Key Highlights MIS makes strides in its Iraq strategy Following the announcement earlier in the year about the hiring of Chief Strategist Chris Parker, MBE to head MIS Iraq, the company has seen a great deal of progress in setting up the business there. In fact, MIS has now successfully registered its business to operate in both Iraq and the autonomous region of Kurdistan in North Iraq. With large investments being made to bring the MIS high grade fabrication and contracting services to Iraq, MIS’ operations and ser vices are now available to its clients.
‘Newer’ businesses deliver initial backlog MIS has managed to sustain a healthy backlog in its first quar ter and most businesses are picking up buoyed by the resurgence in investment in oil and gas assets. This backlog is mostly driven through our traditional business but it is pleasing to report that part of our backlog comes from the newer segments within the group, such as Production Services, Litwin and Rig Metals.
Transformation team delivers tangible results
Transformation team
The Transformation team, which was set-up in September 2010 to identify opportunities and recommend solutions to optimise processes and workflows in the Sharjah businesses, had delivered some impressive results by the end of the first quarter 2011. With a broad scope, the multi-disciplinary team adopted a data-driven analytical approach to identify areas for improvement. Reporting to a steering committee, which compr ised of select member s of MIS leadership, the transformation team had to deliver very quickly under pressure.
Buoyed by the early success of this team, which delivered cost savings of US$1.2 million in its first 4 months, management decided in January 2011, to expand this team into an ‘agent of change’. The team’s charter now includes the development of staff talent through hands-on projects implementation, coupled with exposure to wider areas of the Group. It is also to serve as a platform to groom MIS talent through temporary reassignments, with a view that a wider dissemination of commercial, analytical and people-management skills will enhance the competitive position of the Group.
Investor Relations ongoing activities Building on the positive feedback of the Investor Relations programme relaunched in August last year, the MIS Management team continued to engage with its Norway-based investors through several activities: FY2010 results presentation held in Februar y; an analyst road show held in March and a presentation at the DnB NOR Oil, Offshore and Shipping Conference 2011, also held in March. Several analysts and investor s had the oppor tunity to hold one-on-one meetings with the MIS team.
3