1 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD ( X) Level 31, Menara Dayabumi, Jalan Sultan Hishamuddin Kuala Lumpur, Malaysia T: F: MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD Delivering with PASSION Annual Report 2013 Annual Report 2013
2 Delivering with Passion Passion is at the heart of everything we do. It empowers us to be more successful, to be a winning team. It drives innovation, improvement and change. It is the creative force behind building and delivering on projects of sustainable value. As a leading marine and heavy engineering services provider in Malaysia, the passion to succeed is embedded in every aspect of our culture. It is this passion that propels us towards bigger and better achievements, now and in the future. table of CONT 02 Vision, Brand Pillars and Values 04 Group Financial Review 05 5-year Financial Highlights Corporate Information 08 Corporate Profile 12 Corporate Milestones 14 Corporate Information 15 Group Structure 16 Board of Directors 28 Management Committee 32 Statistics on Shareholdings Performance Review 38 Chairman s Statement 42 MD & CEO s Report 50 Business Overview 56 Operational Highlights 64 Share Performance 65 Financial Calendar 66 Corporate Social Responsibility
3 ENTS Corporate Governance 72 Statement on Corporate Governance 83 Statement on Risk Management and Internal Control 88 Board Audit Committee Report 92 Director s Responsibility Statement 93 Investor Relations Report 94 Additional Compliance Information 97 Financial Statements Other Information 165 Properties owned by MHB and its subsidiaries 167 Corporate Directory 168 Worldwide Agents 170 Notice of Annual General Meeting 172 Statement Accompanying Notice of Annual General Meeting Proxy Form
4 VISION BRAND PILLARS A LEADING MARINE AND HEAVY ENGINEERING ORGANISATION OF CHOICE PERFORMANCE We aim to be a high performance company that delivers engineering solutions to help our customers stay ahead. PROFESSIONALISM We take PRIDE in what we do, working as a team to always make a difference. PEOPLE We are committed to nurturing our people who make us great, never compromising on their wellbeing at all times. 02 Malaysia Marine And Heavy Engineering Holdings BERHAD
5 VALUES Passion to excel Responsible at work Integrity the power of trust Dedicated to our customers success Enterprising as a team 03 ANNUAL REPORT 2013
6 Group Financial Review Balance Sheets The total assets of the Group increased by 4.2% or RM202.8 million to RM5,020.1 million as at 31 December 2013 from RM4,817.3 million as at 31 December The increase in the Group s total assets was mainly due to higher property, plant and equipment, and trade and other receivables, which is in tandem with the lower cash and bank balances. 04 Malaysia Marine And Heavy Engineering Holdings BERHAD The Group s cash and bank balances reduced to RM623.2 million as at 31 December 2013 from RM890.3 million as at 31 December 2012, as a result of cash used in operating and investing activities for Financial Year Ended 31 December 2013 ( FYE 2013 ). The Group s total receivables of RM2,480.8 million as at 31 December 2013, registered a 17.3% increase in total receivables from RM2,114.4 million as at 31 December The Group s saw an increase of RM127.3 million in total liabilities from RM2,306.4 million as at 31 December 2012 to RM2,433.7 million as at 31 December 2013, mainly due to issuance of short-term borrowing facilities during the year. OPERATING PROFIT Year on year for FYE 2013, the Group operating profit decreased by 19.2% to RM196.3 million due to lower contribution from other operating income as compared to the corresponding year. EARNINGS PER SHARE (SEN) Year on year Basic Earnings Per Share ( EPS ) decreased to 14.8 sen in FYE 2013 from 15.1 sen in corresponding year due to lower profit attributable to the equity holders of the Group. Profit attributable to the equity holders of the Group was RM236.5 million in FYE 2013 as compared to RM242.0 million in corresponding year. DIVIDENDS The Group paid a 10 sen per share tax exempt single-tier final dividend in respect of corresponding financial year, totalling RM160.0 million in 2 July Upon Shareholders Approval, the proposed final singletier dividend of 5 sen per ordinary share amounting to RM80.0 million will be paid on 16 June 2014 to shareholders registered at the close of business on 26 May SHAREHOLDERS EQUITY Shareholders equity increased to RM2,583.9 million as at 31 December 2013 from RM2,506.1 million as at 31 December The increase in shareholders equity was contributed by total comprehensive income attributable to equity holders of the Company of RM237.8 million; and offset against the payment of final dividend in respect of corresponding financial year of RM160.0 million.
