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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
embarked on major oil and gas exploration and production programmes to reduce its dependence on foreign oil and to fuel its rapidly developing economy. The Indian sub-continent is a good springboard for SapuraCrest to venture into the potentially lucrative markets in the Middle East and Africa after successful market penetration into Japan and Australia. The Company targets to increase overseas revenue contribution from 30.0% in FY 2010 to 50.0% over the next three years. The Group has invested more than RM2 billion in strategic assets and technology over the past 5 years to win bids and to provide technologically superior and high quality services. Sapura 3000 is a prime example of a strategy that is paying off, having fulfilled its promise of being a strong earnings growth catalyst for the Group. Our growing stable of assets will include the heavy lift cum pipelay vessel, LTS 3000, a new generation construction vessel that combines superior functional efficiency with high value features, under our joint venture with L&T. This is complemented by a new medium lift pipelay vessel QP2000 under a joint venture with Quippo Prakash Marine Holdings Pte (Quippo) of India. The two vessels will be deployed for the recently awarded Pan Malaysia Integrated T&I contracts. LTS 3000 will also be utilised for the Mumbai High North Field Development Project later this year. The Marine Services division has also taken delivery of Sarku 300, a new accommodation work barge. Our Australian subsidiary Total Marine Technology Pty Ltd, has launched its new deepwater ROV, the Typhoon at the Oil & Gas Asia 2009 Exhibition in June 2009. Designed and built in-house, the unique feature of the Typhoon is the patented seabed-referenced positioning system for deepwater capabilities. With the addition of the Typhoon, SapuraCrest currently has 12 ROVs in its fleet, with two more currently under construction. Even as we embark on the asset enhancement strategy, we constantly manage costs whilst improving productivity and efficiency. This was the major thrust of a continuous improvement programme that was launched last year. With full commitment and support from our people, these efforts are already bearing fruit with significant savings due to efficiency improvement realised last year. In the eyes of the public, SapuraCrest stands for many things and many see us as a home-grown Malaysian success story not only domestically but in competing regionally. It is no secret, however, that the core of our success has always been our people and our corporate values and by building on these values, SapuraCrest is what it is today, an entity respected by 021 SapuraCrest Petroleum Berhad Annual Report 2010
Page 1 and 2: SapuraCrest Petroleum Berhad (45631
Page 3 and 4: BUILDING ON VALUES The theme “bui
Page 5 and 6: Notes: 1. Proxy Forms A member of t
Page 7 and 8: 005 SapuraCrest Petroleum Berhad An
Page 9 and 10: FINANCIAL HIGHLIGHTS 31 January 200
Page 11 and 12: 100% Sapura Retail Solutions Sdn Bh
Page 26: We set high standards of profession
Page 29 and 30: Tan Sri Datuk Amar (Dr.) Hamid Bugo
Page 31 and 32: Appointments held by Datuk Shahril
Page 33 and 34: Gee Siew Yoong (Independent Non-Exe
Page 35 and 36: MANAGEMENT Chief Executive Officer
Page 44: We will continually build up our kn
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Page 51 and 52: AUDIT COMMITTEE REPORT TERMS OF REF
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BAlAnCe SheetS As at 31 January 201
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ConSoliDAteD StAtement oF ChAngeS i
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ComPAny StAtement oF ChAngeS in equ
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2010 2009 Rm’000 Rm’000 Cash fl
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noteS to the FinAnCiAl StAtementS 3
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2. SigniFiCAnt ACCounting PoliCieS
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3. Revenue Revenue of the Group and
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7. PRoFit BeFoRe tAX (Cont’D) gro
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9. DiReCtoRS’ RemuneRAtion (Cont
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10. inCome tAX eXPenSe (Cont’D) A
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12. DiviDenDS Recognised during the
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13. PRoPeRty, PlAnt AnD equiPment (
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13. PRoPeRty, PlAnt AnD equiPment (
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14. intAngiBle ASSetS (Cont’D) im
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16. inveStmentS in ASSoCiAteS (Cont
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17. inveStmentS in Jointly ContRoll
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18. DeFeRReD tAX (Cont’D) The com
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18. DeFeRReD tAX (Cont’D) Deferre
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21. tRADe AnD otheR ReCeivABleS (Co
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23. CASh AnD CASh equivAlentS (Cont
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24. ShARe CAPitAl AnD ShARe PRemium
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25. emPloyee BeneFitS (Cont’D) em
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27. Amount Due to SuBSiDiARieS Curr
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28. BoRRowingS (Cont’D.) maturity
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30. iStiSnA’ BonDS AnD muRABAhAh
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31. tRADe AnD otheR PAyABleS Curren
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33. CoRPoRAte guARAnteeS group Comp
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34. RelAteD PARty DiSCloSuReS (Cont
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35. FinAnCiAl inStRumentS (Cont’D
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36. Segment inFoRmAtion (Cont’D)
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36. Segment inFoRmAtion (Cont’D)
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37. SuBSiDiARieS AnD ACtivitieS Det
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37. SuBSiDiARieS AnD ACtivitieS (Co
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ANALYSIS OF SHAREHOLDINGS As at 21
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SUBSTANTIAl SHAREHOlDERS Based on R
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No. Name No. of Shares Held % 23 CH
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PROXY FORM I/We of being a Member o
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