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FM Fleet Management

Best on Water
February 2018

1
Overview of BW
History, Structure, Business
1962
First
newbuild 1965 1978 2002
(bulk Entered Sir Y.K. Pao Acquired &
carrier) VLCC knighted by delisted
delivered segment QE II Bergesen 2014
Formed
2010 tanker JV 2016
Acquired with PAG
1955 1964 1973 1999 Prosafe
Formed
BW Dry
Founded by Entered 150th Acquired
Formed LNG Cargo
Sir Y.K. Pao product newbuild N&T Argonaut 2006 Formed LNG JV with
tanker order Listed JV with Pavilion Acquired
segment BW Gas Marubeni Energy Aurora LPG

1943 1995 2005 2007 2013 2015 2017


Bought over 1986 Acquired Listed Acquired Acquired First Sold VLCC
Den Morske Maersk FSRU BW fleet to DHT &
Rosenberg Listed BW Offshore APL
Tanker’s Singapore became major
shipyard Bergesen Amerikalinje
VLGC fleet operates shareholder
as regas
Listed terminal Formed
1935 1994 1996 1999 BW LPG in Egypt BW Energy
1974 Formed
Founded by Formed Acquired
Entered Formed FSRU JV
Sig. Bergesen Green Havtor Bergesen
LPG with Mitsui
Tankers d.y.
segment
Offshore
Entered LR2
segment
Our Vision Mission Values
Our vision

Best on Water

Our mission
We act for the future
We deliver great solutions to our customers with Zero Harm.
We navigate in cyclical markets by investing wisely.
We use our maritime expertise to serve society.
Our values
Collaborative Ambitious Reliable Enduring
• We engage our customers • We recognise that to be our • We deliver on our promises • We serve our customers with
eye-to-eye and find solutions customers’ first choice we to customers and colleagues a long-term perspective
together must set the bar high
• We trust and depend on • We persevere based on our
• We engage positively and • We challenge our own each other as colleagues commitment to the
constructively with our performance and goals, as company’s legacy and to our
colleagues individuals and as teams • We recognise that future success
accountability and reliability
• We are open, genuine, and • We give and we value are essential for efficiency • We stand firm when we meet
transparent in everything we honest and respectful and success resistance
do feedback
Inspired by: Inspired by: Inspired by: Inspired by:
“We create energy through “We always try to do better” “We deliver on our “We act for the future”
collaboration” promises”
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We believe in Zero Harm

To People, Environment, Cargo and Property with a commitment to return


safely to our families and friends
5
Best on Water

ZERO HARM
– BW Safety Culture

Operational Resilience
- Ability to bounce back in unexpected situations -

Visible leadership Learning from incidents Zero Harm Behaviours

Leadership Development Just Culture Zero Harm Appraisal


Life Saving Rules Zero Harm Library Zero Harm Profile Test

• Case studies / Reflective learning • Behavioural Competencies


• Management commitment to Zero Harm
• Root Cause Analysis (by TapRoot©) • Resilience / Reflective learning
• Ship visits from senior management
• Training adapted to workplace • Disciplinary Process
• Welcome On Board
• High Severity – Low Frequency (HILO) • Crew Assessment Strategy
• Leadership & Competence building
• Near Miss Reports • Risk Management
• Sharing Best Practices/Safety Culture
• Safety campaigns & initiatives • Work / Rest hour Management

COLLABORATE AMBITIOUS RELIABLE ENDURING

6
BW Group structure

BW Group Limited

BW LNG BW Chemical
BW Tankers
BW LPG BW VLCC Tankers BW Dry Cargo
(LNG shipping
BW Offshore (Product
(LPG carriers) and gas (Crude tankers) (Chemical (Bulk carriers)
(FPSOs, tankers)
solutions) tankers)
installation)

BW Fleet Management
(Shared technical services)

Privately held Publicly listed

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A large presence in maritime energy
transportation

BW LPG BW LNG BW Offshore BW VLCC

• World’s largest owner • Involved in gas shipping • World's second largest • BW is a financial
and operator of VLGCs and floating LNG import contractor with 14 investor in DHT with
• Total carrying capacity terminals (FSRUs) FPSOs and 1 FSO 33.5% shareholding
of 4.5 million cbm • 20 LNG carriers and 3 • Over 30 years of • DHT owns one of the
• Listed on Oslo Børs FSRUs including production, executed world’s largest privately
• 48 VLGCs, 3 LGCs newbuilds 38 FPSO and FSO projs. managed VLCC fleet
• Listed on Oslo Børs • DHT is listed on NYSE

BW Tankers BW Dry Cargo BW Chemical Tankers


BW Group has over
168 vessels which
are managed by an
• One of world’s leading • Specialized team seeking • 49% owner of WOMAR
pure-play owners and tanker pool
international team of
investment opportunities
operators of product in segments between 50K • Quality, Japanese-built over 5000 crew and
tankers (LR1, LR2 and and 90K DWT vessels
Medium Range)
1000 shore staff in 12
• 16 vessels • 15 vessels
• 53 vessels including offices world-wide
newbuilds