7 5-Year Financial Highlights 6, , , , , , REVENUE (RM MILLION) DIVIDENDS (RM MILLION) 2, , , , , ANNUAL REPORT SHAREHOLDERS EQUITY (RM MILLION) PROFIT BEFORE TAX (RM MILLION) EARNINGS PER SHARE (SEN) NTA PER SHARE (SEN)
8 Passion to Challenge With passion in our hearts and minds, we constantly push boundaries and overcome obstacles which make us resilient every day.
10 Corporate Profile 08 MMHE West Yard Malaysia Marine And Heavy Engineering Holdings BERHAD Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) is a leading offshore and marine services provider in Malaysia, focused primarily on the oil and gas sector. It offers a wide spectrum of offshore construction, offshore conversion and marine repair services at two yards in Pasir Gudang, Malaysia, namely MMHE East and MMHE West. Over the span of 40 years, MHB has grown organically while enhancing its capabilities and service offering through strategic partnerships with global leaders such as Technip SA of France, Samsung Heavy Industries of South Korea and ATB Riva of Italy. Today, the Group has a track record of delivering integrated and complex services, including deepwater oil and gas structures and support services, to local and international oil and gas clients. It is also recognised for its expertise in liquefied natural gas (LNG) carrier repair and drydocking, and as a one-stop centre for offshore conversion. Core Businesses Offshore Construction MHB offers a full range of construction and engineering services for the offshore and onshore oil and gas industry, from detailed engineering design and procurement to construction, installation, hook-up and commissioning (EPCIC). Projects include the construction of deepwater facilities (spar and semi-submersible), integrated platforms, wellhead platforms, topsides and hulls, jackets, living quarters, turrets and mooring buoys, and enhanced oil recovery (EOR) facilities.
11 Corporate Profile Offshore Conversion MHB is a one-stop centre for converting vessels such as very large crude carriers (VLCCs), Aframax tankers, offshore oil rigs and LNG carriers into floating structures i.e: floating production, storage and offloading units (FPSOs), floating storage and offloading units (FSOs), mobile offshore production units (MOPUs), mobile offshore drilling units (MODUs) and floating storage units (FSUs). Its comprehensive offshore conversion services range from engineering design to fabrication, installation and commissioning of these structures. The MMHE s West yard is the only yard in Malaysia that has completed FPSO and FSO conversion projects. Marine Repair MHB has built upon its core capabilities in general vessel repairs to focus on more complex and higher value repair and refurbishment projects such as those for LNG carriers and offshore oil rigs. Its marine repair services include repair, refurbishment and upgrading of a wide range of vessels, including energy-related vessels such as ultra large crude carriers (ULCCs), VLCCs, crude oil tankers, LNG carriers, liquefied petroleum gas (LPG) tankers, offshore support vessels and offshore oil rigs. Other services include the construction of new built structures such as tender barges, and jumboisation works, which are complex engineering operations to increase the size of a vessel. Corporate History MHB was incorporated in Malaysia in 1989 as a private limited company, under the name MSE Holdings Sdn Bhd. In June 2010, when MSE Holdings was converted into a public company, its name was changed to Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). On 29 October 2010, MHB was successfully listed on the Main Market of Bursa Malaysia Securities Berhad, with its Initial Public Offering (IPO) raising of RM2.03 billion. The IPO was the first in Malaysia to be conducted with an international strategic investor, Technip SA of France, a renowned player in project management, engineering and construction in the oil and gas industry. The history of MHB dates back to the incorporation of its wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) in May 1973, under the name of Malaysia Shipyard and Engineering Sdn Bhd (MSE). MSE was established by the Government to advance Malaysia s maritime industrialisation programme. It was subsequently privatised and in 2006, became a wholly-owned subsidiary of MISC Berhad. Being within the MISC Group of companies enabled the two organisations to align their goals and objectives to create greater