two Bprofessional provider every two years criteria: i) above industry-specific averages to review the company’s work culture and for a range of financial measures, including environment so as to identify improvement gross profit margin, earnings, revenue opportunities. The latest survey, conducted in growth, and return on capital; and ii) November last year, revealed a strong team favorable views of company culture and powering the company. organizational practices. Close to 145,000 employees have been surveyed from over Core engagement framework 25 firms. Working with Towers Watson for the 2014 survey, employees were asked Strong leadership, stronger teams 91 core questions organised into 20 Survey results show that one of the key categories ranging from leadership, values, drivers of our high sustainable engagement organizational change, empowerment, score is the strong belief in our BW values. to work-life harmony, retention and job Most employees also strongly believe in the security. The questions centered on a core goals and objectives of BW, and are proud engagement framework of three “E”s to to be associated with the company. They measure ‘Sustainable’ Engagement– are feel empowered and enjoy the opportunity our employees Engaged, Enabled and to do challenging and interesting work Energised to deliver our best performance? in a safe work environment. With this An Engaged employee has an attachment foundation, many would recommend BW to the company and is willing to give as a good company to work for, and would discretionary effort to achieve success; an work beyond what is required to help the Enabled employee works in an environment company succeed. Employees do not face that encourages productivity and obstacles at work when trying to meet performance; and an Energised employee challenges, and are equipped to achieve enjoys individual, physical and emotional excellent performance. well-being at work. Invested in the success of BW An engaged team at BW BW is a leading global maritime group BW’s survey response rate of 97% was involved in oil and gas transportation, a first indicator of an engaged team. floating gas infrastructure, environmental Analysing the actual survey responses technologies and deepwater production. placed BW’s sustainable engagement score This reputation has been built over 75 at three percentage points higher than years by teams of dedicated and engaged the norm of the Towers Watson Global employees who believe in the vision of the High Performance Companies. This ‘high company, and are invested in its success. World Horizon Issue 02/2015 Global BW 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

LGCs5 chartered-in8 VLGCs

owned25 VLGCs newbuildings8 in total

n 10 April 2015, BW LPG signed to be met from free cash and a revolving A market-leading fleet, strong technical ship building contracts with South credit facility. The vessels are expected management and valued relationships Korea’s Daewoo Shipbuilding to be delivered in the third and fourth with industry’s leading customers has Oand Marine Engineering (DSME) quarters of 2016. made BW LPG successful since listing in to acquire four Very Large Gas Carrier November 2013. BW LPG’s long-standing (VLGC) newbuildings. The newbuildings BW’s strong ties with DSME were reputation as a leading provider of safe, which were previously reserved by an established over 20 years ago when reliable, and efficient LPG transportation existing client of DSME became available World Wide Shipping took delivery of along with over 3 decades of operating at short notice, enabling BW LPG to take one of its first VLCCs from the yard. experience in LPG shipping, advantage of the opportunity to renew our Bergesen d.y also shares history with fleet. This is the result of a planned fleet DSME, where the Berge Artic was built BW LPG’s market leadership is not renewal initiative in light of continuing in 2001, and many vessels after that. defined solely by its vessel numbers. strong growth in the LPG export market Speaking about these contracts, Andrew With strong technical management and and in line with our commitment to Hoare, Chief Commercial Officer of BW valued relationships with the industry’s provide safe, reliable and cost-efficient LPG LPG commented, “BW’s relationship leading customers, BW LPG’s long- transportation solutions to our customers. with DSME afforded this opportunity standing reputation as a leading provider to us when it became available. We committed to safe, reliable and efficient The delivered cost of these vessels, continuously strive to deliver the best LPG LPG transportation solutions makes it the including interest and other costs was set transportation solutions to our customers platform of choice within the industry. approximately at USD 290 million. The and our growing fleet continues to allow initial payments under these contracts are us to achieve this objective.” 26 Global BW World Horizon Issue 02/2015 Onboard BW Princess World Horizon learns more about BW LPG CEO Nicholas Gleeson’s recent experience onboard one of the company’s vessels

