Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health, Safety and Environmental regulations
• Corporate Social Responsibility

Governance Achievements

• Adopted a Code of Ethics addressing impartiality, conflicts of interests, relations with customers and suppliers, relations with media, insider trading and relevant financial interests of a personal nature.
• Established a Nomination Committee and an Audit Committee.
• Complied with the Oslo Børs Code of Practice for Reporting Investor Relations Information and additional reporting requirements under Cypriot laws and regulations.

Climate Goals & Targets

Environmental Challenges

• Downturn in the offshore market, with supply exceeding demand and low fleet utilization rates.
• Dependency on volatile oil and gas prices.
• Fluctuating value of the fleet due to various market factors.
• Covid-19 pandemic causing uncertainty in the PSV market, including travel restrictions, quarantine measures, and reduced activity levels.

Mitigation Strategies

• Maintaining a sound financial position with no debt.
• Closely monitoring developments in the PSV market and responding accordingly.
• Implementing systems and procedures to monitor the PSV market and mitigate risks.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Norwegian Code of Practice for Corporate Governance

Third-party Assurance: PricewaterhouseCoopers Limited, Cyprus

Environmental Metrics

ESG Focus Areas

• Health, Safety and Environmental regulations
• Corporate Social Responsibility

Governance Achievements

• Annual review of corporate governance principles and their implementation.
• Adoption of specific guidelines such as rules of procedure for the Board of Directors, instructions for the CEO/General Manager, guidelines for the duties of the nomination committee, guidelines for the auditor’s and associated persons’ non-auditing work, code of conduct of business ethics and corporate social responsibility (Code of Ethics), investor relations policy, and audit committee charter.

Climate Goals & Targets

Environmental Challenges

• Uncertainty relating to Covid-19 pandemic and its impact on PSV and Tanker markets.
• Downturn in offshore market and its effect on PSV's.
• Cyclical nature of Tanker market with volatility in profitability, charter rates and asset values.
• Dependency on oil and gas prices.

Mitigation Strategies

• Systems and procedures to maintain market status and stay alert to changes.
• Continuous development of internal procedures to monitor developments and mitigate financial and operational risks.
• Sound financial position with no debt to take advantage of opportunities.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Health, Safety and Environmental regulations
• Corporate Social Responsibility

Governance Achievements

• Adopted guidelines for remuneration of the Board of Directors and management team.
• Established a Nomination Committee and an Audit Committee.
• Annually reviews corporate governance principles and their implementation.

Climate Goals & Targets

Environmental Challenges

• Uncertainty relating to Covid-19 pandemic
• Russo-Ukrainian War

Mitigation Strategies

• The Company has in place systems and procedures to maintain its status in the market and to stay alert to changes in the marketplace in order to help mitigate market risk.
• Internal procedures have been and are continuously being developed to help monitoring developments and mitigate financial and operational risks.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Corporate Social Responsibility
• Health, Safety and Environmental regulations

Governance Achievements

• Annual review of corporate governance principles and their implementation.
• Adoption of specific guidelines such as rules of procedure for the Board of Directors, instructions for the CEO/General Manager, guidelines for the nomination committee, guidelines for the auditor’s and associated persons’ non-auditing work, code of conduct of business ethics and corporate social responsibility (Code of Ethics), investor relations policy, audit committee charter, and remuneration policy for the Board of Directors and Management team.

Climate Goals & Targets

Environmental Challenges

• Russo-Ukrainian War and Israel-Hamas War's uncertain global impact on equity and asset prices.
• Overall economic environment, regulatory, market, and financial risks associated with specific investments.

Mitigation Strategies

• Systems and procedures to maintain market status and stay alert to marketplace changes to mitigate market risk.
• Continuously developing internal procedures to monitor developments and mitigate financial and operational risks.

Supply Chain Management

Climate-Related Risks & Opportunities