FARSTAD SHIPPING ASA BUSINESS REVIEW 2014

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1 FARSTAD SHIPPING ASA BUSINESS REVIEW 2014

2 FARSTAD SHIPPING ASA FARSTAD SHIPPING ASA Farstad Shipping s reporting for 2014 consists of two publications; Business Review and Annual Report. The Annual Report is available in Norwegian. This is the Business Review. BUSINESS REVIEW 2014 ANNUAL REPORT 2014

3 CONTENT 1 THIS IS FARSTAD SHIPPING 4 A Word from the CEO 6 Key Figures 8 Global Summary 4 THE FARSTAD FLEET 52 Green vessels painted red 54 The Farstad Fleet 56 Uncompromising Vessels for Deep Waters 12 Important Events 14 Values 15 Vision & Business Concept 16 Board of Directors 18 Corporate Management 20 The Story 22 Company Structure 5 THE MARKET FOR OFFSHORE SUPPLY VESSELS 60 A leading player 62 The Market in General 66 The Asian Pacific Market 68 The Brazilian Market 70 The North-West European Market 2 PEOPLE, ENVIRONMENT & SOCIETY 26 Safety does not happen by accident 28 Our Employees 34 Environment 6 FINANCIAL INFORMATION 74 Analytical Information 78 Financial Covenants 80 Key Figures 37 Safety 7 FLEET OVERVIEW 3 CORPORATE RESPONSIBILITY 42 Social Responsibility brings hopes and jobs 44 Governing Documents 84 AHTS Fleet Contract Overview 88 PSV Fleet Contract Overview 91 SUBSEA Fleet Contract Overview 46 Policies 47 Processes and Procedures 92 Glossary 48 Corporate Social Resonsibility FINANCIAL CALENDAR 2015 (Subject to change) 12 May First Quarter Report 12 May Annual General Meeting 27 May Dividends to Shareholders 20 Aug. Second Quarter Report 10 Nov. Third Quarter Report 3

4 A WORD FROM THE CEO The market for Farstad Shipping's services has changed considerably throughout The figures presented in the annual report provide a clear picture of a challenging market in a period of declining activity and corresponding decrease in earnings. The reports submitted for 2014 can in general, be sorted into three categories; HSEQ results, financial figures and organisational development. During the year we have succeeded in improving our HSEQ results. The total injury rate is reduced, and we register that our employees are committed to the effort of further improving the safety and quality of our operations. This is both pleasing and necessary if we are to reach our goal of an injury-free working environment. The profit for 2014 is not satisfactory. As our quarterly reports show, the market is developing in a way in which we have to expect lower activity and a considerable pressure on the rates for a long time ahead. This challenges our ability to maintain a sustainable development of the company. In Brazil we are achieving relatively good profit, due to solid operations and good handling of the challenges in this market. In North-West Europe the profit is negatively influenced by a weak market and poor rates, reinforced by a considerable spot exposure. Also in the Asian Pacific region (APAC) we notice the consequence of increasing competition and a strong cost pressure from the oil companies. We are well equipped with a robust and competent organisation offshore as well as onshore. During 2014 we have strengthened the Executive Management Team in order to achieve more rational and efficient operations, as well as improving our competitiveness in a challenging market. The Executive Management Team is extended by two new positions responsible for operations and human resources. During 2014 we have sold one older vessel, Far Grimshader (PSV, UT 706L, 1983) as well as taken delivery of four vessels, of which two were AHTS: Far Sigma and Far Sirius, and two PSV: Far Sun and Far Sygna. By the end of the year the fleet consisted of 62 sailing vessels and three subsea vessels under construction. Two of these are to be delivered during the first half of 2015, and one towards the end of The activity within the marine offshore segment, of which Farstad Shipping is a significant participant, has seen a strong growth over the past 5 10 years. The number of vessels active in this market has more than doubled during this period, increasing the completion in the market in a global perspective. Our activity takes place mainly in North-West Europe, Brazil and APAC, and is directly affected by the increasing competition. The oil companies' focus on cost savings was already announced at the beginning of 2014, and after the sharp drop in oil prices in the autumn of 2014, they adopted more drastic cost cuts and reductions in activity. In Brazil we are experiencing a deterioration of the market due to the difficulties that Petrobras, the main player in this market, is facing. This has resulted in a reduction of contracted offshore vessels in Brazil. In addition to purely financial factors the market is also negatively affected by international political issues, causing reduced activity for the offshore fleet, especially in the Northern Areas. With these factors, as well as the increasing surplus of tonnage, we are facing a period characterized by a weak market. In order to improve efficiency and reduce costs of our operations in the North-West Europe region, the management of this region has been reorganised. As a result it was decided to cease operations from the office in Aberdeen and to transfer ownership and operations from our company in Scotland to the office in Aalesund. As a consequence of the market conditions in the North Sea by the year end, we also decided to temporary lay up three newer AHTS and one older PSV. The Company has also initiated other efficiency and cost saving activities. However, as Farstad Shipping has a competent and robust organisation, an efficient and modern fleet as well as good relations with our clients, we are well dressed for a challenging market. Therefore, during a time with a weak market and increasing competition we will be offering more competitive services to our clients in accordance with their needs. KARL-JOHAN BAKKEN - CeO 4