t should come as no surprise that then are staffed with qualified crew onboard. Safety at sea BW LPG CEO Nicholas Gleeson enjoys Having an experienced and diverse team At BW LPG, safety is the topmost concern. vessel voyages and has even spent of seafarers enables BW LPG to maintain Safety and the sanctity of life take Itime on a couple of vessels before. On its track record of safe and reliable service precedence over all other considerations his recent voyage onboard one of BW provision and generate new ideas that and it remains an essential element of LPG’s Very Large Gas Carriers (VLGCs), translate to improved performance. Nick operations. At sea, onboard safety is BW Princess, Nick had the opportunity to says, “Our management and operations everyone’s responsibility with the captain interact with seafarers, understand the teams work hard to maintain and taking ultimate accountability. work practices at sea and reflect on some continuously improve the close interaction of the factors that have contributed to BW between staff on shore and at sea, At the heart of onboard safety is risk LPG’s continued growth. which has received strong support from assessment. Risk assessments are BW Fleet Management.” Voyages made performed to identify and mitigate risks Crew onboard by the senior management and the for jobs onboard the vessel. Jobs are Owning and operating the world’s largest operations team members are examples planned carefully with safety taken into fleet of VLGCs does not in itself make BW of our commitment to make this initiative consideration. Some of the safety measures LPG a market leader. Having a high calibre a reality. include, wearing proper personal protective workforce on shore and a qualified crew equipment (PPE) onboard, frequent onboard are the factors that are critical Nick also observed that many of the supervision and guidance by the Shipboard for success. BW LPG understands this well seafarers while at work demonstrate Management Team on safe work practices, and recruits and retains high performing BW LPG’s values such as delivering on daily morning safety meetings and tool individuals who contribute positively to promises, acting for the future, embracing box meetings, and safety drills to prepare the organisation. continual improvement and creating seafarers for any challenges. positive energy through collaboration. As BW Group’s internal provider of There is little doubt that their hard work Nick observed, “Seafarers were well ship management services, BW Fleet has paved the way for much of BW LPG’s familiarised with the safety measures, Management ensures that all vessels outstanding performance in recent times. invariably safety conscious, and senior

World Horizon Issue 02/2015 Global BW 27

“My voyages on BW vessels such as this one happen to be very similar to my learning experience at BW LPG.”

crew members demonstrated sound successfully rolled out with high clarity.” Nick reflects, “My voyages on BW levels of safety leadership.” BW Fleet vessels such as this one happen to be Management’s “Zero Harm” initiative has Multiple measures have been adopted to very similar to my learning experience reinforced the importance of safety by improve the way energy is used on our at BW LPG.” Nick’s learning experience creating awareness and rolling out training vessels. These include physical changes has been wide and has ranged from and leadership programmes within the to the propeller, new paint technology, understanding the vessels, seafarers and organisation. These additional measures engine tuning, autopilot and optimising the risks and conditions they face at sea, will go a long way towards maintaining a usage of machinery onboard vessels. to understanding the risks and dynamics safety conscious culture within BW LPG. Vessel optimisation tables devised by DNV present in the LPG market. enable vessels to select ideal trims for Energy management programme each ship condition in order to achieve the Since listing on the Oslo Stock Exchange One of BW’s core values is to “act for the best fuel efficiencies and weather routing in November 2013, there has been a future” and our energy management utilises weather prognosis and avoidance strong focus internally to build market initiative demonstrates a strong of storm patterns along the passage to knowledge which has proven to be commitment towards taking measures to determine ideal courses to steer. Speeds critical to gain a keen understanding of reduce fuel consumption and emissions achieved at each leg of the route are fine- the LPG marketplace. Nick acknowledges for the protection of the environment. BW tuned depending upon a justified time of that we have reaped substantial Princess was one of the vessels used to arrival at the vessel’s destination. rewards from this repository of market test the energy management programme knowledge which include “enjoying the so all crew onboard have benefited from There has been a reduction in average outstanding operational and financial first-hand experience. Crew members fuel consumption below baseline for performances since listing and becoming are also made aware of such initiatives VLGCs by 6.3%, thanks to these energy the market leader in the provision of LPG and there is a concerted effort to build a saving initiatives. Nick says, “Ultimately, logistics solutions.” positive culture around energy efficiency. having the right processes and the right Nick says, “The captain of the vessel mindset is important to achieving the acknowledged that the programme was targets set out in the program.” 28 BW Group Fleet World Horizon Issue 02/2015

