Climate Change Data

Environmental Metrics

ESG Focus Areas

• Human Rights
• Decent Working Conditions
• Health and Safety
• Gender Equality
• Supply Chain Responsibility
• Environmental Sustainability (Climate Change)

Environmental Achievements

• Zero major incidents or other reportable marine occurrences in 2022 or 2021
• Zero injuries resulting in absence from work in 2022

Social Achievements

• Implementation of rigorous health and safety procedures resulting in zero serious personal injuries and major incidents.
• Commitment to gender equality in recruitment and promotion, and work-life balance.
• Compliance with applicable laws and regulations, zero tolerance for harassment or discrimination.
• Use of due diligence to ensure external crew and placement companies comply with the Maritime Labour Convention (MLC).

Governance Achievements

• Development of a dedicated human rights policy (updated in 2023) approved by the board of directors.
• Implementation of a whistleblowing procedure with zero violations or concerns reported in 2022.
• CEO accountability for the human rights policy.
• Board review and approval of the annual human rights due diligence report.

Climate Goals & Targets

Environmental Challenges

• Health and safety risks onboard vessels operating in harsh environments.
• Health and safety risks associated with the green transition of the maritime sector (new technologies and fuels).
• Risk of labor exploitation and hazardous working conditions in the maritime sector globally.
• Human rights and labor rights risks in the shipping supply chain (shipbuilding, component production, metal and mineral extraction).
• Risks to people in ship recycling (worker exploitation, poor health and safety, environmental pollution).

Mitigation Strategies

• Rigorous safety procedures and risk assessments.
• Adequate education, training, and familiarization for seafarers operating new technologies and managing new fuels.
• Due diligence on suppliers to ensure compliance with human rights and labor standards.
• Enhanced measures to identify and follow up on risks if using shipyards in countries with weaker labor protections.
• Clear expectations communicated to suppliers regarding human rights due diligence.
• Measures to ensure responsible ship recycling in accordance with international regulations (EU ship recycling regulations, Hong Kong Convention, Basel Convention).

Supply Chain Management

Responsible Procurement

• Supplier code of conduct
• Criteria for evaluation and procurement procedures assessing human rights and labor rights risks
• Requirement for suppliers to document their own human rights due diligence and alignment with UNGP

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Guiding Principles on Business and Human Rights (UNGP), OECD Due Diligence Guidance for Responsible Business Conduct, Norwegian Transparency Act

Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, DOC holders for Norway and Swedish Maritime Administration

Third-party Assurance: Independent assurance provider for inventory of hazardous materials

Environmental Metrics

ESG Focus Areas

• Climate action
• Life below water
• Decent work and economic growth
• Gender equality
• Responsible consumption and production

Environmental Achievements

• Installed shore power connections on most vessels to reduce fuel consumption and emissions while in harbor.
• Addition of two dual-fuel PSVs with hybrid battery power systems, leading to lower fuel consumption and emissions.
• 24.4 t reduction in NOx emissions due to Urea/SCR systems on Anchor Handlers.
• 125.3 t reduction in CO2 emissions due to shore power usage.

Social Achievements

• Implemented a human rights policy and undertook human rights due diligence.
• Published the first annual human rights due diligence report.
• Implemented whistleblowing guidelines.
• Maintained a low sick leave percentage and retention rate.
• Conducted an annual employee engagement survey with an eNPS score of 24.

Governance Achievements

• Established several policies and procedures related to ESG management and sustainability (Code of Conduct, Supplier Code of Conduct, HSEQ Policy, Human Rights Policy, Bribery and Anti-Corruption Policy, Supply chain human rights due diligence procedure, Whistleblower Policy).
• Developed a Cyber Security Management Plan.

Climate Goals & Targets

Environmental Challenges

• Climate change poses physical and transition risks.
• Limited availability of shore power facilities in commonly used UK harbors.
• Manual data collection process for fuel consumption and emissions.
• Need for further analysis to strengthen climate risk governance.

Mitigation Strategies

• Ongoing feasibility studies to examine fuel consumption reduction and potential alternative fuels.
• Project to install equipment on board for automatic data collection (installed on 5 vessels).
• Collaboration with ENOVA and the Green Shipping Programme (GSP) on green innovation projects.
• Continuous cooperation with seagoing personnel, technical and operational shore personnel, and external suppliers and partners to optimize environmental performance.

Supply Chain Management

Supplier Audits: Thorough review of existing suppliers and strengthened supply chain due diligence procedure in 2023.

Responsible Procurement

• Supplier Code of Conduct
• Human rights due diligence process

Climate-Related Risks & Opportunities

Physical Risks

• Climate change

Transition Risks

• Technological and regulatory transition risks

Opportunities

• New business opportunities in offshore wind and other green offshore industry developments.

Reporting Standards

Frameworks Used: Guidelines provided by the Norwegian Shipowners’ Association, Swedish Annual Accounts Act

Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, DOC holders for Norway and Swedish Maritime Administration

UN Sustainable Development Goals

• Goal 7 (Affordable and clean energy)
• Goal 13 (Climate action)
• Goal 8 (Decent work and economic growth)
• Goal 5 (Gender equality)
• Goal 12 (Responsible consumption and production)

The five goals help provide direction for our sustainability efforts and for the ESG risk management and ESG reporting.