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6 KEY FIGURES FARSTAD SHIPPING 2014 SORTED BY TYPE OF VESSELS AHTS 58% OPERATING INCOME 4,369 NOK MILL. PSV 36 % SUBSEA 6 % 19,395 6,625 TOTAL ASSETS NOK MILL. TOTAL EQUITY NOK MILL. FIRST QUARTER (NOK mill.) SECOND QUARTER (NOK mill.) Operating income* Operating income* EBIT EBIT Profit after tax Profit after tax *incl. gain on sale 6

7 SORTED BY REGION ASIA PACIFIC 44 % OPERATING INCOME 4,369 NOK MILL. BRAZIL 32 % OTHER 3% NORTH-WEST EUROPE 21% LOST TIME INJURY FREQUENCY (LTIF) TOTAL RECORDABLE CASE FREQUENCY (TRCF) Lost Time Injury Frequency per Total Recordable Case Frequency per one million hours worked one million hours worked THIRD QUARTER (NOK mill.) FOURTH QUARTER (NOK mill.) Operating income* Operating income* EBIT EBIT Profit after tax Profit after tax *incl. gain on sale 7

8 FARSTAD SHIPPING GLOBAL SUMMARY NUMBER OF VESSELS SORTED BY REGION 31 AHTS 26 PSV 4 SUBSEA + 3 NEWBUILDS 2,200 EMPLOYEES IN TOTAL GENDER DISTRIBUTION 76 OFFSHORE ONSHORE 134 OPERATING INCOME 4,369 NOK MILL. Other regions: 3% of operating income (147 of 4,369 NOK Mill.) 8 8

9 ASIA PACIFIC SUMMARY SINGAPORE PERTH MELBOURNE 16 AHTS 11 PSV 1 SUBSEA NEWBUILD 878 EMPLOYEES OF TOTAL 2,200 GENDER DISTRIBUTION 9 OFFSHORE ONSHORE OF OPERATING INCOME (1,902 OF 4,369 NOK MILL.)

10 BRAZIL SUMMARY MACAÉ RIO DE JANEIRO 10 AHTS 3 PSV 4 SUBSEA 560 EMPLOYEES OF TOTAL 2,200 GENDER DISTRIBUTION 27 OFFSHORE ONSHORE OF OPERATING INCOME (1,408 OF 4,369 NOK MILL.)

