Seatrium Limited · SGX:5E2
Seatrium — Investor Day (March 2024)
69 slides from Seatrium's investor day presentation, Mar 15, 2024
Slide 1: Investor Day 2024: Towards Profitable and Resilient Growth
INVESTOR DAY 2024 Towards Profitable and Resilient Growth 15 March 2024
Slide 2: Disclaimer
DISCLAIMER The material in this Presentation has been prepared by Seatrium Limited and contains general background information about the Company’s activities as at the date of this Presentation. No representation, warranty, or undertaking, express or implied, is made as to, and no reliance should be
Slide 3: Seatrium Today
SEATRIUM TODAY Led by a New Board and S$16.2b1 Experienced Management Net orderbook under execution A strong heritage: ~39% of net orderbook > 1,300 projects delivered in renewables & green solutions > 23,000 Included in STI, MSCI indices employees & FTSE4Good Index Horizontally integrated across St
Slide 4: Agenda
AGENDA SEATRIUM STRATEGY Building a profitable and resilient business Chris Ong, CEO FINANCIAL AND CAPITAL MANAGEMENT Enabling our transformation with a stronger balance sheet Adrian Teng, CFO OIL & GAS OFFSHORE WIND Leveraging established track record to ride upcycle Well-positioned for opportuniti
Slide 5: Seatrium Strategy
SEATRIUM STRATEGY CHRIS ONG Chief Executive Officer
Slide 6: February 2023: A Transformative Combination
28 FEBRUARY 2023: A TRANSFORMATIVE COMBINATION Immediate priority was to bring together two organisations with different people, cultures, systems and operating models to form a leading global offshore and marine player 5
Slide 7: In Our First Year, We Have...
IN OUR FIRST YEAR, WE HAVE … INTEGRATED AS STRENGTHENED DEFINED OUR ONE SEATRIUM OUR BALANCE SHEET FUTURE PATH ✓ Built leadership team ✓ De-risked balance sheet ✓ Formulated new strategy ✓ Launched new brand ✓ Improved liquidity ✓ Streamlined yard assets ✓ Integrated processes and ✓ Started to reali
Slide 8: Our Vision
OUR VISION TO BE A LEADING GLOBAL PROVIDER TO BECOME A OF SOLUTIONS TO THE OFFSHORE, PROFITABLE AND MARINE & ENERGY INDUSTRIES RESILIENT BUSINESS 7
Slide 9: Energy Trilemma Presents S$0.5 Trillion Opportunity
ENERGY TRILEMMA PRESENTS SECURITY S$0.5 TRILLION1 OPPORTUNITY FOR SEATRIUM IN THE NEXT 5 YEARS AFFORDABILITY SUSTAINABILITY 8 Note: 1. Represents market size addressable by Seatrium, based on internal estimates and 3 rd party research
Slide 10: Our Strategy
OUR STRATEGY Riding industry tailwinds and long-term energy megatrends to build a more resilient and diversified portfolio Oil & Gas Offshore Wind Repairs & Upgrades CCS & New Energies Reinforce our leadership Accelerate transition and Grow baseload of Invest selectively for in production assets pos
Slide 11: Our Competitive Advantages
OUR COMPETITIVE ADVANTAGES Proven track record with 1,300+ successful deliveries One Seatrium delivery model enabling global, end-to-end execution Global technology centres driving designs & technology developments Diverse international talent pool to support global operations Strong relationships w
Slide 12: Proven Track Record
PROVEN TRACK RECORD Executed 1,300+ newbuild & conversion projects of increasing complexity while expanding our solutions portfolio 1960s 1980s 2000s 2010s 2020s New Energies Ammonia, H2 , hybrid, battery electric vessels Offshore Largest Repeat Wind 1st WTIV 1st HVAC SSCV 1st HVDC HVDCs Oil & Gas 1
Slide 13: One Seatrium Delivery Model
ONE SEATRIUM DELIVERY MODEL Only player capable of end-to-end global delivery with ability for capacity scale-up ▪ Centralised & coordinated execution model Assets ▪ Optimise asset base ▪ Enhance operational excellence Technology Operations ▪ Deliver synergies and cost savings ▪ Strategic partnershi
Slide 14: One Seatrium Delivery Model: Global Footprint
ONE SEATRIUM DELIVERY MODEL Coordinated global network to deliver increasingly complex products OUR GLOBAL FOOTPRINT PARTNERSHIPS & OUTSOURCING COMMERCIAL PARTNERS TECHNOLOGY PARTNERS Yard assets Engineering centres Technology centres Proprietary Total area 3 4000+ SUBCONTRACTORS Market Access 7.6m+
Slide 15: Showcase 1: P-Series FPSO
SHOWCASE 1: P-SERIES FPSO We leverage our global network to build a series of large and complex FPSOs Local Content Requirement Fabrication & Integration Detailed Engineering • COE for offshore energies Topside Module Fabrication • In-house / outsourced Illustration of Petrobras FPSO Hull Fabricatio
