Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health, Safety, and Environment (HSE)

Environmental Achievements

• Embraced guidelines issued by the International Association of Geophysical Contractors (IAGC) for environmental protection.
• Continuously strives to reduce environmental impact of operations.

Social Achievements

• Stringent 'safety for all' policy.
• Initiated support for social and community welfare activities.

Governance Achievements

• Established a risk management framework.
• Implemented SAP practices to bolster accountability and transparency.
• Constituted an Audit Committee.
• Established a Remuneration Committee.
• Established a Shareholders’ Grievance Committee.

Climate Goals & Targets

Environmental Challenges

• Inability to widen operations across the country resulting in seasonal fluctuations.
• Volatile industry scenario affecting demand for seismic services and revenues.
• Advent of multi-component surveys requiring migration to advanced technology.
• Regulatory changes in government policy.
• Environmental degradation from seismic data acquisition.
• Attracting and retaining skilled employees.
• Efficient cost management, particularly high fixed costs.
• Cost overruns due to inhospitable terrains.

Mitigation Strategies

• Executed projects on a pan-India scale and forayed into overseas markets.
• Leveraged upsurge in oil prices and satisfactory order book position.
• Initiated steps to expose and train personnel in cutting-edge technologies; uses a combination of 2D and 3D technology.
• Plans to venture into 3D marine seismic services market; tied-up with various corporates for technology and assistance.
• Acquired real-time wireless system (RT System 2).
• Government plans to release more oil exploration blocks and extend to the ‘open acreage’ system.
• Fully embraced IAGC guidelines and complies with strict regulations.
• Continuously investing in enriching intellectual capital; recruited qualified experts.
• Existing cash flows adequate for investments; attractive capital structure; efficiently managed labour costs.
• Adopted project-wise costing techniques with adequate checks and balances.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Safety, Environment and Health
• Human Rights
• Community Investment

Environmental Achievements

• Reduced fuel consumption through higher capacity machines with lower fuel consumption

Social Achievements

• Employee training programs on Safety, Environment and Health
• Initiatives for child education and youth employment at operational sites
• Vendor development programs

Governance Achievements

• Established Code of Conduct and Business Ethics, Anti-bribery Policy, and Whistle Blower Policy
• Constituted a Complaints Committee under the Policy on prevention of sexual harassment at the workplace
• Regular compliance reports to the Board

Climate Goals & Targets

Environmental Challenges

• Seismic data capturing project in Iraq delayed due to geopolitical tensions and local unrest
• Contract termination with Koral Energy International (O&M contract)
• COVID-19 lockdown impacting operations

Mitigation Strategies

• Active engagement with governments and stakeholders in operational countries
• Strong balance sheet and debt-free status
• Work from home (WFH) and effective execution of non-operational activities

Supply Chain Management

Responsible Procurement

• Supplier and Contractor Management Policy
• Supplier Screening checklist

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Health, safety and environment
• Technology focus
• Diversification into other sectors
• Cost rationalization
• Debt reduction

Social Achievements

• Adopting global standards for HSE with focus on trainings pertaining to health, safety, and environmental drives to promote a professional culture among workforce

Governance Achievements

• Retired 100% of borrowings

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impact on project closures, border closures, quarantine restrictions, and government restrictions
• Dependence on the level of activity in the offshore oil and gas industry
• Geopolitical, government, and regulatory factors

Mitigation Strategies

• Activated crisis management framework to mitigate COVID-19 risks
• Differentiation through innovation and operational excellence, diversification of portfolio and geographic footprint
• Active engagement with governments, regulators, and stakeholders

Supply Chain Management

Responsible Procurement

• Supplier and Contractor Management Policy and a Supplier Screening checklist

Climate-Related Risks & Opportunities

Environmental Metrics

Social Achievements

• Implemented a comprehensive Health, Safety, and Environment (HSE) policy.
• Promotes gender equality and equal opportunities for women.
• CSR activities include promoting education, healthcare, eradicating hunger, poverty and malnutrition, empowering women and rural development projects. Spent ₹61.02 Lakhs on CSR activities.

Governance Achievements

• Established a vigil mechanism/Whistle Blower Policy.
• Adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace.

Climate Goals & Targets

Environmental Challenges

• Unexpected slowdown in seismic services contract award.
• Disruption of seismic projects in Tripura due to local issues.
• Slowdown of CHP projects due to delays beyond the Company’s control.
• Extended period of work suspension and customer’s inability to resume operations on Langley contract.
• Unforeseen challenges with early arrival of monsoon rains and subsequent flooding in Assam halting seismic work.

Mitigation Strategies

• Acquisition of new contracts and improved execution of existing ones.
• Actively pursuing settlement and closure of Langley contract; novated most sub-contractors’ contracts.
• Resumed execution of Assam seismic project promptly after flooding subsided.
• Short closed Oil India Limited Tripura project in consultation with the client.
• Proactively engaged with stakeholders to expedite Gevra project.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Adoption of electrical vehicles at site
• World Environment Day celebrated with plantation drive

Social Achievements

• Free medical camps and campaign partnerships with local NGOs
• 50th National Safety Day/Week campaign
• Outreach programs in the communities around projects
• Installation of RO plant and upgrading of drinking water supply
• Distribution of school accessories

Governance Achievements

• Annual evaluation of its own performance, Board committees, and individual directors
• Familiarization programme for the independent directors

Climate Goals & Targets

Environmental Challenges

• Environmental Risk: Intensifying global attention on climate change, non-compliance with environmental standards, potential harm to reputation, negative impact on long-term demand for coal.
• Competition Risk: Increasing number of seismic suppliers in the market.
• Regulatory Risk and Legal Risk: Diverse legal frameworks in different geographical locations.
• Operational Risk: Geopolitical factors, weather volatility, shift in energy consumption patterns.
• Financial Risk: Ability to reduce debt, minimize overhead costs, improve critical ratios, and increase profitability; volatility of the Indian Rupee.
• Supply Chain Risk: Supply chain disruptions causing raw material shortages.

Mitigation Strategies

• Comprehensive Health, Safety, and Environment (‘HSE’) policy; robust environmental protection measures alongside coal operations.
• Competitive prices, long-term client relationships, strong track record of successful project completions.
• Diligent identification and adherence to all regulatory obligations.
• Strategic diversification of project development; expansion into coal and O&M sectors.
• Commitment to reducing debt and bolstering reserves and surplus; improved 'expense to sales' ratio.
• Continuous work to enhance supply chain to optimize business operations and improve efficiency.

Supply Chain Management

Climate-Related Risks & Opportunities