Island Offshore Sustainability Report 2022

Sustainability Report 2022

Island Offshore -

Activity metrics 2022 / PAGE 6

Safe & Sustainable

Our aim is to reduce average fleet CO2 emission by 50% in each operating mode by 2030 / PAGE 14

Photo: Marco Goncalves

Environmental impact / PAGE 8

2

INDEX

A strong ESG policy can add business value by boosting top line, reducing operating costs and business 8

risk.

20 18 We aim to be a preferred supplier of highquality, advanced service vessels to the offshore and renewables market. Our main goal is safe and sustainable operation.

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Sustainability

Management Message Our business is intertwined with Environmental, Social and Governance concerns. A strong ESG proposition that can create stakeholder value therefore makes sense. A strong regulatory push, higher society attention and extensive research showing a clear link to business performance underline the need for a convincing ESG strategy.

Island Offshore has a distinct objective to maintain and operate its fleet in accordance with national and international laws and regulations, in particular with respect to Health, Safety and Environmental issues.

Our employees have made an impressive contribution to reducing the use of fuel and therefore the CO2 footprint by developing best practice and sharing experiences on how to operate the vessels energy efficient.

Our main objective is Safe and Sustainable operations in order to create value for stakeholders including owners, customers, employees and the society overall.

A strong Environmental, Social and Governance policy will add business value by boosting sales and reduce operating costs and business risk.

Our employees have made an impressive contribution to reducing the use of fuel and therefore the CO2 footprint by developing best practice and sharing experiences on how to operate the vessels energy efficient. We estimate that reductions of 25-35% have been achieved compared to the 2008 level of emissions. In the last five years we have invested significantly in hybrid battery systems and other emission reduction initiatives to continue this systematic emission reduction work.

We will continue to invest in new technologies as these mature including increased use of alternative maritime fuels.

Meanwhile promoting behavioral improvement through learning and sharing best practice must continue in close tandem with digititalization efforts.

More and better data will enable improved understanding and decision support that ultimately will reduce our environmental impact.

Our ESG reporting is in its infancy.

Island Offshore shall strive to be aligned with industry practice and regulatory requirements for sustainability reporting. Our reporting shall outline clear and material targets, performance, and relevant governance information on how material issues are managed.

Tommy Walaunet, Managing Director

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The Island Offshore Group Photo: Rebekka Hestvik-Myklebust

Based on a clear maker standardization strategy we have developed vessels with unique capabilities targeting attractive niche markets.

Photo: Jussi Nurminen

Sustainability

Island Offshore is a private group that owns and operates 21 OSV vessels that sail under the NOR and NIS flags. The market segments include vessels that work within well intervention, supply, anchor handling, subsea construction, walk-to-work and well stimulation. There are approximately 900 employees in the company, of which 850 are sailing personnel. The head office is located in Ulsteinvik, Norway. The vessels work globally but with most activity in the North Sea. Mooring & Installation

3 AHTS vessels

Well Stimulation

3 WS vessels

LWI

2 LWI vessels

Walk to work

3 W2W vessels

Subsea Construction

3 SCV vessels

Supply & logistics

7 PSV vessels

Since its establishment, the company has chosen a standardization strategy for ship design and equipment manufacturers and based on this; has developed vessels for attractive niche markets.

We aim to be a preferred supplier of high-quality, advanced service vessels to the offshore and renewables market. Our main goal is safe and sustainable operation.

Our management system is maintained under the requirements and guidelines in the ISM code and the ISO standards ISO 9001 Quality and ISO 14001 Environment. In addition, the management system is covered by the requirement for an Acknowledgment of Compliance from the Petroleum Safety Authority for the operation of mobile offshore units. Furthermore, the system is subject to annual audit and supervision.

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Activity metrics 2022

UTILIZ ATION

VESSELS IN OPER ATION

84%

25

WORKING HOURS

AUDITS

1.970.000

370

SAFETY OBS CARDS

LT I INCIDENT S

12.000

7

SPILLS

CO2 EMISSION

1

150.000t

ESG Objectives We acknowledge that our activities have an impact on the environment and society.

Our strategic objective demonstrates our commitment to long-term sustainable value creation for owners, customers, employees and the society overall.

