Climate Change Data

BW Offshore Limited

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:13.3 + 0.3 + 1398 = 1411.6 thousand tonnes CO2e
Scope 1 Emissions:13.3 thousand tonnes CO2e
Scope 2 Emissions:0.3 thousand tonnes CO2e
Scope 3 Emissions:1398 thousand tonnes CO2e
Total Energy Consumption:8199 TJ
Water Consumption:16364 thousand bbls discharged to sea
Waste Generated:2.2 thousand tonnes
Carbon Intensity:18 Te CO2 eq/mill USD Revenue (Scope 1 & 2), 1806 Te CO2 eq/mill USD Revenue (Scope 3)

ESG Focus Areas

  • Safe and Secure Operations
  • Environmentally Conscious Operations
  • Non-Discriminating and Fair Employer
  • Strong Governance Framework

Environmental Achievements

  • Reduced Scope 1 emissions from 23.6 thousand tonnes in 2021 to 13.3 thousand tonnes in 2022.
  • Reduced single-use plastics through audits and awareness campaigns on BW Catcher and in Singapore office.
  • Average oil in water content in produced water discharge from fleet was 10.9 ppm (well below the World Bank Group guideline limit of 29 ppm).

Social Achievements

  • 55% of new permanent onshore joiners were women (compared to 32% in 2021).
  • Launched 'Our Whole Self' program for employee well-being.
  • 83% completion rate of workforce Culture Survey.

Governance Achievements

  • 80% completion rate for compliance-related mandatory e-learning.
  • No confirmed cases of corruption in 2022.
  • Established Speak Up Channel for anonymous feedback from all stakeholders.

Climate Goals & Targets

Long-term Goals:
  • Develop future GHG emissions scenario modelling.
Medium-term Goals:
  • Continue strategy to retire high carbon footprint legacy assets from the fleet (completion by end of 2023).
  • Phase out routine flaring across majority of operational assets by end of 2023.
  • Fill 100% of offshore leadership positions for the Barossa project by recruiting Australian residents.
Short-term Goals:
  • Reduce single-use plastic on specific units and across offices in 2023.
  • Develop action plan based on 2022 BW Catcher waste audit findings.
  • Meet 70% local talent goal for BW Adolo by training and certifications.

Environmental Challenges

  • High-risk industry with potential for fatalities, hydrocarbon spills, asset damage, and reputational harm.
  • Environmental risks including GHG emissions, waste management, and biodiversity impacts.
  • Maintaining a competent and culturally aligned workforce.
  • Risks of corruption and bribery in operating regions.
Mitigation Strategies
  • Robust risk management framework and continuous improvement cycle.
  • Implementation of Project Evolve to address safety concerns after a fatal incident.
  • ISO certifications (9001, 14001, 45001) and adherence to industry best practices.
  • Comprehensive compliance program, including training, internal controls, and audits.

Supply Chain Management

Supplier Audits: Two ethical labour audits conducted in 2022.

Responsible Procurement
  • Supplier Code of Ethics and Business Conduct
  • Supplier Ethical Employment Practice Guidelines
  • Inclusion of sustainable packaging requirements in tender documents.

Climate-Related Risks & Opportunities

Transition Risks
  • Operational, regulatory, reputational, and market risks associated with the energy transition.
Opportunities
  • Participation in the energy transition through offshore renewable energy solutions.

Reporting Standards

Frameworks Used: GRI 2021, GRI sector standard for Oil and Gas 2021, UN Sustainable Development Goals (SDGs), Task Force on Climate-related Financial Disclosures (TCFD), CDP, Green House Gas (GHG) Protocol

Certifications: ISM Code, ISO 9001, ISO 14001, ISO 45001, ISPS Code

Sustainable Products & Innovation

  • Offshore renewable energy solutions

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:900 thousand tonnes CO2e (Scope 3)
Scope 1 Emissions:9.4 thousand tonnes CO2e/year
Scope 2 Emissions:20.4 thousand tonnes CO2e/year
Scope 3 Emissions:900 thousand tonnes CO2e/year
Renewable Energy Share:1.2% of total energy use
Total Energy Consumption:83278 MWh/year
Water Consumption:Not disclosed
Waste Generated:6.5 thousand tonnes/year
Carbon Intensity:45 Te CO2 eq/mill USD Revenue (Scope 1 and 2)

ESG Focus Areas

  • Climate Change
  • Pollution
  • Resource Use and Circular Economy
  • Own workforce
  • Workers in the value chain
  • Affected Communities
  • Cyber Security
  • Business conduct

Environmental Achievements

  • 36.5% Reduction of Scope 3 emissions intensity in 2023 compared to 2022
  • Phased out routine flaring
  • No assets using HCFCs at year end

Social Achievements

  • 4% Increase of female workforce
  • 100% Direct vendors screened for social criteria
  • 93.7% Onshore workforce entitled to take family-related leave

Governance Achievements

  • 10 Speak-ups reported
  • DNV-certification for BW Offshore

Climate Goals & Targets

Long-term Goals:
  • Transition to a low-carbon and renewable energy service company
Medium-term Goals:
  • Diversify asset portfolio to include energy transition fuels and renewable technologies
  • Maturing and fully developing one or two new business segments within low-emission energy production
Short-term Goals:
  • Introduce an Environmental Policy in 2024
  • Continue to explore material sustainability matters related to climate change mitigation and adaptation

Environmental Challenges

  • Accident in the yard where BW Opal was under construction resulting in a fatality
  • Persistent cost inflation impacting project economics
  • Heightened risk of cyber-attacks
  • Access to, and cost of, capital
  • Lack of circularity principles in asset design
  • Potential harassment and assault in the value chain
  • Protection of whistleblowers
  • Negative impacts to societies due to acts of bribery and corruption
Mitigation Strategies
  • Commitment to highest international safety standards and zero harm objective
  • Fleet divestment program
  • Continuous focus on maintaining and improving cyber security systems and processes
  • Diversification of asset portfolio to include energy transition fuels and renewable technologies
  • Applying circular design in newbuild FPSOs
  • Risk-based vendor qualification process
  • Speak Up Channel
  • Code of Ethics and Business Conduct

Supply Chain Management

Supplier Audits: Ethical labour audits in South Korea and Indonesia in 2023; planned audits in Singapore and other high-risk locations in 2024

Responsible Procurement
  • Supplier Code of Ethics and Business Conduct
  • Supplier Ethical Employment Practice Guidelines
  • Risk-based vendor selection approach

Climate-Related Risks & Opportunities

Physical Risks
  • Chronic hazards such as rising global temperatures affecting personnel and assets
Transition Risks
  • Access to, and cost of, capital
  • Changing consumer behaviour
  • Potential for stranded assets
Opportunities
  • New business opportunities within low-emission energy production (floating offshore wind, floating clean fuel production, carbon capture and storage)

Reporting Standards

Frameworks Used: CSRD, ESRS, GRI, TCFD

Certifications: ISO 14001:2015, ISO 9001, ISO 45001, ISM Code

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Floating wind solutions
  • Exploring solutions for carbon transport and storage, gas-to-power, floating production of clean fuels and freshwater

Awards & Recognition

  • Not disclosed