BW Group Fleet: 156 vessels As of 24 July 2015

Very Large Gas Carriers Large Gas Carriers LNG Carriers

No. of vessels: 35 No. of vessels: 5 No. of vessels: 15 Year of construction: 1990-2015 Year of construction: 1991-2003 Year of construction: 1984-2015 Average age: 7.9 Average age: 18.2 Average age: 7.4 Cargo carrying capacity: 78,000-84,000 CBM Cargo carrying capacity: 58,050 CBM Cargo carrying capacity: 125,200-162,500 CBM Areas of operation: Worldwide Areas of operation: Worldwide Areas of operation: Worldwide

Very Large Crude Carriers Long Range 1 Product Medium Range Product Tankers (LR1) Tankers (MR) No. of vessels: 10 No. of vessels: 17 No. of vessels: 13 Year of construction: 2000-2012 Year of construction: 2004-2010 Year of construction: 2013-2015 Average age: 10.4 Average age: 7.8 Average age: 0.7 Cargo carrying capacity: 298,600-320,000 DWT Cargo carrying capacity: 72,800-76,600 DWT Cargo carrying capacity: 49,999 DWT Areas of operation: Worldwide Areas of operation: Worldwide Areas of operation: Worldwide

Offshore Fleet Chemical Tankers Newbuildings

No. of vessels: 17 No. of vessels: 4 Very Large Gas Carriers: 8 Year of construction: 2002-2012 Year of construction: 1997-2010 Floating Storage & Regasification Unit:1 Areas of operation: North and South Average age: 11.8 Liquified Natural Gas Carriers:5 America, Europe, Asia Pacific, Africa Cargo carrying capacity: 19,400-22,000 CBM MR Tankers: 9 Areas of operation: Worldwide Chemical Tankers: 11 LR1 Tankers: 6 Total: 40 World Horizon Issue 02/2015 Around the World 29

Around Androsch, former Austrian Vice 3. Chancellor and an entrepreneur Row, row, row your boats in Shanghai and Christoph Leitl, On 23 April, 32 rowers took Chairman of the Austrian Federal part in Mission Row Around Chamber of Commerce. Present Singapore Island 2015 to raise the World at the Rosthorn-Medeville over S$600,000 for the Mission ceremony were Mr Karlheinz to Seafarers charity, which helps Kopf (the Second President of sailors who face loneliness and Parliament) and Zhang Shi, the personal problems while at sea. Chinese Ambassador to Austria. SVP (Corporate Services) and 1. General Counsel Nicholas Fell Rosthorn-Medeville ceremony 2. was amongst the rowers who On 25 February at the Austrian Running mates battled through waves, heat parliament house, BW’s former BW Maritime fielded 28 runners and even an electrical storm for chairman Dr Helmut Sohmen to the 12th annual J.P. Morgan this worthwhile initiative. The presented the Rosthorn Medal Corporate Challenge. Held on circumnavigation of 140km by (an Austro-Chinese Friendship 23 April, BW was one of 297 the rowers of two Cornish gigs Association accolade) to Y S Liu, companies that participated in was achieved in 23 hours 15 Vice-Chair of the this annual corporate charity minutes. Nearly all participants Philharmonic Orchestra; Austrian race, which involved running had a connection with shipping Federal Minister for Education, enthusiasts circumnavigating a – be it in insurance, P&I Clubs, Arts and Culture, Mrs. Gabriele 5.6km perimeter of the Central maritime lawyers, charterers and Heinisch-Hosek; Messrs Hannes Business District of Singapore. technical personnel.