A strong ESG policy

can add business value by boosting top line, employee productivity, reducing operating costs, reducing business risk (e.g. intervention).

Further, a sustainable shipping business will likely achieve reduced ship financing cost.

We support the principles of the United Nations’ Global Compact and the policies that advance the goals of the Paris Agreement. They shall act as a roadmap for all countries in the global effort for sustainable development towards 2030.

As a company Island Offshore contribute to social and economic development in the communities we operate in, by delivering value creative services, jobs and developing

people. We support all the 17 Sustainable Development Goals but focus particularly on the goals presented above.

Island Offshore shall be aligned with industry practice and regulatory requirements for sustainability reporting. This includes reporting safety, environmental, emission and other essential ESG data on a regular basis. Our reporting shall outline clear and material ESG targets, performance against those targets, and relevant governance information on how material issues are managed by the company.

We base our materiality assessment on the industry guidelines published the Norwegian Shipowners’ Association. As such the list is not exhaustive but reflects the most material issues relevant for our industry:

ENVIRONMENT

• •

Emissions and energy reduction Biodiversity and marine pollution

SOCIAL

• •

Health, safety and security Labour and human rights

GOVERNANCE

• •

Anti-corruption Accountability and transparency

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8

ENVIRONMENT

Environmental impact

From 2010 to 20 emission by our

25%. Next steps

between stakeh

Together we can sustainable use

Sustainability

020, the average daily CO2 fleet was reduced by

s call for close cooperation

holders and authorities.

n contribute to a more of the ocean.

Island Offshore is committed to practice energy efficiency on all our vessels in order to deliver sustainable services to our customers.

Each year we revise Shipboard Energy Efficiency Management plans for each vessel to enable continuous and effective implementation of energy efficiency practices.

Energy policy guidelines are continuously revised to ensure we consume energy in the most efficient, economical and environmentally responsible way possible. This involves applying new technology as well as energy efficiency practices in all aspects of operation, and to provide training for personnel.

Our reporting procedures address GHG emissions and the ability to

comply with climate-related regulations, hereto concerns over air pollution emission from ships (NOX, SOX and PM) in harbour areas.

The fleet’s total emissions of NOx and SOx in tonnes:

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ENVIRONMENT

Objectives

our stakeholders

employees and t

Sustainability

Island offshore is committed to protect the environment, and avoid harmful effects of pollutants and waste from Our main objective is

our activities. Our main objective is Safe & Sustainable and

Safe and Sustainable

evidence our commitment and desire to operate in a long-

operations in order

term sustainable manner.

to create value for

s: owners, customers,

the society overall.

Long-term objectives for emission reduction: •

To reduce average fleet CO2 emission by 50% in each operating mode by 2030 using 2008 as the starting reference.

•

To implement a strategy for existing vessels enabling introduction of retrofit technology and alternative fuels as these measures become mature and available.

•

To only order vessels with zero emission technology from 2030 targeting carbon neutrality in each project.

The objectives shall be achieved by:

•

Compliance with international law and regulation

•

Challenging and continuously improving good seamanship

•

A clear strategy to develop environmentally friendly and fuel efficient vessels

•

Enhance learning and experience sharing across the fleet

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ENVIRONMENT

Reducing emissions Long term objective: To only order vessels with zero emission technology from 2030 targeting carbon neutrality in each project.

Photo: Kenneth Teigen

The diagram shows the average emission of CO2 per vessel per day for the previous three years.

Sustainability

Scope 1, 2 and 3 is a way of categorizing the different kinds of carbon emissions a company creates in its own operations, and in its wider value chain.

Scope 1 emissions covers the Green House Gas (GHG) emissions that our company makes directly — for example by operating our vessels.

Scope 2 emissions deal with indirect emissions for example the electricity or energy we buy to heat and cool buildings.

Scope 3 emissions is a wide scope dealing with all other indirect emissions that occur in the upstream and downstream activities of an organisation. For example, from buying products from its suppliers, and from its products when customers use them.

Based on review of internal data, we estimate that average fuel consumption thus CO2 emission from our fleet has been reduced by approximately 30% since 2008. This has been achieved through an increased focus on how to operate vessels efficiently, improved hull design, diesel electrical propulsion and retrofitting battery packages and shore based power systems.