11 NORTH-WEST EUROPE SUMMARY AALESUND 5 AHTS 11 PSV 2 SUBSEA NEWBUILDS 762 EMPLOYEES OF TOTAL 2,200 GENDER DISTRIBUTION 40 OFFSHORE ONSHORE OF OPERATING INCOME (1,042 OF 4,369 NOK MILL.) 11

12 IMPORTANT EVENTS FARSTAD SHIPPING 2014 FIRST QUARTER 1,405 NOK MILL New contracts in East-Africa, Brazil, Australia and North-West Europe worth NOK 1,405 million were announced. SECOND QUARTER NEWBUILD APRIL: AHTS Far Sirius was delivered to Farstad Supply AS from Vard Langsten, Norway. The vessel traded the spot market in the North Sea before departing for a long term charter in Austalia in August. SALE PSV Far Grimshader was sold. 525 NOK MILL New contracts in North-West Europe, Brazil and Australia worth NOK 525 million were announced. NEWBUILD FEBRUARY: AHTS Far Sigma was delivered to Farstad Supply AS from Vard Langsten, Norway. The vessel has been trading the spot market in the North Sea during ANNUAL GENERAL MEETING The Annual General Meeting was held on 14 May, and the Board's proposal for a dividend of NOK 3.00 was approved. NEW HEAD OFFICE The construction of our new head office in Aalesund has started, and the relocation is scheduled to take place during the first quarter of

13 THIRD QUARTER NEWBUILDS JULY: PSV Far Sun was delivered to Farstad Supply AS from Vard Langsten, Norway. Far Sun directly commenced a long-term charter contract for Statoil after delivery. The firm period is 6 years, and the contract contains 3 x 1 year options. FOURTH QUARTER 530 NOK MILL New contracts in Australia and Brazil worth NOK 530 million were announced. AUGUST: PSV Far Sygna was delivered to Farstad Supply AS from Vard Vung Tau, Vietnam. After arrival in the North Sea, the vessel commenced her long-term commitment to Statoil for a firm period of 6 years with an additional 3 x 1 year options. 2,125 NOK MILL New contracts in Australia, North-West Europe and Brazil worth NOK 2,125 million were announced. RESCUING FISHERMEN Our vessel Far Sirius managed to rescue the entire crew of seven people from a small fishing boat sinking in the Java Sea. Using the mob boat, the fishermen were rescued after floating on the shipwreck for hours. Outside Rio de Janeiro, Far Swift rescued two fishermen floating on some fishing gear as their vessel was sinking. At approximately the same time, Far Sagaris was involved in a rescue operation offshore Brazil. Both the fishermen and their boat were rescued. FRAMEWORK AGREEMENT Farstad Shipping ASA has been awarded a 5 year framework agreement by Technip Norge AS for delivery of ROV support operations, light construction work, IMR and other subsea related activities. Farstad Shipping ASA has entered into an agreement with Vard Holding Ltd. to build one subsea/imr vessel (Inspection, Maintenance and Repair) for delivery during 4th quarter FARSTAD MARINE AS As a consequence of the decision to cease operations from the Aberdeen office, the shipowning company Farstad Marine AS was established. Farstad Marine AS bought 9 out of 10 vessels from Farstad Shipping Ltd. in Aberdeen. One vessel was transferred to Farstad Construction AS. 13

14 VALUES Our Values express the attitudes and the culture Farstad Shipping s employees stand for. The Values give clear guidelines for the priorities which form the basis for the further development of the Company. As a leading supply shipping company we depend on having dedicated, knowledgeable and competent people to run our business safely and efficiently. A modern and competitive fleet is also a prerequisite for this. Safety conscious Our general attitudes, our vigilance and our focus on safety secure the safe execution of operations, free of injury or damage. Know-how, proficiency, positive attitudes and well worked-out routines ensure that the job is properly carried out for our clients and with regard to the environment. Farstad Shipping is, and will continue to be, a long-term and responsible employer and operator. Inclusive We are initiators and a driving force behind the development of our industry through cooperation with customers, suppliers and educational establishments. We nurture a sense of belonging and strength by making the most of every employee s potential through development and education, by the sharing of know ledge and expertise and by taking into account individual needs. Value productive We generate values for our owners, collaborating partners, society and surroundings. We are an openminded and ambitious driving force towards constructive changes. By systematically focusing on individual welfare, personal development and safety through orderly conditions, a value-added environment is provided for our employees. Visible and transparent Our Values imply a unified and consistent management style and a market adjustable, transparent and interactive organisation. We stand by our decisions and endeavour to be clear and recognisable. We care about our neighbourhoods and wish to extend positive support to our local communities. We aim to spread and live up to our Values in our every day work. Reliable We are reliable, true and vigorously efficient and loyal regarding decisions that have been made. Our attitudes are characterised by integrity; we step up and take charge and also carry out whatever is necessary to fulfill given promises. 14