synergies. One of MHB s proudest achievements to date in 2006 to 2007 was the completion of the FPSO Kikeh and the Kikeh Truss Spar for the Kikeh field, Malaysia s first deepwater project. FPSO Kikeh was the first deepwater FPSO in Malaysia. Another milestone was achieved in 2007 when the MHB Group ventured abroad to operate and manage the Kiyanly yard, the only fabrication yard in Turkmenistan, on behalf of PETRONAS Carigali (Turkmenistan) Sdn Bhd. The most recent achievement was the completion of the Gumusut-Kakap semi-submersible floating production system (FPS). It is the largest of such a facility in the world to have been fully built and integrated on land. The FPS left MMHE West yard in Pasir Gudang, Johor on 13 May MMHE East and MMHE West are the only fabrication yards in Southeast Asia to have constructed deepwater facilities in Malaysia for its international oil and gas clients. In April 2012, through the yard optimisation initiative, MHB expanded its yard size and capacity with the acquisition of new land for the fabrication of offshore oil and gas related structures, to cater to EPCIC works. The acquisition has significantly increased MHB s Pasir Gudang yard capacity from 69,700 MT to 129,700 MT, making MHB the largest fabricator in Malaysia today in terms of yard size and capacity. In conjunction with the acquisition, MMHE s yard in Jalan Pekeliling was renamed MMHE West, while the newly acquired yard is now known as MMHE East. There are approximately 4,000 operations and services support staff working at both yards in Pasir Gudang as well as in the Group Corporate Office in Menara Dayabumi, Kuala Lumpur on any given day. 09 ANNUAL REPORT 2013
12 Corporate Profile FACILITIES IN PASIR GUDANG, JOHOR, MALAYSIA MMHE West Yard The MMHE West yard is the single largest fabrication yard by annual tonnage capacity in Malaysia. It also boasts one of the largest drydocks in Southeast Asia. Key Highlights The only yard in Malaysia that has constructed deepwater structures for the oil and gas industry The only yard in Malaysia that has completed FPSO/FSO conversions, the first being the FPSO Perintis completed in March 1999 Pioneered the construction of Malaysia s first deepwater project namely the FPSO Kikeh Constructed the Gumusut-Kakap semi-submersible floating production system (FPS), Asia s largest offshore operating facility West Yard Capacities Total Area Ability to construct large marine structures with a total tonnage of 69,700 MT per year hectare (372 acres) complex with 1.8 kilometres seafront Fabrication Area 6 fabrication and assembly areas totaling 341,680 m 2 10 Workshops 38 fully equipped service and production workshops covering an area of 106,100 m 2 Skid Tracks Skidding facilities that are able to cater up to 55,000 MT Malaysia Marine And Heavy Engineering Holdings BERHAD Docking Facilities 2 drydocks accommodating vessels up to 450,000 dwt Has one of the world s largest shiplift systems that is able to cater up to 50,000 dwt Others LNG Carrier Repair Facilities 3 Global Test Control Rooms 1 Cryogenic Workshop (750 m 2 ) Invar Welding Training Centre In-house Invar Welders/Fitters Landberths Landberth 1 Length : 345 m Capacity : 142 tonnes/m Landberth 2 Length : 345 m Capacity : 125 tonnes/m
13 Corporate Profile 11 MMHE East Yard MHB started to operate in MMHE East yard in April 2012 following the acquisition of the yard. East Yard MMHE East Yard ANNUAL REPORT 2013 Capacities Total Area Ability to construct large marine structures with a total tonnage of 60,000 MT per year 46.8 hectare (116 acres) complex with 500 metres seafront Fabrication Area 3 fabrication and assembly areas totaling 200,700 m 2 Workshops 9 fully equipped service and production workshops covering an area of 19,590 m 2 Skid Tracks Skidding facilities that are able to cater up to 25,000 MT
