Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health, Safety, and Environment (HSE)
• Social Responsibility
• Ethics
• Sustainability

Environmental Achievements

• Developed installation-friendly products with long life spans, ideally made from sustainable materials to reduce carbon footprint and need for transport.
• Introduced robust procedures for waste disposal and final processing (material and energy harvesting).
• Environmental initiatives introduced in administrative functions, and new-builds ensured more energy-efficient solutions and robust systems for waste sorting.
• Reduced sickness absence from 7.1% in 2018 to 6.3% in 2019.

Social Achievements

• Sponsorship program for sports clubs and activities for children and young people in the local community.
• Support for charitable organizations.
• Revised management program and held seminars for executive management and foremen.
• Working to increase the proportion of women at all levels within the organization.

Governance Achievements

• Revised ethical guidelines annually and adopted by the group’s executive bodies.
• Employee training in ethics through e-learning, courses, and dilemma training.
• Implemented a whistle-blowing regime for employees with channels for alerting external and independent third parties.
• Dedicated compliance officer.

Climate Goals & Targets

Environmental Challenges

• Volatile and competitive oil and gas market.
• Complexity of fabrication and installation of current insulation solutions.
• Highly volatile demand for capacity in the insulation industry.
• Covid-19 pandemic and decrease in oil price in March 2020.

Mitigation Strategies

• Continued investment in engineering services, digitalization, and R&D.
• Protecting assets through patents and other proprietary rights.
• Diversification into various market segments (new-build and maintenance and modification projects).
• Expanding internationally with the proprietary Benarx® product range.
• Exploring related market segments such as infrastructure for both products and services.
• Quick reaction to new market conditions to minimize effects of Covid-19 and maximize ability to offer products and services when stabilization is restored.
• Reducing the number of employees and adapting the organization to the lower activity level due to Covid-19.
• Adapting production and storage of critical commodities to ensure deliveries according to plan.

Supply Chain Management

Climate-Related Risks & Opportunities

Sustainable Products & Innovation

• Oryza-Sil product

Environmental Metrics

ESG Focus Areas

• Health, Safety, and Environment (HSE)
• Ethics
• Human Rights
• Sustainable Development
• Climate Change
• Gender Equality
• Decent work and economic growth
• Reduced Inequalities
• Sustainable cities and Communities
• Industry Innovation and Infrastructure
• Responsible Consumption and Production
• Life Below Water
• Life on land
• Key Partnerships for the goals

Environmental Achievements

• Successfully completed offshore jobs using a UHT robot for pre-treating flooring, resulting in improved HSE performance, significant environmental benefits, higher quality work, and faster completion. Working to reduce microplastic waste.
• Introduced robust procedures for waste disposal and final processing (material and energy harvesting).
• Environmental initiatives introduced in administrative functions, adopting technology for more energy-efficient solutions in facilities and robust systems for waste sorting.

Social Achievements

• Implemented a Human Rights Policy in compliance with the Ten Principles of the UN Global Compact.
• Integrated human rights into the Ethical Guidelines.
• Employees receive ethics training through e-learning and other activities.
• A whistle-blowing regime for employees has been implemented.
• Sponsorship program supporting sports clubs and other activities for children and young people.

Governance Achievements

• Annual revision and adoption of ethical guidelines by executive bodies.
• Established procedures to clarify areas of responsibility within the board.
• Appointed an audit committee.
• Annual review of risk areas and internal control systems.
• Annual review of Corporate Governance including ethical guidelines.

Climate Goals & Targets

Environmental Challenges

• Covid-19 pandemic impacting activity levels, particularly in March.
• Volatile and competitive oil and gas market.
• Potential increase in credit risk due to the Covid-19 pandemic.
• Long-term abatement of investment on the Norwegian Continental Shelf.

Mitigation Strategies

• Investments to ensure effective pandemic response.
• Adaptation and identification of learning points to improve.
• Diversification into various market segments (new-build, maintenance, modification projects).
• International expansion with the Benarx® product range and exploration of related market segments.
• Additional measures to monitor credit risk within certain client segments.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact

Certifications: NS-EN ISO 9001:2015, NS-EN ISO 14001:2015, NS-ISO 45001:2018

UN Sustainable Development Goals

• SDG 5
• SDG 8
• SDG 10
• SDG 11
• SDG 9
• SDG 12
• SDG 13
• SDG 14
• SDG 15
• SDG 17

The report details how Beerenberg's initiatives contribute to these goals through various programs and policies.