Slide 16: Showcase 2: TenneT 2GW HVDC
SHOWCASE 2: TENNET 2GW HVDC End-to-end delivery of complex HVDC, from EPC to offshore installation, commissioning & maintenance Topsides Construction Project Management • Fabricated and assembled in • Shared between Singapore & Batam Seatrium & partner GE Engineering • Led by Seatrium, scope shared
Slide 17: Showcase 3: Repairs & Upgrades
SHOWCASE 3: REPAIRS & UPGRADES Yard footprint Strategically located along major shipping lanes Technology capabilities Innovative decarbonisation solutions Global network Exclusive marketing representatives in 15 countries Strategic partnerships 26 long-term partnerships & >85% regular customers 16
Slide 18: Operational Excellence: Enhancing Productivity
OPERATIONAL EXCELLENCE: ENHANCING PRODUCTIVITY Smart Yard Smart Asset Tech-enabled Workforce Digital Twin Shop-based Automation 5G Remote Inspection Digital Control Tower AI/ML-based Optimisation VR/AR Remote Collaboration 5G 5G Connectivity Realtime Performance AI-enabled Digital Workflow 17
Slide 19: Digital Twin, Asset Monitoring and AR Remote Collaboration
Realtime Digital Twin Asset Monitoring AR-assisted Benefits : Remote Inspection 10-20% increase in field engineers’ efficiency Benefits : Up to 30% reduction of manhours required on site with AR-assisted functions Remote AR/VR Collaboration Benefits : Enabler for cross-border collaboration to increa
Slide 20: Expand Technology and IP Capabilities, Invest for the Future
EXPAND TECHNOLOGY AND IP CAPABILITIES, INVEST FOR THE FUTURE Norway USA 700+ 200 200+ Patents Built / proven AiP / concepts Liquid H2 SWACH FW Blue CO2 foundation H2 injection products carrier vessel UAE 8 ~200 Technology Technologists Jackup Rig companies design SG LNG Shipboard FWSS FW WTIV Energy
Slide 21: Floating Wind Foundation Development (SWACH)
FLOATING WIND FOUNDATION DEVELOPMENT Small Waterplane Area Cylindrical Hull (SWACH) [Video #1] ✓ Proprietary design based on proven technology ✓ Excellent motions and robust stability ✓ Shallow draft for quayside integration ✓ Suited for mass production ✓ Scalable for large turbine size Model tests
Slide 22: Designed World 1st Liquid H2-Powered Ferry
Designed World 1st liquid H2-powered ferry 21
Slide 23: Develop Diverse International Talent Pool
DEVELOP DIVERSE INTERNATIONAL TALENT POOL SG 54% 29 STAFF BY REGION US/BR Asia ex-SG 35% 10% nationalities Others 1% Executive and above >50 YO 18% STAFFBY STAFF 1 5 in BYAGE AGE 30 - 50 YO <30 YO 62% 20% are women • Propel engineering, technology and operations globally • Advance our prowess in glo
Slide 24: Strong Relationships with Our Customers
STRONG RELATIONSHIPS WITH OUR CUSTOMERS Robust set of both new and repeat customers ... … with strong Repairs & Upgrades client base • P56 • 3 x 2GW HVDC • P78 • Dolwin Epsilon • P80 • P82 • Sturgeon WTIV • P83 • Vito FPU • Raia • Whale FPU • Bacalhau • Sparta FPU • Leopold Sedar • Crux Senghor • MV
Slide 25: We Conduct Our Business with the Highest ESG Standards
WE CONDUCT OUR BUSINESS WITH THE HIGHEST ESG STANDARDS 24
Slide 26: Sustainability Ambitions: Net Zero
SUSTAINABILITY AMBITIONS Our yards in Brazil are powered by hydroelectricity OPERATING A RESPONSIBLE BUSINESS 40% ENGINEERING A EMISSIONS1 REDUCTION SUSTAINABLE FUTURE by 20302 NET ZERO CARING FOR OUR PEOPLE by 2050 AND COMMUNITIES 25 Note: 1. Scope 1 & Scope 2 emissions; 2. Reduction from 2008 base
Slide 27: Commitment to Health & Safety
COMMITMENT TO HEALTH & SAFETY Maintain Relentless focus to reduce Zero fatality rate LTIR1 • WSH Performance Awards WORKPLACE • SHARP2 Awards SAFETY & • WSH Innovation Awards HEALTH • WSH Awards for Supervisors • CARE3 Award 26 Note: 1. Lost Time Incident Rate; 2. Safety and Health Award Recognition
Slide 28: Strong Governance Is the Foundation of Our Business
STRONG GOVERNANCE IS THE FOUNDATION OF OUR BUSINESS Governance Compliance Risk Management • Collective commitment • Code of conduct and • Defined risk appetite • Clarity on no-gos compliance policies • Ownership of risks • Integrated Assurance • Culture of speaking up • End-to-end resourcing & Frame
Slide 29: By 2028, We Target to Achieve...