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4. 5. 6. 7. Houston, we have an OTC Party people Signed and sealed The Goss on Pete BW Offshore participated in The Commercial and Operations BW has been building on its In conjunction with Maritime the 2015 Offshore Technology team organised a casual get- presence in stainless steel Week and Mission RASI (Row Conference (OTC) in Houston in together for customers and chemical tankers since the Around Singapore Island), BW May. The company was among business associates to thank late 2000s. On 16 March, the invited British yachting legend, the 2,300 exhibitors at the NRG them for their continued support Group recently enhanced its Pete Goss MBE (pictured, Park in Houston, Texas. Insightful for and partnership with BW. service offering in this segment second from left), to share his panels, in-depth executive More than 100 guests from with another newbuilding experience at sea with staff in keynotes and a new crop of Trafigura, BP, Shell, TOTAL, contract signed with Fukuoka the Singapore office. A holder “Spotlight on New Technology” Petrobras and ENOC were Shipbuildling. The addition of the Legion d’Honneur, which award winners dominated this present. The merrymaking took follows an en-bloc acquisition was bestowed on him for his record-setting exhibition, which place at the urbane Black Swan, of a fleet from Stream Tankers, act of bravery and seamanship saw 100,000 attendees from located at The Quadrant. In this bringing the Group’s chemical (he saved the life of a fellow 130 countries. Chief Business photograph (from left to right) tankers count to 15. The two- competitor during the 1996 Development Officer Claude are Siddharta Sarkare (BW), 22,000 DWT Fukuoka newbuilds Vendee Globe), Mr Goss spoke Rouxel (left) is seen here Captain Rishab Bahl (Vitol/ are slated to be delivered in inspirationally on the importance with Stuart Bannerman, Chief Mansel), Doris Oh (BP), Captain 2018 complete with eco-design of team work and committing to Operations Officer. Rajeev Kumar (BP), Melanie hulls and fuel-efficient engines. what one sets out to do in order Lew (BW), Yoganda Siva to succeed. (BP), Jatinder Bhoai (BW) and Pintukumar Shah (BW).

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8. 9. 10. Roaring good times Global player Leaders, unite Master of BW Lion, Captain On 21 April, BW Group Chairman BW Offshore leaders from Phil Tarrant and his crew were Andreas Sohmen-Pao sat on a all over the world convened treated to some R&R following distinguished panel of speakers in Singapore for a two-day some busy and eventful (the at the SEA Asia Global Forum, conference. A yearly affair, it vessels weathered through which was held at the Marina affords an opportunity for the huge storms in the Atlantic and Bay Sands. Moderated by famed CEO and senior management Mediterranean, discharged fuel former anchor, correspondent, to come together to evaluate in Greece and navigated the and financial editor for CNN, the company’s performance high risk piracy area in the Indian Todd Benjamin, he was joined as well as align the goals of Ocean) weeks offshore. The by industry players from Lloyd’s the geographically-dispersed music man is not stopping there Register, Nordea Bank, Precious team for maximum impact. as he (who co-owns a radio Shipping Limited, A.P. Møller – This edition saw CEO Carl station) has plans to broadcast Maersk and Pacific International Arnet address current industry some programmes on air – if Lines. challenges and opportunities, in and when he gets access to a which he spotlighted the safety recording studio, that is. performance improvement programme as well as cost- conscious measures so the company remains competitive and industry leading.

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11. 12. 13. Celebrating 1000 LTI free days BW Lioness drill Day of the Seafarer The Joko Tole Offshore team BW Lioness was exiting the Members of the BWFM Marine celebrated a great achievement English Channel when a Coast Personnel department visited with donations to two orphanages Guard helicopter approached BW Cedar and BW Edelweiss in Banyuwangi and Bali, . the vessel and requested for in Singapore as part of Banyuwangi is the location of permission to land onboard as activities commemorating the Joko Tole’s shore base, and Bali its part of a Search & Rescue drill. International Day of the Seafarer. transportation hub. The Master obliged and crew Senior Manager Len Harbottle (L) gained valuable experience in and Manager Nalini Torres (R) the process. pose with several crew members onboard BW Edelweiss.