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One of the world’s largest shipowners
BW Group operates over 130 vessels (excluding BW Offshore) in our fleet, one of the largest
energy shipping fleets in the world

No. of No. of No of
No. of vessels 2019
Fleet Overview vessels vessels vessels by
Start 2015 onward
Start 2016 Start 2017 End 2018

Under BW technical management


Very Large Crude
10 9 4
Carriers
Long Range 1 Product
17 12 16 16
Tankers
Long Range 2 Product
6
Tankers
Medium Range
12 22 20 20
Tankers

LPG Vessels 27 29 25 23 2

LNG Vessels 13 15 16 17 3

FRSU 0 1 2 2 1

Under third party supervision


Chemical Tankers 2 2 9 13

Dry Bulk 7 7 8

2015 2019 onwards


LPG Vessels 1 16 16

Long Range 1 Product


5 3
Tankers
Medium Range
2 2
Tankers

Total 81 91 118 119 24

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Location of main offices worldwide

Norway
BW Fleet Management
BW LPG
BW LNG
BW Offshore
Singapore
Demark BW Fleet Management
BW Pacific BW Offshore
BW Dry Cargo BW Pacific
BW LPG
BW Chemical Tankers
BW Dry Cargo

USA
BW Offshore
BW LPG
BW LNG
BW Pacific
BWFM – Houston

Philippines
India
BW Fleet Management
Brazil BW Fleet Management
Nigeria
BW Offshore BW Offshore
BW Manning Services

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BW Fleet Management
What we do, how we operate
A highly experienced leader team
that delivers
The BWFM leader team is based out of Oslo, Norway and Singapore

Lars Pedersen
Managing Director, BWFM & Country Head

• Joined BW in 2011 and has been Olav Lyngstad


MD (BWFM) and Country Head of VP, Head of Fleets (LNG and FSRU)
Norway since 2012
• Previously in A.P. Møller-Maersk, • Joined BW in 2006 and has
Hoegh Autoliners and Hoegh LNG assumed roles of Newbuilding
Project Manager and LNG Fleet
Manager
Øyvind Solem • Previously in DNV GL
VP, Head of Newbuilding and Projects

Knut-Helge Knutsen
• Joined BW in 1996 and assumed
VP, Head of Fleets (LPG)
role of Head of Department in 2009
• Previously in DNV GL
• Joined BW in 2013 and assumed
role of Head of Fleets (LPG) in 2016
• Previously in DNV GL and Veritas
Katja Heggedal Petroleum Services
Head of Human Resources, BWFM

• Joined BW in 2012 as Head of


Human Resources for BWFM
• Previously in DHL Norge,
Byggmaker Norge and Heli-One
amongst others

Dennis Svane Hansen


VP, Head of Global Manning

• Joined BW as Head of Global


Manning in Nov 2015
• Previously in Maersk Line and
Thome Ship Management

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BW Fleet Management (BWFM)
BWFM operates mainly from Oslo and Singapore, with manning offices in India and the Philippines

What We Do How We Operate

Provide a safe working


1 environment for all
Manage a diverse fleet employees and contractors
1 consisting of tankers
and gas vessels
engaged in global trade
2 Maximize asset values and
minimize risks

3 Control resources
Manage newbuilding
2
projects from the design
phase to delivery Recruit, develop and retain
4 highly effective maritime
professionals

Work together with our Apply BWFM standards to


customers in LPG, LNG, 5 meet the needs of our
FSRU, Tankers, customers
3 Chemicals & Dry Cargo
on projects aimed at
improving performance Provide maritime expertise
and developing new 6 to support new business
business opportunities

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In-house fleet management team
ensures quality
BWFM manages the entire value chain throughout a vessel’s working life

Specifications & Construction Delivery &


Operations & global trading
drawing approval supervision commissioning

World-class in-house fleet management team consists of:

Newbuilding and Projects

Health, Safety and Environment

Marine, Vetting and Security

Procurement
BWFM employs:
Global Manning
169 shore staff
Technical Fleet Management

3,400 seafarers Energy Management

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20 years of history in newbuilding projects
80 vessels have been delivered in the last 20 years with a pipeline of 20 vessels to be delivered