14 CORPORATE MILESTONES n Ye r Ye r Ye r Ye r Continuing the Journey MHB s offshore fabrication and marine repair subsidiary, MMHE, is 40 years old. With deep roots in Malaysia, we have grown from a ship repair yard to Southeast Asia s largest offshore construction, conversion and marine repair facility. 12 Malaysia Marine And Heavy Engineering Holdings BERHAD Incorporation of MMHE under the name Malaysia Shipyard & Engineering Sdn Bhd (MSE) Marine repair business commenced upon receiving the first ship for drydocking, the Japan Acacia, a 122,484 dwt bulk carrier owned by Japan Lines Engineering and construction business commenced with the fabrication of the first oil and gas structure, a set of living quarters Former shipbuilding business delivered its first vessel, MV Tanjong Pinang, for the Marine Department of Malaysia Incorporation pursuant to the Companies Act (under the name MSE Holdings Sdn Bhd) We became the sole shareholder of MSEH 1997 A shiplift system was installed at Pasir Gudang yard. The system is able to lift, transfer vessels and structures up to 50,000 dwt to the landberth 1999 Conversion of the first floating, production, storage and offloading (FPSO) was completed when MSE converted MV Hitra to FPSO Perintis Completed the first jumboisation project; the T-6 Robray for Varia Perdana Sdn Bhd 2004 We built and delivered our first tender barge Tioman T-9 for Smedvig Rig AS 2005 MSE changed its name to Malaysia Marine and Heavy Engineering 2006 Completed the construction of the Kikeh Truss Spar for Kikeh deepwater field, Malaysia s first deepwater oil and gas project
15 CORPORATE MILESTONES Operations commenced at the Kiyanly fabrication yard in Turkmenistan We completed the conversion of our first deepwater FPSO facility, the FPSO Kikeh, constructed to provide offshore production and storage capacity for the Kikeh field Business Integration Programme for MHB marked the start of our Transformation Journey MMHE awarded contract by Sabah Shell Petroleum Company to fabricate Malaysia s third deepwater facility namely the TLP Malikai project, which is the first TLP to be fabricated and installed in Malaysia 2008 We completed our first LNG refurbishment project on MISC s LNG carrier, the Tenaga Tiga 2012 MMHE celebrates its 200 th day as an integrated organisation - a smooth merger between MMHE existing employees with the employees of the newly acquired yard 13 ANNUAL REPORT MMHE s holding company, MHB, was successfully listed on the Main Market of Bursa Malaysia Securities Berhad Completed the Gumusut-Kakap semi-submersible FPS, Asia s largest offshore operating facility MMHE and its joint venture partner Technip, are awarded an EPCIC contract by PETRONAS Carigali for the development of two gas fields in Block SK316, offshore Sarawak MHB entered a long term agreements with key subcontractors for the provision of structural fabrication services MHB signed material price agreement for the supply of structure, piping and electrical and instrumentation materials with 19 partners
16 Corporate Information (As at 7 April 2014) BOARD OF DIRECTORS Chairman, Non-Independent Non-Executive Director Datuk Nasarudin Md Idris Independent Non-Executive Directors Dato Halipah binti Esa Heng Heyok Heng Hock Cheng Yong Nyan Yong Guan Choi Choy Khai Choon Non-Independent Non-Executive Directors Bernard Rene Francois di Tullio Yee Yang Chien Captain Rajalingam a/l Subramaniam Managing Director & Chief Executive Officer Non-Independent Executive Director Dominique de Soras 14 Malaysia Marine And Heavy Engineering Holdings BERHAD BOARD AUDIT COMMITTEE Dato Halipah binti Esa (Chairperson) Heng Heyok Heng Hock Cheng Yong Nyan Yong Guan Choi Choy Khai Choon Bernard Rene Francois di Tullio NOMINATION & REMUNERATION COMMITTEE Heng Heyok Heng Hock Cheng (Chairman) Dato Halipah binti Esa Choy Khai Choon Yee Yang Chien Captain Rajalingam a/l Subramaniam BOARD BID COMMITTEE Heng Heyok Heng Hock Cheng (Chairman) Yong Nyan Yong Guan Choi Bernard Rene Francois di Tullio COMPANY SECRETARIES Fadzillah binti Kamaruddin (LS ) Ausmal bin Kardin (LS ) REGISTERED OFFICE Level 31, Menara Dayabumi Jalan Sultan Hishamuddin Kuala Lumpur Malaysia Telephone Facsimile Homepage AUDITORS Ernst & Young Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara Kuala Lumpur Malaysia Telephone Facsimile SHARE REGISTRAR Symphony Share Registrars Sdn Bhd Level 6, Symphony House Block D13, Pusat Dagangan Dana 1 Jalan PJU 1A/ Petaling Jaya Selangor Darul Ehsan Malaysia Telephone Facsimile / FORM OF LEGAL ENTITY Incorporated on 18 February 1989 as a private company limited by shares under the Companies Act 1965, and converted into a public company limited by shares on 14 June STOCK EXCHANGE LISTING Listed on the Main Market of Bursa Malaysia Securities Berhad since 29 October Stock Code 5186 Stock Name MHB PLACE OF INCORPORATION AND DOMICILE Malaysia