BY 2028, WE TARGET TO ACHIEVE … ≥ S$1.0b ≥ 8.0% c. 2.0-3.0x EBITDA Return on Equity Net Debt/EBITDA … VERSUS FY23 > 4x uplift Turnaround Sustain 28 This information is confidential; it is not to be relied on by any 3rd party without prior written consent. RESTRICTED SNG Board Transformation Committe
Slide 30: Management Incentives Aligned with Targets
MANAGEMENT INCENTIVES ALIGNED WITH TARGETS FINANCIALS • Order book • Profitability • Balance sheet • Free cash flow OPERATIONS VALUE CREATION FOR • Project management SHAREHOLDERS (on schedule & on budget) • Total shareholder return PEOPLE ESG • Talent development • Decarbonisation • Talent retentio
Slide 31: Key Takeaways
KEY TAKEAWAYS SINCE MERGER, WE HAVE DEFINED WE HAVE A CREDIBLE WE ARE COMMITTED WE WILL CONTINUE TO WE HAVE COME OUR CORE VALUES PATH TO BUILD A TO BUILDING A TRANSFORM OUR TOGETHER AS AND FOSTERED A PROFITABLE AND SUSTAINABLE BUSINESS AND DELIVER ONE SEATRIUM IN SHARED PURPOSE RESILIENT BUSINESS BU
Slide 32: Financial and Capital Management
FINANCIAL AND CAPITAL MANAGEMENT ADRIAN TENG Chief Financial Officer
Slide 33: Financial Roadmap to 2028
FINANCIAL ROADMAP TO 2028 PATH TO PROFITABILITY FINANCIAL RESILIENCY CAPITAL ALLOCATION • Higher revenue and profits • Capital structure optimisation • Capability building and • Synergies and cost • Sustainable and diversified future-proofing optimisation financing • Returns to shareholders 32
Slide 34: Building a More Resilient Portfolio with Strong Revenue Growth
BUILDING A MORE RESILIENT PORTFOLIO WITH STRONG REVENUE GROWTH REVENUE EVOLUTION (S$b) Oil & Gas R&U Renewables CCS & New Energies 10-12 c.9-12 7.3 Mostly rig-building c.3-6 and repairs 2011-2013 2018-2020 2023 2028 Strong revenue growth: Build a more resilient and diversified portfolio: ▪ Sharpen f
Slide 35: Our Path to Achieving ≥S$1.0b EBITDA and ≥8% ROE
OUR PATH TO ACHIEVING ≥ S$1.0b EBITDA AND ≥ 8% ROE IMPROVED PROFITABILITY… … ENABLES US TO DRIVE HIGHER RETURNS EBITDA (S$b) Return on Equity (%) ≥ 8% ≥ 1.0 negative > 4x 2023 2028 0.2 … AND MAINTAIN A HEALTHY LEVERAGE Net Debt/EBITDA (x) 2023 2028 ▪ Delivery of legacy projects 3.2x c.2.0-3.0x ▪ Mar
Slide 36: Identified Synergies & Savings, On Track to Realise More
IDENTIFIED SYNERGIES & SAVINGS, ON TRACK TO REALISE MORE S$300m ▪ Recurring synergies and cost savings: Annualised synergies & o Standardised pricing with customers cost savings o Reduction in corporate overheads o Asset rationalisation S$200m ▪ More efficient centralised procurement leading to impr
Slide 37: Recalibrated Debt and Improved Liquidity
RECALIBRATED DEBT AND IMPROVED LIQUIDITY PRE-REFINANCING DEBT MATURITY PROFILE POST-REFINANCING DEBT MATURITY PROFILE AT JUN 2023 AT DEC 2023 S$b S$b Undrawn facilities: c. S$0.4b Undrawn facilities: c. S$2b 1.5 1.1 0.9 0.9 0.9 0.7 0.5 0.5 0.6 0.4 0.4 0.6 0.2 0.1 0.3 0.3 0.3 2023 2024 2025 2026 2027
Slide 38: Building a Stronger Balance Sheet and Optimal Capital Structure
BUILDING A STRONGER BALANCE SHEET AND OPTIMAL CAPITAL STRUCTURE 2023 2028 ✓ Refinanced and secured bank • Diversify funding sources and loans; onboarded new lenders access capital markets ✓ Recalibrated debt maturity • Target 50% of total funding to be profile and enhanced liquidity green and/or sus