15 VISION & BUSINESS CONCEPT Farstad Shipping is one of the leading supply shipping companies within our defined segment of large and more advanced offshore supply vessels. We are a value driven company with focus on safety, quality and efficiency in our services. CORPORATE VISION Better by Far We intend to develop the Company further by abiding our Values in order to maintain a leading, competitive position in the markets where we are present. Business concept We shall be a leading provider of specialized offshore tonnage to the international oil and gas industry. MOTIVATION & OBJECTIVES 0INJURIES TO PEOPLE 0HARM TO THE ENVIRONMENT 0LOSS OR DAMAGE TO EQUIPMENT OBJECTIVES Our overall goal is to have zero injuries to people, zero harm to the environment and zero loss or damage to equipment. The Company s growth shall be based on good profitability and financial strength. Our goal is to provide our shareholders with a competitive return. FOCUS We focus on large, advanced vessels in the anchor handling, supply and subsea segments. We focus on health, safety, environment and quality. This provides the foundation for all our activities and is vital with regard to competitiveness. We focus on stimulating and further developing the competence, knowledge and awareness of our employees. LONG-TERM PERSPECTIVE We are an industrial operator with a long-term perspective on our activities. Our services shall contribute to a sustainable development for our customers and their businesses, as well as form a basis for a long-term value creation which benefits shareholders, employees and society in general. We have a long-term chartering strategy. 15

16 BOARD OF DIRECTORS Farstad Shipping s Board of Directors consists of seven members comprising three women and four men. The Board s statutory responsibilities include the overall management and control of the Company. None of the board members have leading positions in the Company. SVERRE A. FARSTAD (b. 1952) CHAIRMAN ASTRID KOPPERNÆS (b. 1957) DIRECTOR PER NORVALD SPERRE (b. 1946) DEPUTY CHAIRMAN Board member since Business Degree Heriot-Watt University, Edinburgh, Scotland. Chairman of the Board of Tyrholm & Farstad AS. Various board appointments and other positions in banking, insurance and the Norwegian Shipowners Association. Board member since Petroleum Engineering Degree (Siv. Ing) from NTH, M.Sc. from Stanford University and executive MBA from Heriot-Watt University, Scotland. Varied background as a petroleum engineer and manager within the oil industry in Norway and UK since Consultant for operators and service companies in Aberdeen, Scotland. Board member in Koppernæs AS and Advantec AS. Board member since Admitted to the Supreme Court. Law Degree from Oslo, Experience from banking etc. Established own law firm in Partner in the law firm Schjødt DA since November Holds a number of board appointments in industry and shipping. 16

17 JANNE-GRETHE STRAND AASNÆS (b. 1963) MADS ANDERSEN (b. 1965) DIRECTOR GRO BAKSTAD (b. 1966) DIRECTOR LEIF-ARNE LANGØY (b. 1956) DIRECTOR DIRECTOR Board member since MBA Board member since M. Board member since Board member since University of San Francisco, Sc. from Glasgow University and Business Degree, NHH, Bergen Business Degree, NHH, Bergen and Authorised Financial Analyst. associate degree in Bus. Adm. and State Authorized Accountant. and former CEO of Aker. He Varied background as a financial from the Norwegian School of Varied background from account- currently holds a number of analyst and portfolio manager Management. Has 26 years of ing, consulting, finance and directorships, including as in the investment management experience from the oil and gas offshore industry. Been part of the Chairman in DNV GL AS, business. Managing Director industry, and was previously corporate management in Posten Kværner and Sparebanken of Strand Havfiske AS since Executive Vice President in Aker Norge since 2006, first as CFO, Møre Board Member in FHF Solutions ASA. Andersen is currently as Executive Vice (Fiskeri-og Havbruksnæringens currently Division President in President Division Mail. Board Forskningsfond) since OneSubsea, a leading supplier of member in Veidekke ASA. subsea process- and production equipment, owned by Cameron and Schlumberger. 17