17 Group Structure (As at 7 April 2014) MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BERHAD 100% MALAYSIA MARINE AND HEAVY ENGINEERING SDN BHD Provision of oil and gas engineering and construction works and marine conversion and repair services 100% T I TECHNO INDAH SDN BHD Sludge disposal management S B M T S B 100% MALAYSIA MARINE AND HEAVY ENGINEERING (TURKMENISTAN) SDN BHD Dormant 50% TECHNIP MHB HULL ENGINEERING SDN BHD Builds and develops hull engineering and engineering project management capacities 70% MMHE-SHI LNG SDN BHD Provision of repair services and drydocking of liquefied natural gas carriers 60% MMHE-TPGM SDN BHD Provision of engineering, procurement, construction, installation and commissioning services 15 ANNUAL REPORT 2013 Subsidiary 40% MMHE-ATB SDN BHD Manufacturing of pressure vessels and tube heat exchangers Jointly Controlled Entity
18 Board of Directors 16 Malaysia Marine And Heavy Engineering Holdings BERHAD From left to right : DATO HALIPAH BINTI ESA DATUK NASARUDIN MD IDRIS BERNARD RENE FRANCOIS DI TULLIO DOMINIQUE DE SORAS
19 17 ANNUAL REPORT 2013 From left to right : CAPTAIN RAJALINGAM SUBRAMANIAM YEE YANG CHIEN HENG HEYOK HENG HOCK CHENG YONG NYAN YONG GUAN CHOI CHOY KHAI CHOON
20 PROFILE OF Directors DATUK NASARUDIN MD IDRIS Chairman, Non-Independent Non-Executive Director 18 Malaysia Marine And Heavy Engineering Holdings BERHAD Datuk Nasarudin Md Idris, a Malaysian, aged 58, was appointed as the Chairman of the Board of MHB on 15 June He graduated from the University of Malaya with a Bachelor of Arts (Honours) Degree, and holds a Masters Degree in Business Administration from Henley-The Management College (Brunel University), United Kingdom. He had also attended the Stanford Executive Programme at Stanford University, United States of America. Datuk Nasarudin is currently the President and Chief Executive Officer of MISC Berhad, a subsidiary of Petroliam Nasional Berhad (PETRONAS). He joined PETRONAS in 1978, and had held various positions within the PETRONAS Group including as Vice President, Corporate Planning and Development; Group Chief Executive Officer of KLCC Holdings Berhad; Senior General Manager, Corporate Planning and Development Division; Executive Assistant to the President; General Manager, Marketing of PETRONAS Dagangan Berhad; General Manager, Corporate Development; and General Manager, Group Strategic Planning. Datuk Nasarudin is the Chairman of several major subsidiaries within MISC Group including AET Tanker Holdings Sdn Bhd, Malaysian Maritime Academy Sdn Bhd and MISC Integrated Logistics Sdn Bhd. He is also a Management Committee member of PETRONAS and a director of Bintulu Port Holdings Berhad and NCB Holdings Berhad.
21 DATO HALIPAH BINTI ESA Independent Non-Executive Director Dato Halipah Esa, a Malaysian, aged 64, was appointed to the Board of MHB on 1 April She received her Bachelor of Arts (Honours) Degree in Economics and a Master of Economics from the University of Malaya. She also holds Certificates in Economic Management from the IMF Institute, Washington and the Kiel Institute for World Economics, Germany as well as a Certificate in Advanced Management Programme from Adam Smith Institute, London. She started her career with the Administrative and Diplomatic Services in 1973 in the Economic Planning Unit (EPU) of the Prime Minister s Department. During her tenure in EPU, she served in various capacities in the areas of infrastructure, water supply, energy, health, housing, telecommunications, urban services, human resource development, macro economy, international economy, environment, regional development and distribution. She held various senior positions in the EPU and was the Director General before retiring in She had also served in the Ministry of Finance as Deputy Secretary General. 19 ANNUAL REPORT 2013 Currently she serves on the boards of MISC Berhad, KLCC Property Holdings Berhad, NCB Holdings Berhad, Cagamas Berhad, Malaysia Deposit Insurance Corporation and the Securities Industry Dispute Resolution Centre. She was previously the Chairman of Pengurusan Aset Air Berhad and had also served on the boards of Petroliam Nasional Berhad, Employees Provident Fund, Inland Revenue Board, FELDA and UDA Holdings Berhad. She was a consultant to the World Bank and United Nations Development Programme in advising the Royal Kingdom of Saudi Arabia on economic planning, and had also provided technical advice to planning agencies in Vietnam, Cambodia, Indonesia and several African countries. Dato Halipah chairs the Board Audit Committee and is a member of the Nomination & Remuneration Committee of the Board.
