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Yinson Continues FPSO Work Around the Globe

OGI sits down with regular contributor and FPSO specialist Yinson, to talk a bit about how they help keep energy flowing around the world during these difficult times that we face with the Covid-19 Pandemic. It’s no small feat to complete the conversion of an FPSO for Nigeria in possibly record time of only 7 months. Yinson’s operations in Nigeria and Ghana has enabled them to recruit from the local talent pool through the provision of training and talent development, while simultaneously building up local participation via local suppliers. The company has also managed support the local populations with essential medical equipment in the ongoing fight against Covid-19.

OGI: Could you talk about the status of the projects you are currently executing? Yinson: Yinson currently has two FPSO projects under construction. The first is FPSO Abigail-Joseph, chartered by FIRST E&P for use in the Anyala and Madu field in Nigeria. The FPSO’s conversion and life extension phase was completed in late February 2020 at the Keppel Benoi shipyard in Singapore. This phase was completed safely in less than 7 months, which is believed to be the world’s fastest delivery of a brownfield FPSO modification and upgrading project. She had a relatively smooth voyage to Nigeria, with timelines only slightly affected by the Covid-19 situation. She arrived at her final destination at the Anyala and Madu field in offshore Nigeria on 23 July 2020 and had all mooring lines hooked-up in mid-August. Hook-up of risers and umbilicals to the FPSO was completed in early September. We look forward to completing final commissioning and achieving the next milestone, first oil production. Our second vessel under construction is FPSO Anna Nery, which is our first Brazil asset and our largest project to date. LOIs were signed with our client Petrobras in October 2019, then definitive contracts entered into in March 2020. Sumitomo Corporation is partnering with us on this project with a 25% stake. FPSO Anna Nery has also recently entered into the next phase of

construction, marked by the sailing away from the Cosco Qidong shipyard to the Cosco Changxing shipyard in Shanghai, China. In this phase, the FPSO will undergo both first and second dry docking and hull reinforcement works. Conversion works are progressing well, with demolition activities completed, and module fabrication works underway. In another project milestone, FPSO Anna Nery achieved 1 million manhours without Lost Time Injury (“LTI”) in mid-September 2020. FPSO Anna Nery.

OGI: Could you tell us more about your operations in Africa? Yinson: Having established our presence in the African region starting with Nigeria through our predecessor, Fred Olsen Production ASA some 25 years ago, our operations in Africa has always been strong. Currently, we have two projects in Nigeria – FPSO Adoon for client, Addax Petroleum, and recently arrived at the Anyala and Madu oil field, FPSO AbigailJoseph as mentioned above. The Ghana oil and gas market may be relatively young when compared to others in the region, but we are pleased to observe that increasing consistency and stability in regulatory measures are developing nicely. In Ghana, we have FPSO John Agyekum Kufuor (“FPSO JAK”) by client, ENI. While the ongoing Covid-19 pandemic has affected our operations in Ghana and subsequently our financial results for the first two quarters of 2020, we are pleased to share that our production and safety performance has remained unchanged and remain at world class excellence levels. In both countries, we strive to remain as not only the partner of choice to our clients with our unrivalled production uptime and excellent safety performance, but also an employer of choice to the local talent pool

by providing various training and talent development opportunities. We have built up local participation, both in terms of employees and suppliers, and will continue to further this participation with the aim of surpassing local content targets. OGI: During the Covid-19 crisis many companies have stepped up their help to the medical sector, could you talk about some of the things Yinson has done in this regard? Yinson: To date, we have contributed over RM1 million worth in value of essential medical equipments and safety supplies to various organisations in the regions where we operate, all in support of the on-going battle against the Covid-19 pandemic. We decided to do our part to help out by donating essential supplies such as face masks, face shields, and sterile surgical gowns when there was a critical crunch for essential protective medical supplies all around. In Ghana, we recently donated a Biological Safety Cabinet along with consumables for Covid-19 testing to the National Public Health Reference Laboratory which enables the laboratory to carry out more Covid-19 tests in shorter periods of time. We have also donated 6,000 face masks to Ghana’s National Commission for Civic Education (“NCCE”) as well as infrared thermometers, blood pressure monitors, laptops and printers to the Ayawaso West Municiple Health Directorate in Accra. OGI: Could you speak about the work you are doing in Brazil? Yinson: Brazil has always been an interesting market for the FPSO industry. It was after Yinson has acquired Fred Olsen Production ASA, that we decided to embark on the prequalification process with Petrobras and subsequently started bidding for the Marlim and Parque das Baleias projects. To develop the local knowledge required to successfully bid for these projects, we worked with our local partner, Petrocean, to qualify estimates for the cost levels in order to reach an attractive cost basis versus risks for our bids. As mentioned above, we were awarded our first Brazil project in 2019. Since then, we have established an operations office in Rio de Janeiro, attracted experienced key employees and are now preparing to start teaming up with key service contractors. Moving forward, we are committed to working with our client, Petrobras, to grow our business in Brazil. Our plan includes working on setting up our other operations base in Macaé which will come with both a warehouse and storage area. We will also continue our efforts in attracting and employing new employees. We are also preparing new bids both for Petrobras andother potential clients. To deliver on these commitments, we are working hard to gather more working knowledge of local subcontractors and suppliers in the region as these new projects will require a relatively high degree of local content.

OGI: Nowadays it is very important for companies to be conscious of the sustainability of their operations, could you explain to our readers Yinson’s 3-year plan? Yinson: To be ‘Sustainable’ is a core value of Yinson, and Sustainability remains as a key value driver for Yinson’s business and operations. At Group-level, we have renewed our Sustainability Policy and established a 3-Year Sustainability Plan. This Plan seeks to further operationalise all initiatives under the broad umbrella of Environment, Social and Governance (“ESG”), covering, for example, better monitoring of environmental aspects; more robust practices towards improving learning and development within the Group; as well as plans for enhancing sustainability reporting. To do so, we have included a continuous improvement process that is outlined by our quarterly Sustainability Committee meetings, where we deliberate on improving corresponding ESG initiatives. This translates downward to the operations level, where we strive to maintain our current robust levels for corporate governance, as well as environmental and social performance towards achieving our goal of ‘zero accidents, zero harm to the environment’. Beyond internal efforts when it comes to continuously improving sustainability of our operations, the Group has also recently diversified into Renewables. This is in line with our commitment to align to the global narrative for low-carbon solutions in the current energy landscape. OGI: Thank you for your time. • Contact details: Phone: +47 22 34 01 10 Email: enquiries.no@yinson.com Website: www.yinson.com