18 CORPORATE MANAGEMENT The Corporate Management Team consists of industry leaders who each has more than 20 years experience in the shipping business, and include the roles of CEO, CFO, COO and CHRO. The Executitive Vice Presidents responible for the Company's regional operations together with the Corporate Management Team comprise the Executive Management of Farstad Shipping. KARL-JOHAN BAKKEN (b. 1958) CHIEF EXECUTIVE OFFICER - CEO Karl-Johan Bakken entered the position as CEO 1 January He was earlier Director for Market and Operations, a position he entered in July He joined Farstad Shipping with 15 years international experience from the ship design and ship building industry, latest as Vice President of Ulstein Ship Technology and Director of Ulstein Trading Ltd. AS. He holds a M.Sc. in Naval Architecture from the Norwegian University of Technology in Trondheim (1984). 18

19 TORSTEIN L. STAVSENG (b. 1953) CHIEF FINANCIAL OFFICER - CFO SVEIN HELGE GULDTEIG (b. 1960) CHIEF OPERATING OFFICER - COO TERJE LØVOLL (b. 1968) CHIEF HR OFFICER - CHRO Torstein L. Stavseng has held the position and been part of the Management team since He came to Farstad Shipping in 1988, and has a Master s degree from Norwegian School of Economics and Business Administration (NHH) in Bergen. Before he joined Farstad Shipping he had six years experience within the banking industry. Svein Helge Guldteig started as COO in January He has more than 20 years of experience from managerial positions in various shipping companies like Wilh. Wilhelmsen, Torvald Klaveness and Norwegian Car Carriers as most recent. He holds a M.Sc degree in Marine Machinery from Norges Tekniske Hogskole, NTH (1993) and an MBA from BI/ESCP in Paris (2005). He has 6 years of sea going experience with a degree from Trondheim Maritime Academy (1987, Engineer Officer Class I). Terje Løvoll was appointed in January 2015, and he brings with him 25 years of experience in the maritime industry. His last positions were Managing Director at GMC Yard AS and Director Business Development at V. Group Ltd. He holds an MBA in Organizational Development and Change Management from Harvard University and the University of Bergen. WAYNE AITKEN (b. 1964) EXECUTIVE VICE PRESIDENT APAC - EVP-APAC Wayne Aitken entered the position of EVP-APAC 1 October He was earlier Managing Director Farstad Shipping (Indian Pacific), a position he entered August He has worked in the maritime industry for more than 20 years, in a series of executive roles. Prior to joining Farstad Shipping he held the role as Executive General Manager Trading - Rio Tinto Marine. He holds qualifications in Economics and Masters of International business. FELIPE RODRIGUES ALBES MEIRA (b. 1969) EXECUTIVE VICE PRESIDENT AMERICAS - EVP-A Felipe Meira entered the position as EVP-A 1 October He was earlier Managing Director for Brazil Region, a position he entered in February He has been involved with Farstad Shipping Operations in Brazil since 1994, and has been working directly in the company since 1999, when Farstad opened its own office in Brazil. He holds a Bachelor diploma in Economics and also a Post-Graduation in Business Administration from FGV, one of the best educational institutions in Brazil. 19

20 THE STORY FARSTAD SHIPPING Sverre Farstad & Co. was established in 1956 as a traditional shipping company, and it contracted its first vessel, M/S Farland, an ore vessel for delivery in THE NORTH SEA In 1986 we bought the major part of Wilhelmsen's offshore fleet, a total of eight vessels. In 1989 Farstad Shipping signed an agreement to purchase the fleet of Seaforth Maritime in Aberdeen, consisting of eight vessels. After these two acquisitions, Farstad Shipping was the largest offshore shipping company in the North Sea with 26 vessels. PUBLIC LISTED 1988 Farstad Shipping was publicly listed in 1988 under the ticker code FAR. The publicly listed company Herness Shipping was acquired and established as a shipping supply company on the Oslo Stock Exchange. The name was changed to Far Shipping. SHAREPRICE DEVELOPMENT FAR NOK 200 TRANSITION TO OFFSHORE In the early 1970s the company sold out of the traditional shipping segment and was left with funds which made it possible to invest in offshore service vessels for the new and growing market in the North Sea. In 1973 the company contracted its first supply vessel, an anchor handling vessel of the type UT ABERDEEN As a consequence of the expansion in the British sector, Farstad Shipping established a separate company in 1989 in Aberdeen. Farstad Shipping Ltd. was established as an operations and marketing company for the company's vessels on the British shelf. In 2002 Farstad Shipping Ltd. became a ship owning company adapted to the new British Tonnage Tax scheme. In 2014 it was decided to cease operations from the office due to a restructuring of the activity in Nort-West Europe. FAR 0 20