A total of five vessels now have battery packages installed; in total eight vessels have shore based power systems. At the same time, we have installed SCR systems to reduce Nox emission on a total of fifteen vessels. Biogas trials on our LNG powered vessels have also been successful thus providing a zero emission alternative as soon as 2022 but at a significantly higher cost for the operator.

In our experience, introduction of alternative low, or zero, emission fuels will require a significant cost compensation to be successful in replacing conventional fuel.

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Going forward our efforts focus on using digital monitoring and analysis to enhance knowledge and understanding of energy efficiency. All vessels are now equipped with, or in the process of having installed, data capture systems and monitoring devices that enable such analysis.

Further, we are involved in industry collaboration studies to explore ammonia as a future fuel, as well as data modelling studies to optimize hull and propeller cleaning.

Our aim is to reduce average fleet CO2 emission by 50% in each operating mode by 2030 using 2008 as the starting reference.

The diagram shows each main operation category's average CO2 emission per hour.

Sustainability

Refuelling biogas on Island Contender. Photo: David Solibakke

Environmental Aspects We are constantly striving to reduce our impact on the environment. By knowing and controlling the environmental aspects identified for our company’s activities, we are controlling the environmental risks associated with our actions, thus providing good risk assessment and management for the areas where our company processes can impact the environment: • • • • •

Use of energy, raw material and natural resources Emission to air Discharge to sea Waste and waste treatment Discharge to ground

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ENVIRONMENT

Overview - Environmental aspects No Area

Aspect

Impact

Controls

1

Discharges to sea

Improper treatment of sewage

None if treated

Clean Class

2

Discharges to sea

Discharge of ballast water from foreign ports

Contribution to alien species pollution

Ballast Management Plan

3

Emission to air

Release of CO2 from exhaust

Contribution to green house effect

SEEMP. Use alternative fuel ESS installation, shore power, digitization

4

Emission to air

Evaporation of methanol from domestic tanks on board

Impact on people

Applied procedures

5

Emission to air

Emissions from paint solutions

Impact on people

Ensure proper paint/ chemical handling system onboard and delivery to certified vendor.

Purchase of environmental friendly chemicals/paint

6

Emissions to air

Exposure of gasses from confined spaces

Impact on people

Ensure proper paint/ chemical handling system onboard and delivery to certified vendor.

Purchase of environmental friendly chemicals/paint

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Waste handling Improper on board/ disposal of delivering ashore general waste from on board activities

People and onshore environment

Ensure proper waste handling system onboard and selection of environmentally focused reception facilities

8

Waste handling on board/ delivering onshore

People and onshore environment

Ensure proper waste handling system onboard and selection of vendors certified to receive special waste

Sustainability

Improper disposal of special waste from on board activities (batteries, outfaced fire detectors, medical/human waste, syringes etc)

No Area

Aspect

Impact

Controls

9

Waste handling on board/ delivering onshore

Improper handling of LSA scale waste from down hole equipment

People and onshore environment

Ensure proper LSA scale waste handling system onboard and selection of vendors certified to receive radioactive waste

10

Waste handling on board/ delivering onshore

Improper disposal of waste from on board activities (sludge, bilge etc)

People and onshore environment

Ensure proper waste handling system onboard and selection of vendors certified to receive special waste

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Waste handling on board/ delivering onshore

Improper disposal of paint and chemical remains onboard

People and onshore environment

Ensure proper paint/ chemical handling system onboard and delivery to certified vendor.

Purchase of environmental friendly chemicals/paint

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Office

Improper disposal of electronic waste

Onshore environment

Ensure leasing agreements are in place and delivery to appropriate instance

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Noise

Noise from Noise disturbances mechanical/ in accommodation electrical running area equipment

Ensure insulation, apply low noise criteria in purchasing/design

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Energy consumption offshore

Improper consumption of fuel

Monitor fuel consumption and strive towards reductions

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Chemical handling

Improper Offshore chemical use and environment handling

Waste of natural resources

Ensure use of environmental friendly suppliers and use of “green” chemicals as far as possible

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Change to improve Island Offshore is working continuously to limit and reduce emissions to both sea and air, with clear ambitions to reduce CO2 emissions by 50% in each operating mode by 2030. There is a strong correlation between emission to air and fuel consumption.