14. Making Connections The Panama Canal connects the 11 Atlantic Ocean via the Caribbean Sea to the Pacific Ocean. Here BW Group Chairman Andreas Sohmen-Pao and CEO Carsten Mortensen are shown around the site of the new canal extension (due to open in early 2016) by the CEO of Panama Canal Authority Jorge Quijano.

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14 World Horizon Issue 02/2015 BW Cryptic Crossword 33

BW Cryptic

1 2 Crossword vessel 3 4 Pools u 5 1q2015 A bow 6 7 8 Lng u m p answers 9 10 l d c a a c 11 12 J e L i g h tgreen a 13 o e a i a r g 14 n s K r n m s a 15 15 e o s n t e m a ster 16 s i n gapore e d a l t r n c v p 17 18 Flee t a Dra ught 20 g r a e 20t ankers y t e World Horizon congratulates our four winners 23 r of this inaugural cryptic crossword puzzle! n 21 22 They have each won a customised Moleskine an chor notebook each. Here are the answers to the r r last puzzle – look out for the next issue in u w the 3Q edition of World Horizon. d a 24lrone y

Across Down 1. When unladen it makes an empty proverbial noise (6) 2. Sandwich lurking below the surface (9) 3. Backwards Louisiana Offshore Oil Ports produces partnerships for 4. Oil exporter has second German car (5) shipowners (5) 7. Joyful offspring currently leads BW LPG (7) 5. Ship’s front accompanies arrow (3) 8. Might find this fluttering at the stern and at the haberdasher (6) 6. Initial energy: lovely, nice and green (3) 9. Hire and fun event produces shipping contract (10, 2) 12. Not heavy BW hull hue (5, 5) 10. Automobiles plus X - new CEO 15. Teacher and sailor, respected and in charge (6) 11. Scant Joe is muddled, beneficial for US owners but McCain dislikes(5, 3) 16. Sip orange mix to give BW HQ (9) 13. Insurance club, seen at Buckingham Palace without you (4) 17. Run away but add tea for group for vessels within BW ownership, 14. Tide is a bit faster than one m.p.h. (4) also ... of foot (5) 15. Savage adds one pound to rescue ship (7) 18. Depth spec militates towards putting on a sweater (7) 20. A severe reverse (nautical) (6) 20. Rank set, rearranged vessel class (7) 22. Base and lacking in refinement (5) 21. Sri Lanka sounds like device to stop ship (6) 23. Significant BW expertise resides in way North (6) 24. A single size up from a Mister (abbreviated) (1, 1, 3) Puzzle set by Vivamus 34 Special Thanks World Horizon Issue 02/2015

July 30 Sverre Henry Johannessen, Electrical Officer Years September Special Kumar Vijay, Reeferman

July 25 Duran Edmundo Ramos, Chief Steward Cook Years August Thanks Kapil Berry, Senior Manager, Maintenance & Projects September Balane Salvador Jr. Rapirap, Chief Steward Cook Cabug-Os Edwin Rufo, Chief Steward Cook Fernandez Nelson Magno, Chief Steward Cook to... Govind Chandra Gauda, Motorman Solis Reynaldo Bagnol, GP Marine