21 FULLY INTEGRATED SHIPPING COMPANY The company became a fully integrated shipping company in 1993 by gathering all functions; ship-owner, operations and marketing in the same group under the name Farstad Shipping ASA. IOS BOS AUSTRALIA 1997 P/R International Offshore Services ANS (IOS) was established in 1997 as a joint venture between Farstad Shipping and P&O Australia. This establishment gave Farstad Shipping access to Australian and South-East Asian waters. In 2003 Farstad Shipping aquired P&O's share in the IOS fleet, and at the same time the P&O operating companies in Melbourne and Perth were also acquired BRAZIL OFFSHORE SERVICES In order to develop the focus on supply vessels in Brazil, Brazil Offshore Services (BOS) was established in Macaé, Brazil in 1999, together with the Brazilian company Petroserv S.A. The company was responsible for operations, local staffing and marketing of the Farstad fleet in Brazil. During the period 2005 to 2007, the company took delivery of three AHTS built at Brazilian shipyards. In 2011 the company was acquired 100% and its name changed to Farstad Shipping S.A. The Farstad Shipping S.A. office in Rio de Janeiro opened in SINGAPORE Farstad Shipping Pte. Ltd. in Singapore was established as a ship owning company in OFFSHORE SIMULATION CENTRE The centre in Perth, Australia opened in December 2011 and is important to Farstad Shipping's focus on developing and training our sailors. A GREEN VESSEL PAINTED RED In 2009 Far Samson received the Heyerdahl Environmental Award, and was also awarded «Support Vessel of the Year». In 2012 Far Solitaire was awarded «Support Vessel of the Year». This vessel was also an important reason why the company received the award «Innovator of the Year» in the same year. INVESTING INTO SUBSEA From being one of the leading offshore supply vessel companies in the world, Farstad Shipping decided to further invest into the Subsea vessel market. This strategy is made visible through the company s latest newbuilding programme. Three subsea vessels will be delivered in 2015 and

22 COMPANY STRUCTURE FARSTAD SHIPPING ASA Aalesund, Norway 84 employees / 0 vessels 100% FARSTAD SHIPPING INDIAN PACIFIC PTY. LTD. Melbourne, Perth, Australia 786 employees / 0 vessels FARSTAD SHIPPING PTE. LTD. Singapore 13 employees / 8 vessels FARSTAD SHIPPING S.A. Macaé - Rio, Brazil 560 employees / 3 vessels FARSTAD SHIPPING LTD. Aberdeen, UK 4 employees / 0 vessels 100% 100% FARSTAD SHIPPING OFFSHORE SIMULATION CENTRE PTY. LTD. Perth, Australia FARSTAD SHIPPING CREWING SERVICES PTE. LTD. Singapore 9 employees / 0 vessels 262 employees / 0 vessels CORPORATE STRUCTURE The Company s head office is located in Aalesund and the major part of the Groups Fleet is owned by Norwegian entities. In addition to Norway, the Group has ship owning companies in Singapore and Brazil. The Company is operating vessels out of offices in Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro. Also part of the Group is our Singapore based crewing service company and an offshore simulation centre in Perth, Australia. ASIA PACIFIC The subsidiary in Australia, with offices in Melbourne and Perth, has operational, commercial and crewing responsibility in this region. The company in Singapore owns 8 vessels and operates other Farstad vessels located in the region. It also has an important function during docking of our vessels in Singapore. As an integral part of the Group, the Simulator Centre in Perth plays a key role in building staff competencies and total team performance and is continuously developing its service offerings to enhance this support. 22