22 PROFILE OF Directors HENG HEYOK HENG HOCK CHENG Independent Non-Executive Director 20 Malaysia Marine And Heavy Engineering Holdings BERHAD Mr Heng Hock Cheng, a Malaysian, aged 64, was appointed to the Board of MHB on 15 June He holds a Bachelor of Science (Honours) Degree in Chemical Engineering from the University of Birmingham, United Kingdom in Mr Heng is a director of AET Tankers Holdings Sdn Bhd, AET Shipmanagement (Malaysia) Sdn Bhd and AET Shipmanagement (Singapore) Pte Ltd. He is also an Independent Director of Otto Marine Limited (Singapore). Mr Heng retired from Shell in October 2006 after 34 years of service, spanning Upstream, Downstream and Gas & Power divisions. He had served with various Shell entities in Malaysia, United Kingdom, Holland and China, holding positions including the Technical Director of Sarawak Shell Berhad/Sabah Shell Petroleum Co. Ltd, the Managing Director of Shell Gas & Power Malaysia and the Chairman of Shell China based in Beijing. Mr Heng is the Chairman of the Nomination & Remuneration Committee and the Board Bid Committee. He is also a member of the Board Audit Committee.
23 YONG NYAN YONG GUAN CHOI Independent Non-Executive Director Mr Yong Nyan Choi, a Malaysian, aged 61, was appointed to the Board of MHB on 14 January He was awarded a Master s Degree in Business Administration in 1995 and a Bachelor of Science Degree in Civil Engineering in 1976, both from the University of Strathclyde, Glasgow, United Kingdom. He obtained his Diploma in Civil Engineering from Technical College, Kuala Lumpur in He began his career in 1972 as Engineering Assistant at Public Works Department Sarawak, Executive Engineer, Konsortium Malaysia, Kuching and joined Shell in 1978 where he held various positions in Malaysia and abroad before being appointed as the General Manager of Shell China Sourcing in China until his retirement in Currently, he manages his own management consultancy business. 21 ANNUAL REPORT 2013 Mr Yong is a member of the Board Audit Committee and the Board Bid Committee.
24 PROFILE OF Directors CHOY KHAI CHOON Independent Non-Executive Director 22 Malaysia Marine And Heavy Engineering Holdings BERHAD Mr Choy Khai Choon, a Malaysian, aged 56, was appointed to the Board of MHB on 5 February He graduated from the University of New South Wales, Australia with a Bachelor of Commerce and holds a Master in Business Administration from Oklahoma City University, United States of America. He has attended the General Management Programme at INSEAD, France over a period of 2 years from 2001 to He is a fellow of the Australian CPA and a member of the Malaysian Institute of Accountants. Mr Choy has extensive experience in the financial sector and had served as the President/ Chief Executive Officer of Cagamas Berhad for 6 years before retiring in March Prior to that, he was the Senior General Manager, Group Head, Business Reengineering with RHB Banking Group and had held various senior positions with Aviva Insurance Group and Credit Corporation Malaysia Berhad. Mr Choy is currently a director of Deutsche Bank (Malaysia) Berhad, RAM Rating Services Berhad and Zurich Malaysia Insurance Berhad. He is a member of the Board Audit Committee and the Nomination & Remuneration Committee.