In the last couple of years Island Offshore has introduced new available technologies to reduce emissions, hence also lower fuel consumption and lower cost for both us and our clients.

Battery packs have been installed on five vessels - used as spare capacity and extra safety when the vessel is alongside a rig, thus saving both fuel and generator running hours. In addition, the battery will contribute with quick and effective power during transit, reducing the need to start up an extra generator for peak loads. Two of our platform supply vessels are also running on natural gas, making the combination ideal, as gas engines perform best when running on constant load.

Shore power connections are fitted on eight of our vessels, allowing emissions to be eliminated when connected at port.

In 2021 Island Crusader was the first vessel on the Norwegian continental shelf to run on biofuel, resulting in immediate and significant reductions in CO2 emissions. This pilot, in collaboration with Lundin Energy Norway, also proved that biogas can be used on LNG engines without any modifications at all. The biogas used on Island Crusader is produced from cow manure and waste from fish and wood processing. It consists mainly of methane, however upon combustion, CO2 and water are formed. Since the raw material comes from biological material, the combustion is calculated as CO2-neutral as it enters the natural CO2 cycle. There is no net increase in the CO2 level in the atmosphere.

During 2022 we also started the prosess of digitizing the entire fleet by installing Vessel Insight – collecting data from our fleet, which will enable us to use advanced decision support tools and benchmark our vessels by comparing operational data from all vessels to reduce fuel consumption and emissions, as well as automating reporting processes.

Ship Energy Efficiency Management Plan (SEEMP) Focusing on continuous improvement, all our vessels have their individually adapted Ship Energy Efficiency Management Plan (SEEMP) to better plan energy efficient operations. Familiarisation and training of personnel play a key role in this.

It is all about using the brain while using muscles! Small changes of habits give a huge contribution in saving fuel for our contractors, as well as saving the environment due to reduced hours of engine operation.

Sustainability

Ecological impact Biodiversity and marine pollution concerns the transfer of invasive species through ballast water, impact on marine life from anti-fouling chemicals, insufficient on-board waste management, spills and responsible environmental practices for newbuilds and ship recycling practices.

In Island Offshore we are in the process of installing ballast water treatment systems on all our vessels, to eliminate the risk of transporting unwanted organisms into new waters.

Standards and regulations We comply with all applicable legislation and regulations regarding our ISO 14001 and ISO 9001 certification.

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SOCIAL

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Social impact - Objectives •

We are committed to ensure a high level of safety involvement of all employees. By promoting and maintaining a safe and healthy working environment we aim to avoid accidents and harm to people. Monitoring employees and hired workers’ HSE practices and injury frequency rates are important concerns.

•

Compliance with labour and human rights standards is important to support worker’s rights. Monitoring and reporting include description of policies and approaches to labour and human rights for employees and contracted workers in the value chain.

•

Inequality within and among countries persist and has been reinforced during the pandemic. The most vulnerable groups are hit hardest therefore need our support and solidarity. We must adopt policies and business strategies that promote equality.

Sustainability

A strong safety culture is key to high quality and safe performance.

Human rights Island Offshore promotes respect for basic human rights and decent working conditions in connection with our vessel operations. This work impacts many of our stakeholders including those who can be adversely affected by our business.

We base our due diligence on recommendations and guidance issued by the Norwegian Consumer Protection Authority, hereto the OECD Guidelines for Multinational Enterprises and the accompanying guide for due diligence.

The essential pillars of this work are:

Ensuring corporate responsibility is implemented in our work procedures and Safety Management System.

Mapping and assessing potential negative impact from our activities including our value chain and business relations.

Implementing actions to prevent, mitigate or reduce negative impact.

Monitor execution and results.

Communicate how we work.

Follow-up rectification where applicable.

The Island Offshore Code of Conduct is designed to promote accountability and give guidance on our standards to employees and other stakeholders.

We shall treat one another with openness, respect and honesty and make sure all parties comply with our high ethical standards and code of conduct.

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SOCIAL

Photo: Stig Silden

Island Offshore is committed to respecting and protecting internationally recognized human and labour rights, such as the UN Guiding Principles on Business and Human Rights (UNGP), International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work.

As a member of the Norwegian Shipowners Association, we are committed to make use of their Collaboration bargain agreements. These agreements are according to International Chamber of Shipping and International Transport Worker’s Federation (ITF). We aim to have a good relationship with the union representatives in the company and regular meetings are arranged.

