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020
SapuraCrest Petroleum Berhad
Annual Report 2010
Chairman’s Statement (cont’d)
Human capital is key to sustaining
long-term competitive advantage and
this is encapsulated in the Group Human
Resource (HR) Vision Statement. In support
of this Vision, HR’s mission is summarised
as follows:
• Be identified as an employer of choice
in the regional oil and gas services
sector.
• Continually building a pool of leaders
to steer the business.
• Create and maintain a dual talent
strategy of ‘building’ and ‘buying’
talent.
• Compete by being technically proficient
and efficient.
• Maintain the existing pool of talents
and leaders.
In translating its new Vision and Mission,
HR is focusing its attention on three main
areas: talent supply; positioning
SapuraCrest as an employer of choice; and
enhancing workforce competitiveness.
Due to the major expansion in the oil and
gas industry in recent years, the industry
is faced with a shortage of skilled and
experienced manpower. To address this,
the Group has diversified its talent supply
sources. While SapuraCrest is continually
developing its own talent pool, the
secondment of specialist technical staff
from our joint-venture partners is another
important source. To date, we have more
than 50 staff on secondment from Acergy
and L&T. At the same time, our own staff
members have also been attached to
Acergy and L&T as part of their learning
and training process. For long term
sustainability, the Group is establishing
strategic relationships with universities at
home and abroad whereby talented fresh
graduates are recruited as engineering and
management associates with structured
training programmes for medium to long
term career development.
In positioning SapuraCrest as an attractive
employer, we have in place a strategic plan
for employee engagement, by offering
more competitive employee benefits as
well as fostering a conducive work culture
and environment. Regular engagement
sessions were held with staff in order
to promote better understanding of the
respective parties’ needs, concerns and
expectations. Through market surveys and
benchmarking, the Group is able to offer
its staff terms that are competitive with
the current industry and market practices.
To establish a conducive work culture,
we have identified specific programmes
whereby management and senior staff
can play leadership roles in mentoring,
coaching and influencing employees
towards realising their potential and
developing greater sense of pride and
ownership. Mentors also play an important
role in instilling corporate core values,
reminding our people of the important role
they play in contributing to the success
of the Group and, ultimately, their own
success.
To ensure workforce competitiveness,
the Group has implemented an attractive
and competitive reward system. The
system is based on the principle of payfor-performance
which is implemented
in a manner designed to create greater
recognition and motivation. At the same
time, we are also implementing a Long-
Term Retention Plan to ensure availability
of the necessary skills and talent for the
Group. There are also plans to kick-start a
mentoring programme to assist employees
in their development and career growth.
CRAFTING SUCCESS
The Group’s business model has proven
its resilience after having successfully
navigated through the industry turbulence
of the past year. Our business model is
based on a three-fold strategy of improving
margins, regional expansion and
enhancing our asset capability especially
for deepwater operations.
By resolutely focusing on the
implementation of our strategy,
SapuraCrest is firmly on the path to
become a key regional player, having
already established a presence in India,
Australia, Russia, Japan and part of
Africa, in addition to most of Southeast
Asian countries. Several new contracts
secured during the year have solidified
our reputation overseas. For instance, the
Devil Creek Development Project offshore
Australia came as a good follow-through
to the completion of the Mumbai High
South Redevelopment Phase 2 Project in
India and the award of the Iwaki Platform
Decommissioning Project in Japan.
The Group has further consolidated its
presence in India with the award of a
RM255.0 million pipeline installation
contract as mentioned earlier. India holds
interesting prospects for the Group as it has