Slide 39: Green & Sustainability-Linked Financing
GREEN & SUSTAINABILITY-LINKED FINANCING Our greener orderbook enables sustainability-linked financing to support project execution and ESG targets 35% Total debt c. S$3b as of Dec-23 Target 50% of borrowings to be sustainability-linked / Sustainability-linked / green green to anchor our ESG commitme
Slide 40: Capital Allocation and Funding Sources
CAPITAL ALLOCATION AND FUNDING SOURCES CAPITAL ALLOCATION FUNDING SOURCES ▪ Invest to strengthen capabilities in ▪ Diversify lender base and access yards, AI and digitalisation for capital markets for funding and growth and greater productivity working capital needs ▪ Pursue targeted acquisitions to
Slide 41: Key Takeaways
KEY TAKEAWAYS WE HAVE CLEAR FINANCIAL WE HAVE A STRONGER WE WILL CONTINUE TO TARGETS AND PATH TO BALANCE SHEET WITH HEALTHY PROGRESS TOWARDS PROFITABILITY, THROUGH A DEBT MATURITY PROFILE AND OUR VISION, ENHANCE OUR COMBINATION OF TOPLINE IMPROVED LIQUIDITY, INVESTMENT PROFILE AND GROWTH AND COST SU
Slide 42: Oil & Gas
OIL & GAS MARLIN KHIEW Executive Vice-President
Slide 43: Strong Demand for Offshore O&G Supported by Market Tailwinds
STRONG DEMAND FOR OFFSHORE O&G SUPPORTED BY MARKET TAILWINDS Prominent global energy trends in recent years point to resilient O&G demand over the next few decades Global Fossil Fuel Consumption1 Escalating geopolitical tensions 100% and increased protectionism 90% Index (peak value=100%) Rising glo
Slide 44: Our Track Record
OUR TRACK RECORD Over 50 years of experience with 90% repeat rate for our customers Market leader in FPSOs, Leading designer & builder FSOs, FPUs, FSRUs & FLNGs of offshore rigs 254 >400 Drillships / Jack-Ups / FPSOs / FSOs / FPUs Semis DELIVERED 22 135 FSRUs / FSUs / FLNGs Fixed Platforms World’s
Slide 45: Golden Age of FPSOs
GOLDEN AGE OF FPSOs > S$150b CAPEX in FPSOs expected over the next 5 years to support offshore O&G production Forecast FPSO awards, 2024 - 2028 KEY SUCCESS FACTORS W. Seatrium’s global operating Europe 5 model and end-to-end EPCIC N. delivery capabilities America West Asia 4 Africa 4 12 On-ground pr
Slide 46: Maintain Leadership in Other Offshore Production Assets
MAINTAIN LEADERSHIP IN OTHER OFFSHORE PRODUCTION ASSETS FPU KEY SUCCESS FACTORS FSO Platform Strong track record and product expertise built from successful past deliveries Advanced yard infrastructure and c. S$100b capabilities Expected investments in next 5 years FLNG FSRU 45 Note: Select examples
Slide 47: Leveraging Track Record to Ride Oil & Gas Upcycle
LEVERAGING AN ESTABLISHED TRACK RECORD TO RIDE OIL & GAS UPCYCLE 1 2 3 REINFORCE LEADERSHIP IN BUILD MOMENTUM IN LEVERAGE PROPRIETARY OIL PRODUCTION ASSETS GAS VALUE CHAIN WITH DESIGNS TO STRENGTHEN AS TURNKEY EPCIC OF FOCUS ON FLNG AND TRACK RECORD CHOICE FSRU CONVERSIONS 46
Slide 48: Offshore Wind
OFFSHORE WIND SAMUEL WONG Executive Vice-President
Slide 49: Strong Offshore Wind Market Supported by Energy Transition