Sustainable Products & Innovation

• Benarx® product range of high specification insulation products

Environmental Metrics

ESG Focus Areas

• Innovation for reduced emissions and waste
• Developing people and providing safety
• Transparency and governance

Environmental Achievements

• Reduced CO2 footprint in connection with surface treatment by 13%
• Reduced release of microplastics in connection with surface treatment by 12%
• Number of new sustainable technology or solutions tested and adopted: 2

Social Achievements

• Completed a competence program in surface protection
• Launched initiatives to increase the number of operators with trade certificates
• Internal recruitment of managers: 71%

Governance Achievements

• ESG work moved from a project to a responsible department for Sustainability
• Established an ESG committee/sponsor group to support the monitoring of short- and long-term sustainability activities
• Strengthened ESG reporting framework and investigating international standards for accurate and accessible reporting

Climate Goals & Targets

Environmental Challenges

• Not satisfied with the development within safety in 2022
• Elevated energy prices, increased commodity prices, Covid-19, broad-based inflation and global supply chain constraints
• Transition risks could result from an increased demand for low-carbon products and solutions, higher price for greenhouse gas emissions as well as changes in market prices for oil-related products and therefore lower demand for our services.

Mitigation Strategies

• Taken steps to ensure that everyone that works in Beerenberg are safe
• Invested in mechanical competence
• Taken steps to mitigate inflation in order to increase competitiveness
• Diversified into various segments of the market, e.g., new-build and maintenance and modification projects
• Expanding internationally, with the proprietary Benarx® product range and it is looking into related market segments, such as infrastructure for both products and services.

Supply Chain Management

Responsible Procurement

• Selection of electrified equipment was preferred

Climate-Related Risks & Opportunities

Physical Risks

• Climate related acute and/or chronic changes in rainfall patterns, shortages of water or other natural resources, variations in sea levels, storm patterns and intensities as well as temperatures

Transition Risks

• Increased demand for low-carbon products and solutions, higher price for greenhouse gas emissions as well as changes in market prices for oil-related products and therefore lower demand for our services

Opportunities

• Beerenberg seeks to be the preferred partner for companies and employees that sets environment high on the agenda
• Beerenberg aims to be a partner in Renewable energy projects, decarbonization solutions, decomissioning and other relevant projects that stems from the energy transition.

Reporting Standards

Frameworks Used: Greenhouse Gas protocol, ESRS (Corporate Sustainability Reporting Directive), GRI (Global Reporting Initiative), TCFD (Task Force on Climate-related Financial Disclosures)

Certifications: NS-EN ISO 9001: 2015, NS-EN ISO 14001: 2015, NS-ISO 45001: 2018

Third-party Assurance: PricewaterhouseCoopers AS

UN Sustainable Development Goals

• Goal 12
• Goal 13
• Goal 8

Sustainable Products & Innovation

• Benarx® product range

Environmental Metrics

ESG Focus Areas

• CSR (Corporate Social Responsibility)
• Sustainability
• Safety

Environmental Achievements

• Completed EcoVadis certification in Q2 2024 and CDP certification in Q3 2024.

Social Achievements

• Steady decline in Total Recordable Injury Frequency (TRIF) to 5.66 rolling average over the last twelve months by the end of September 2024.

Governance Achievements

• Refining ESG strategy to align with CSRD requirements and addressing gaps identified through CDP and EcoVadis assessments. Double materiality analysis nearing completion, scheduled for board endorsement in November 2024.

Climate Goals & Targets

Environmental Challenges

• Startup activities at the Ekofisk project negatively impacted EBITDA margin.
• Challenges invoicing new projects affected cash position.
• Work in progress not invoiced from new projects had a negative effect on NWC.

Mitigation Strategies

• Cost savings with lower activity on other projects.
• Addressing gaps identified through assessments of CDP and EcoVadis certification results.
• A cross-functional working group established to ensure CSRD compliance.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: CSRD (Corporate Sustainability Reporting Directive)

Certifications: EcoVadis, CDP