The company is certified in compliance with Maritime Labour Conventions (MLC) which set the standards for the employment of maritime personnel. The purpose of the MLC is to provide decent working and living conditions for seafarers.

QHSE goals for 2023 Quality: Non-conformance per authority audit <1,0

Environment: Zero discharge to environment

Health: Sick leave offshore < 4,5%

CO2 emission reduction:

Safety: Personnel Injury Frequency <2,0%

Port 3% Steaming 3% Operation 3%

Sustainability

Health and safety We

do

not

compromise

health,

safety

and

the

environment, and we take our obligation to prevent and reduce potential consequences of our operation seriously.

In Island Offshore we believe in in-house and on-the-job training and coaching to develop a strong safety culture. Our goal is that each and every one is their own safety coach.

Our employees are trained for the tasks they are expected to complete and they are all encouraged to intervene or stop the job should they observe an unsafe situation or feel it is unsafe to continue their task. This includes the operation of subcontractors.

Injury frequency rolling 12 months for the last year is showing positive development on both injuries and lost time injuries, however still far from the goal of zero harm to personnel. We are working systematically to reduce the frequency.

Safety shall always come first.

When visiting our vessels, you are required to comply with our HSE standards.

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SOCIAL

Our People We embrace the diversity of our team members, stakeholders, and customers, including their unique backgrounds, experiences, thoughts, and talents. Everyone is valued and appreciated for their distinct contributions to the growth and sustainability of our business.

Island Offshore believes that creating a diverse and inclusive working environment where all employees feel valued and have equal career opportunities is not only the right thing to do but financially beneficial for our business. Our ambition is to have highly qualified employees that can execute our strategy and deliver high quality services.

Our priorities in this area include: •

High focus on retaining and developing employees.

•

Ensure high quality leadership in all levels of the organization, both onshore and offshore.

•

Securing an inclusive and safe working environment for all.

•

Maintaining a dynamic apprentice program through the availability of a wide range of trainee and cadet positions.

•

Supporting competence development through a combination of formal training, on the job training and own initiative.

Photo: Stig Silden

Throughout 2022, we have also focused on improving our internal communication channels as we believe this is an important part of employee engagement. We have established a Digital channel every Friday hosted by the Managing Director, and a weekly newsletter called “My Island” is published with information, pictures and stories to and from the fleet.

Sustainability

Diversity We consider it a competitive advantage to have a diverse team. We do not discriminate in hiring, compensation, access to training, promotion, termination, or retirement based on race, caste, national origin, religion, age, disability, gender, marital status, sexual orientation, union membership or political affiliation.

Most of our workforce is Norwegian, but we also have employees from Sweden, Denmark, the Faroe Islands and Finland. In addition we have crew members from Spain, Romania, Poland, Latvia and Lithuania employeed by our crewing department in Lisbon, Portugal. Finally, we also have an agreement with crew agent Stödig and OSM who we rely on for temporary crewing services from Europe and the Philippines.

A key part of our strategy to ensure the future success of our business and the maritime industry is to attract young people.

Therefore, we have set a goal that a minimum of 10% of the entire workforce should be trainees.

Men have typically dominated the shipping industry, especially offshore activity and maritime positions. This also applies to our organisation, where only 14% of employees are women. Onshore, however, we have good representation, with 46% women.

We have set a goal that a minimum of 10% of the entire workforce should be trainees.

Although we aim to attract more women to our industry, this is a big challenge for all the ship-owning companies. Recruitment is on Island Offshore’s agenda in management meetings, internal company conferences, and dialogue with employee representatives. We are board members for Maritime Training and the Training Office for hotels and catering, where we work actively to map out how to recruit more women. We also support initiatives through the Norwegian Shipping Association.

Island Offshore is active in the recruitment of apprentices and directs part of its activity towards highlighting the many career paths available to young women.

A central part of our strategy to ensure the future success of our business is to attract young people. The training offer is therefore essential. We aim to have between 30-40 training positions annually.

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SOCIAL

Our future To secure future recruitment Island Offshore offers trainee positions in all departments on board our vessels.

New apprentices and cadets join our vessels every year to develop their skills to become able seamen, motormen, electricians or officers.