STRONG OFFSHORE WIND MARKET SUPPORTED BY ENERGY TRANSITION Offshore wind capacity expected to grow to c. 800GW by 2040; representing a S$100-150b opportunity up to 2028 Offshore Wind Installed Capacity (GW) 800 Fixed offshore wind 700 Floating offshore wind Despite recent industry 600 challenges, de
Slide 50: Our Portfolio of Offshore Wind Solutions
OUR PORTFOLIO OF OFFSHORE WIND SOLUTIONS Building leadership position in fixed offshore wind solutions and pursuing new developments for the future Today: strong track record in substations and WTIVs Tomorrow: capture value from floating wind Wind Installation Fixed Substations Floating Floating Win
Slide 51: Leading Position in Offshore Substations
LEADING POSITION IN OFFSHORE SUBSTATIONS Strong track record of working with top tier TSOs and developers Project Thanet Dudgeon Greater Hornsea 2 Dolwin 5 Revolution Sofia Greater Empire TenneT Changhua Wind Changhua Wind 1 2GW 01 & 2a 2b & 04 Program1 Type HVAC HVAC HVAC HVAC HVDC HVAC HVDC HVAC H
Slide 52: Maintain Leadership in Fixed Substations
MAINTAIN LEADERSHIP IN FIXED SUBSTATIONS Deep opportunities in key markets, largely underpenetrated Potential Offshore Wind Markets KEY SUCCESS FACTORS Europe 29 Presence in Europe, US, Brazil, 110 and Asia for market access Asia1 Advanced yard loadout Americas 5 capabilities to execute large 1 2GW
Slide 53: Well-Positioned for Opportunities in Energy Transition
WELL-POSITIONED FOR OPPORTUNITIES IN ENERGY TRANSITION 1 2 3 4 CREATE FRANCHISE EXPAND FOOTPRINT BUILD REPEATABLE, COMMERCIALISE IN- IN SERIES-BUILD IN EMERGING HIGH-SPEC WTIVs HOUSE FLOATING FIXED OFFSHORE BRAZIL OFFSHORE WITH OUR WIND SOLUTIONS WIND SUBSTATIONS WIND MARKET PROPRIETARY DESIGNS 52 T
Slide 54: Repairs & Upgrades
REPAIRS & UPGRADES ALVIN GAN Executive Vice-President
Slide 55: Large Attractive R&U Market Resilient Against O&G Cycles
LARGE ATTRACTIVE R&U MARKET RESILIENT AGAINST O&G CYCLES Growing global demand across segments, including higher-value upgrades & turnkey energy efficiency retrofits Fleet Age Profile by Vessel Type (# vessels) 20,000 75% >10 Years 16,815 Market size of S$20-30b p.a. 79% >10 Years 10,000 9,113 70% >
Slide 56: Decarbonisation Trends Driving Significant Market Opportunities
DECARBONISATION TRENDS DRIVING SIGNIFICANT MARKET OPPORTUNITIES MEPC80 decarbonisation targets driving demand for retrofits to improve fuel efficiency & reduce emissions GHG Emissions (tCO2e) Efficiency upgrades 58,000 vessel retrofits required up to 2040 1 DF engine retrofits & OCCUS Valued at S$90
Slide 57: Provider of Choice for a Comprehensive Suite of Solutions
PROVIDER OF CHOICE FOR A COMPREHENSIVE SUITE OF SOLUTIONS REGULAR UPGRADING AND LIFE EXTENSION MAINTENANCE & MODIFICATION OR CONVERSION / LONGEVITY DRY DOCKING REVITALISATION PROJECTS Machinery / LNG instrumentation regasification system upgrades Carbon capture Structural retrofit upgrades Dual fuel
Slide 58: Market Leader in Repairs & Upgrades
MARKET LEADER IN REPAIRS & UPGRADES World leader in LNGC repairs 935 delivered since 1979 Pioneer in FSRU/FSU conversions 20 delivered since 2007 Asia’s leader in cruise repairs 377 delivered since 1978 Regional navy MRO strategic partner 384 vessels repaired since 1983 26 Alliances & long-term stra