25 BERNARD RENE FRANCOIS DI TULLIO Non-Independent Non-Executive Director Mr Bernard di Tullio, a French, aged 64, was appointed to the Board of MHB on 22 November He graduated with a Masters Degree from the Ecole Spècial de Mècanique d Èletricitè (ESME) Paris as a Graduate Engineer in Mechanical/Electrical in 1974 and DESS (post-graduate degree) in Management from the Institut d Administration des Enterprise Paris in Mr di Tullio was appointed as Advisor to the Chairman and Chief Executive Officer of Technip in November He has been with Technip Group for 37 years, having served 24 years in Technip Geoproduction (M) Sdn Bhd (TPGM). Prior to his current position, he was the President & Chief Operating Officer of Technip ( ); President & Chief Executive Officer, Asia Pacific, Technip Group ( ); President & Chief Operating Officer of TPGM and the Managing Director, Technip Far East Sdn Bhd ( ). 23 ANNUAL REPORT 2013 Mr di Tullio is a member of the Board Audit Committee and the Board Bid Committee.
26 PROFILE OF Directors CAPTAIN RAJALINGAM SUBRAMANIAM Non-Independent Non-Executive Director 24 Malaysia Marine And Heavy Engineering Holdings BERHAD Captain Rajalingam Subramaniam, a Malaysian, aged 48, was appointed to the Board of MHB on 15 June He holds a Master s Degree in Business Administration from Universiti Utara Malaysia and a Master Certificate of Competency Foreign Going from Akademi Laut Malaysia (ALAM), a wholly-owned subsidiary of MISC Berhad. Captain Rajalingam gained admission into ALAM as a cadet officer in 1983 and subsequently sailed on MISC vessels as a Sea Going Officer. Between 1996 and 2008, he was assigned various responsibilities in MISC Berhad and AET Shipmanagement (Singapore) Pte Ltd. He was then appointed as Vice President of Fleet Management Services in In November 2009, he was appointed as Honorary Commander of the Royal Malaysian Navy, in recognition of MISC s support to the Naval Reservist Programme and his role as Patron of MISC s Naval Reservist. Captain Rajalingam was elected as the Vice Chairman of the International Tanker Owners Association (INTERTANKO) in 2012 and was appointed as a Director of The London P&I Club in He also sits as board member of Malaysia Marine and Heavy Engineering Sdn Bhd, a wholly-owned subsidiary of the Company, as well as several subsidiaries and joint venture companies within the MISC Berhad Group. Captain Rajalingam is a member of the Nomination & Remuneration Committee of the Board.
27 YEE YANG CHIEN Non-Independent Non-Executive Director Mr Yee Yang Chien, a Malaysian, aged 46, was appointed to the Board of MHB on 1 April He holds a Degree in Financial Accounting/Management and Economics from the University of Sheffield, United Kingdom. Mr Yee was appointed as the Chief Operating Officer of MISC Berhad on 1 July 2013 and prior to his current position, he was the Vice President, Corporate Planning and Development of MISC Berhad. He was an auditor prior to being involved in the equity research and investment banking arena with various local and international financial institutions such as HLG Capital Berhad and Merrill Lynch (Malaysia) over a span of 10 years. He had since focused mainly on corporate planning work with emphasis on strategic planning, mergers and acquisitions and risk management. He had also served MISC Berhad for 2 years since 2003 in which he was involved in the acquisition of the current MISC Berhad s subsidiary, AET Group (AET). He had also served as Group Vice President of Corporate Planning, AET from June 2005 prior to rejoining MISC Berhad. 25 ANNUAL REPORT 2013 Mr Yee also sits on the board of Malaysia Marine and Heavy Engineering Sdn Bhd, a wholly-owned subsidiary of the Company, as well as several subsidiaries and joint venture companies within the MISC Berhad Group. Mr Yee is a member of the Nomination & Remuneration Committee of the Board.
contents Vision, Mission and Shared Values 2 Group Financial Review 4 5-year Financial Highlights 5 CORPORATE INFORMATION Corporate Profile 8 Corporate Information 12 Group Structure 13 Board of Directors
Malaysia Marine and Heavy Engineering Holdings Berhad (178821-X) Level 31, Menara Dayabumi, Jalan Sultan Hishamuddin 50050 Kuala Lumpur, Malaysia T +603 2273 0266 F +603 2273 8916 www.mhb.com.my The Journey
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