Apprentices/cadets, is well taken care of, and a sought-after resource on board.

In addition we offer students the opportunity to spend time on board our vessels to get an impression of working as a seafarer.

We experience that many of our apprentices choose to come back to us after technical college or university, as working with Island Offshore has given them a great social experience as well as a solid technical background.

This makes us proud!

Sustainability

Electrician apprentice Even Birkhol.

The Norwegian Transparency Act The Norwegian Transparency Act shall promote companies’ respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services.

Any member of the public has the right to information about how businesses deal with negative consequences for fundamental human rights and decent working conditions, caused or contributed to by the company itself, or directly linked with the company’s operations or services via the supply chain or business partners.

All requests must be made in writing, addressed to: transparency@islandoffshore.com

Photo: Bård Brandal

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Photo: Rebekka Hestvik-Myklebust

Governance - Objectives As a ship owner we have a distinct objective to maintain and operate our fleet in accordance with national and international laws and regulations, in particular with respect to Health, Safety and Environmental issues. All employees shall be highly qualified and perform with the highest working standards and professionalism in all areas.

Our reporting explains how the governance structure safeguards compliance with legal requirements, potential sanctions and industry standards, and how the company ensures accountability and transparency in its operations.

Norwegian Shipowner’s Association and IMO.

Strong international partnerships are required to promote attainability of the Sustainability Development Goals. Shipping is international by nature. We contribute by supporting the international efforts of key shipping institutions such as The

Island Offshore has a zero tolerance policy on corruption and breaches of this policy will imply disciplinary actions for our staff. Our leaders shall be aware of and understand our business exposure to corruption and bribery and shall inform our employees and monitor our business accordingly.

Sustainability

Island Offshore is fully committed to comply with Norwegian law, international conventions and recommendations contributing to increase awareness of and prevent corruption activities. This is supported by our core values and business objectives, and our employees are committed to comply with this value statement and the ethical guidelines underpinning our business.

Photo: Simen Hansen

Further, our policies are implemented through employee introduction and training programs, purchasing procedures and market activities. Internal audit procedures shall also be adopted to verify compliance with our policies.

Island Offshore is fully committed to comply with Norwegian law, international conventions and recommendations contributing to increase awareness of and prevent corruption activities.

The number of Port State Control inspections and deficiencies and the rate of deficiencies per inspection:

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GOVERNANCE

Code of conduct

All employees are committed to ensure that all stakeholders receive the necessary attention and recognition. We shall treat one another with openness, respect and honesty and make sure all parties comply with our high ethical standards and code of conduct.

Photo: Andrè Almestad

Sustainability

The Island Offshore code of conduct requires its owners, board of directors, management and employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Management and employees must practice honesty and integrity in every aspect in dealing with other Island Offshore employees, the public, the business community, shareholders, customers, suppliers, competitors and government authorities.

When acting on behalf of Island Offshore, management and employees shall not take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or other unfair dealing practices. The Island Offshore code of conduct prohibits unlawful discrimination against employees, shareholders, management, customers and suppliers on account of ethnic or national origin, age, sex or religion. Respect for the individual is the cornerstone of the Island Offshore code of conduct. All persons shall be treated with dignity and respect and they shall not be unreasonably interfered with in the conduct of their duties and responsibilities.

No employee should be misguided by any sense of loyalty to Island Offshore or a desire for profitability that might cause him or her to disobey any applicable law or Island Offshore policy. Violation of the Island Offshore code of conduct will constitute grounds for disciplinary action, including when appropriate, termination of employment.

Island Offshore has based its principles on the OECD guidelines for multilateral enterprises, which give an extensive overview of rules to follow. See www.fifoost.org and the UN Convention on the Rights of the Child www.unicef.org/rightsite/index.html Correspondingly, Island Offshore will promote the International Labor Organisation (ILO) fundamental principles and rights at work.

These principles and rights are the right to freedom of association and the elimination of child labor, forced labor and discrimination linked to employment. See www.ilo.org

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ISLAND OFFSHORE MANAGEMENT AS Stålhaugen 12

P.O. Box 370

Tel.: +47 70 40 00 00 firmapost@islandoffshore.com www.islandoffshore.com

NO-6067 Ulsteinvik