VLCC LR1 / MR
VLGC Chemical Tanker
LNGC Dry Bulk Carrier
FSRU LR2

2013 - 2016 2016 By End 2017 2018 - 2020


1996 - 2003 2003 - 2005 2006 - 2009
20 vessels:
13 vessels: 9 vessels: 14 vessels: 31 vessels: 13 vessels: 10 vessels: 4 VLCCs
8 VLCCs 7 LNGCs 6 LNGCs 2 LNGCs 1 FSRU (Samsung, South Korea)
(Hitachi, Japan) (DSME, (DSME, South Korea) (HHI, South Korea) (SHI, South Korea) 1 LNGC (DSME,
South Korea) South Korea) 2 LNGCs
2 VLGCs 6 VLGCs 1 FSRU 2 VLGCs (DSME, South Korea)
2 LGCs
(Gdynia, Poland) (DSME, South Korea) (SHI, South Korea) (HHI, South Korea) 5 Chemical Tankers
(Kawasaki, 1 FSRU
(Shitanoe /
2 Dry Bulk Carriers Japan) 2 VLGCs 6 VLGCs 4 VLGCs (DSME, South Korea)
Fukuoka, Japan)
(HHI, South Korea) (HHI, South Korea) (HHI, South Korea) (DSME, South Korea)
4 LR1s 3 Chemical Tankers
1 Dry Bulk Carrier 22 MRs 4 Chemical Tankers (Fukuoka, Japan)
(STX, South Korea)
(DSME, South (SPP, South Korea) (Shitanoe, Japan)
Korea) 6 LR2s
2 LR1s (Daehan, South Korea)
(STX, South Korea)
4 Bulk Carriers (Oshima, Japan)
4 Bulk Carriers (Tsuneishi, Japan
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Journey towards Zero Harm

2018
s -Quality
2014 2015 2016 2017
Annual Focus s Harm Implementation
-HEOCs review -Activitiessadressing hierarchies, s Zero Harm House
-Launch the --Implement Zero s s
-Improve incident investigations Behaviours by strengthen
Areas: pressures and capacity
s
-Improve engagement, risk s s exisiting
s initiatives and
awareness and rule compliance
4.0 tools
TRCF 12Months Running Average LTIF 12Months Running Average
3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0
• Risk Assessment/
Toolbox Meeting/ Stop
• New RA Process Work/ Evaluation
• Stop Work Authority PPE • Strengthened process
• Pocket Safety Guide LOTO upgrade for Work Planning

Zero Harm Introduced Onboard Joined Shell ZH


ZH disciplinary
Initiative Just trainers Maritime Partners appraisal
process
kicked off Culture in Safety process
BW life-saving rules
Zero Harm Behavioral Framework

Human
Human
Element
Element BCF Project
Development
Survey
Areas

Zero Harm Zero Harm Appraisal


Behaviours
• Preferred behaviours • Individual development
• Competency Framework • Coaching on preferred
behaviours

Key Crew Processes

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Zero Harm Behaviour
Anchored in Key Processes

Recruitment & Promotion


• Zero Harm Profile Test (psychometric test mapped to profile competencies)
• Zero Harm Behaviours Interview

Hire Decision
• Individual development needs identified

Zero Harm
Behaviours Zero Harm Appraisal
• Targets for development & performance
• Review of Target completion and performance
• Update individual development needs

Continuous development
• Zero Harm Behaviours Competency Framework
• Zero Harm Appraisal

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BW Fleet Management
Appendix
From commercial opportunity to delivery
The Newbuilding and Projects team is responsible every step of the way

Commercial
Sea trials Naming
decision
and ceremony Delivery
to build a
gas trials
new ship

Phasing in
Shipbuilding other
contract and Departments Gurantee period
specifications (12 to 24 months)
(4 to 6 months)
(3 to 6 months)

Spares
Drawing Site and
Approval Supervision Upstoring Operation
(6 to 12 months) (11 to 36 months)
(6 to 12 months)

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Dedicated site teams
The Newbuilding and Projects team is responsible every step of the way

Qualified and experienced site teams

 Site team is assigned by the project team and usually


consists of a combination of BW personnel and contractors

 This includes lead superintendents covering each main


discipline, supplemented by junior superintendents

 Seafarers are given opportunities for learning and career


development at the yards

Ensures safety and operational reliability

 Dedicated BW personnel at site offices ensure that


operational experience is transferred into shipbuilding
process

 Excellent and close relationship with all major shipyards


enables focus on safety, cost efficiency and operational
reliability

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BWFM’s crewing policy
Strong emphasis is placed on recruitment, training and welfare

• BW employs a stringent recruitment process to ensure


that only the best possible candidates are recruited
Recruitment
• Strong synergies between LNG and LPG, one of the
largest gas fleets worldwide
Crewing is done in-house with
manning offices in India and
Norway Philippines

• Training is a top priority in BW’s crewing policy.


• BWFM runs training programmes such as:
 Officer conferences (7-8 per year)
Training
 Officers-in-office programme
 Cadet programme (600+ trainee cadets)
 Onboard trainers visiting every ship once a year
India
• BW recognises that good employee welfare creates Philippines
a happier and more productive working environment
for all seafarers

Welfare • Crew welfare is provided on all vessels:


 Wifi on all ships by 2016 with 1 GB per crew/month
 Personalised email for all crew
 All officers are enrolled in private insurance
schemes with coverage during vacation

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Record fast-track FSRU implementation
in Egypt
The FSRU project with EGAS required a fast track schedule – 5 months from project inception to
1st gas – a record time for implementation in the industry. BW Singapore has managed 100%
operational up-time

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Our latest FSRU project will be located
in Pakistan
Our newbuild FSRU offers a low environmental footprint, high efficiency, storage capacity in
excess of 170,150 cbm and a peak regasification capacity of 750 mmscfd

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Our third FSRU will be delivered in 2019
New state-of-the-art world scale FSRU with capacity of 173,400m3 is able to take full load
of LNG cargo

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