July Almendares Reynaldo Pai, Engine Fitter 20 Bulseco Ramon Elejorde, Motorman Years Cano Jesus Tolentino, Able Seaman Castro Ricardo Pamintuan, Able Seaman Catalan Joemarie Genova, Third Engineer Corsiga Samuel Caluban, Bosun Del Remedios Richard Adriano, Marine Operator Dela Cruz Victor Rogel, Electro Technician De Pano Rodrigo Dela Cruz, Chief Engineer Domingo Erselito Cuizon, Second Engineer Endaya Rodante Escalona, Engine Fitter Gaviloria Ernesto Jr. Saquibal, Chief Steward Cook Iboa Manuel Manny Burlat, Motorman Loyola Wenceslao Jr. Leonor, Motorman Molina Socrates Leo Sarmiento, Motorman Obniala Jay Caldit, Engine Fitter Ouano Nestor Cabuco, Bosun Perreras Francisco Jr. Gimang, Able Seaman Sabordo Sotero Jr. Tupas, Motorman Sitchon Eduardo Jr. Aguilar, GP Marine Suphellen Frode Aas, E & I Supervisor Tanco Gaudioso Jr. Ballon, Bosun Tapia Edilbert Gepega, Second Officer

August Delos Santos Robinson Jr. Acudili, Motorman Eduarte Antonio Bayani Candelaria, Motorman Legaspi Gerry Carlon, Motorman Paguican Timoteo Jr. Escalante, Bosun Puthan Veedu Prathapan, Fitter Rune Bjorbekk, Chief Commercial Officer Samonte Mauro Gabero, Chief Steward Cook Yu Cesar Tilos, Second Engineer World Horizon Issue 02/2015 Special Thanks 35

September August Balbarino Graciano Silabay, Able Seaman Ragunathan Laxminarayan, Senior Production Operator Balingit Ruben Salindo, Second Cook Rajamanickam Muthukumar, Laboratory Technician Caracena Felix Abello, Third Engineer Ocfemia Gerard Aquino, Bosun September Seron Adriano Sudario, Mechanic Technician Buensuceso Antonio Dela Cruz, Electro Technician Cherukkal Veettil Sumesh, Motorman Guntu Drona Rao, Able Seaman July Josephine Goh, Executive Assistant Amit Bhargava, Chief Engineer Kombila Jean Christian, Oiler 15 Apo Agustin Jr. A., Oiler Kouerey Pierre Manix, GP Marine Years De Ocampo Margarito Morales, GP Marine Leif Drabløs, Operation Manager Dignos Charles Muelcido M., Pumpman Posoga Fernando Orcine, Second Engineer Gruta Romel R., Bosun Quak Jin Lim, Senior Manager, Controlling Jayson Oliver Sambalod, Messman Ruman Fernando Starluck, Bosun Jan- Viggo Johansen, Operations Manager Valerio Marlon Acstro, Cargo Engineer Mylapilli Ravi Kumar, Bosun Pineda Calib C., Fitter Richard Steinnes, Electrical Officer Thilagar Valentine, Able Seaman

August Cajiles Christopher M., Chief Cook Diego Edwin P., Oiler Gutlay Melchor B., Bosun Joseph Roney, Chief Engineer Piedad Bonifacio S., Fitter

September Aninha Anil Kumar, Bosun Baticos Jonel A., Bosun Geck Neo Tan, Document Controller Goli Ravi Kumar, Electrical Officer Lagura Errol Palanas, Able Seaman Liwang Francisco Gener, Able Seaman Mahusay Diosdado M., Bosun Montemayor Francis B., Oiler Pujari Santosh Vasant, Able Seaman Somen Roy, Chief Officer Villaluz Rey Polis, Chief Officer

July Perey Raymundo Manzo, Maintenance Engineer 10 Magallona Alberto Jr. Caballero, Second Engineer Years Rocafor Jon-Jon Munlawin, Able Seaman Halaguena Jose Mateo Sanchez, Master Balasubramanian, Karthikeyan, Planner Christy Johnly Christy, Production Superintendent Lim Eduardo Millare, Marine Operator Nandi Thanigaimalai Reddy Hemanathan, Senior Production Operator Perey Raymundo Manzo, Maintenance Engineer Retired April Benedito Rosario Leitao, Cook Heritage

Presentations were made by Dr Helmut Sohmen and the finance team on topics such as future plans and corporate structure of Bergesen Worldwide Limited during a two-day meeting with 40 representative from almost 30 banks in Hong Kong in 2004.

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