Slide 59: Our Competitive Advantages
OUR COMPETITIVE ADVANTAGES Deep partnerships within the ecosystem of strategic alliances, OEMs and network of exclusive agencies Well positioned to pursue opportunities along the Americas’ shipping lanes Cost competitive advantages in the execution of Leading, reputable repair hub with proven track
Slide 60: Grow Baseload of High-Value Work
GROW BASELOAD OF HIGH-VALUE WORK 1 2 3 SCALE REPAIRS & PURSUE HIGHER VALUE CAPTURE MARITIME UPGRADES FRANCHISE PROJECTS IN SELECT KEY DECARBONISATION GLOBALLY ALONG MAJOR MARKETS OPPORTUNITIES SHIPPING LANES 59 59 RESTRICTED SNG Board Transformation Committee ...
Slide 61: CCS & New Energies
CCS & NEW ENERGIES WILLIAM GU Executive Vice-President
Slide 62: Carbon Capture, Storage & Injection
CARBON CAPTURE, STORAGE & INJECTION Global CCUS capacity expected to grow by 17% p.a. to c. 4,000 Mtpa by 2050 CCUS Abatement Capacity1 (Mtpa) CCUS Development c. 4,000 CAGR: c. 17% Prominent decarbonisation lever for point-emission industries 1,869 Offshore sequestration of CO2 871 sources around t
Slide 63: Keeping an Eye on New Energies
KEEPING AN EYE ON NEW ENERGIES Global Power-to-X market is estimated to reach between c. S$0.9t to S$3.4t in 2035 Estimated Global Market Potential for Power-to-X in 2035 (S$b) New Energies Economy Sustainable Development Scenario (SDS) Net Zero Emissions Scenario (NZE) 2,060 Expansion in offshore w
Slide 64: New Energies: Hydrogen and Ammonia
NEW ENERGIES: HYDROGEN AND AMMONIA Seatrium working with multiple consortium partners to develop future hydrogen value chain Liquid Hydrogen Carrier1 Hydrogen fuel cell2 Ammonia Bunkering Develop 150,000 m3 capacity large- Design H2 fuel cell and retrofit to Develop NH3 bunkering ecosystem scale LH2
Slide 65: CCS & New Energies Business and Product Development
CCS & NEW ENERGIES BUSINESS AND PRODUCT DEVELOPMENT Explore new business models and make selective investments across CCUS / new energies value chain CCS New Energies 1. Carbon Capture Storage 5. H2 production floater as a Service (CCSaaS) 6. Energy hub (NH3/H2/Electrofuels) 2. Floating CO2 injectio
Slide 66: Seeding Tomorrow's Growth
SEEDING TOMORROW’S GROWTH 1 2 3 DEVELOP PROPRIETARY BUILD STRATEGIC ESTABLISH EARLY POSITION TECHNOLOGY PARTNERSHIPS AND CREATE VALUE Innovate and develop Accelerate product pilot and Offer end-to-end solutions and technological expertise commercial deployment explore new business models aligned wit
Slide 67: Additional Info
ZS Seatrium ADDITIONAL INFO
Slide 68: Glossary
GLOSSARY 5G / 8G 5th generation / 8th generation EPCC Engineering, procurement, construction & GW Gigawatt AiP Approval in Principle commissioning H2 Hydrogen AI Artificial Intelligence EPCIC Engineering, procurement, construction, installation HVAC High-voltage alternating current & commissioning A
Slide 69: Glossary
GLOSSARY ML Machine learning SG Singapore x Multiple MT Metric ton SHARP Safety and health award recognition for projects YO Years old MTN Medium term note Sqm Square metre Mtpa Million tonnes per annum SSCV Semi-submersible Crane Vessel MRO Maintenance, Repair and Overhaul STEPS Stated Policies Sce