23 FARSTAD SHIPPING AALESUND AS Aalesund, Norway FARSTAD OFFSHORE AS Aalesund, Norway FARSTAD CONSTRUCTION AS Aalesund, Norway FARSTAD MARINE AS Aalesund, Norway FARSTAD SUPPLY AS Aalesund, Norway 482 employees / 0 vessels 0 employees / 0 vessels 0 employees / 2 vessels 0 employees / 9 vessels 0 employees / 36 vessels 3 newbuilds 50% 100% P/R INTERNATIONAL OFFSHORE SERVICES ANS Aalesund, Norway 0 employees / 3 vessels FARSTAD INTERNATIONAL AS Aalesund, Norway 0 employees / 0 vessels 50% BRAZIL The subsidiary in Brazil has the "Brazilian Shipping Licence" and is authorized to charter vessels with foreign flags for operation in Brazilian waters. The company owns 3 vessels and has also total or partial operational responsibility for other Farstad vessels operating in Brazilian waters. The Brazilian sailors on board our vessels are all employed by the Brazilian subsidiary. The company has also employed sailors of other nationalities residing in Brazil. NORTH-WEST EUROPE AND AFRICA The management of vessels operating in North-West Europe and Africa are carried out from the head office in Aalesund. Manning of the vessels operated from Norway is administered through Farstad Shipping Aalesund AS. The head office is responsible for the vessels under construction. The former activities carried out from our Aberdeen office were terminated by the end of 2014 as a consequence of the reorganization of the activities in this region. 23

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25 02 BUSINESS REVIEW 2014 PEOPLE, ENVIRONMENT AND SAFETY

26 Safety does not happen by accident Farstad Shipping has a work environment where safety and security is the cornerstone of our corporate culture. The goal is zero injuries to people, zero harm to environment and zero loss or damage to equipment. Having employees who take the initiative to operate safer is a major contributory factor. Safe workplaces. Our aim is for all Farstad Shipping employees to come home safely to their families after work. During offshore operations, anyone, anytime, can stop the operation if a risk situation arises, or they must ensure that safety and security is safeguarded. Both our customers and our company have strict safety and security procedures, which must be adhered to. Safety, security and development of employees is the basis for all our operations. Karl-Johan Bakken, CEO, Farstad Shipping Both our customers and our company have strict safety and security procedures, which must be adhered to, says Chief Officer Yngve Andresen. Making hose handling safer. Hose transfer to rigs is used for products such as diesel, fresh water, dry bulk, and many types of drilling fluids. All have different coloured connections, reducing the likelihood to connect a hose for cement to a diesel coupling, says Chief Officer, Yngve Andresen. He was not surprised when crew members initialized a new, and far safer, hose handling system. Hoses are usually handled manually and not without risks. The new system has retaining arms installed on both sides of the vessel, which can be run out to clasp, and safely take on board rig hoses. The rig s crane operator leads the hoses onto the deck, where deck crew can safely make the connection while the arms retain the hoses keeping them secure. Simple and ingenious, continues Andresen. Now the hoses are secured and cannot cause damage by lifting out or sliding away in the wrong direction. The new hose system is the result of good cooperation between Farstad Shipping, Rolls-Royce Marine and Statoil. Hose handling operations have undoubtedly become much safer. Demanding operations simulator training. In the early 2000's Farstad Shipping, in collaboration with Rolls- Royce Marine, Marintek and Aalesund University College, took the initiative to develop a simulator centre for training in offshore operations. The centre opened in Aalesund in The experiences were extremely positive, so Farstad Shipping built another simulator centre in Perth, Australia. Completed in 2011, it was the largest and most advanced offshore simulation centre for marine operations. Investing in two advanced simulator centres reflects the company's commitment to competence building and training. This unique training programme is part of the effort towards the development and empowerment of employees. Security and development of employees is the basis for all our operations. The purpose of the centres is to provide facilities for training personnel and the development and testing of marine operations under critical and extreme conditions, says Karl-Johan Bakken, CEO, Farstad Shipping. 26

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