SCOMI ENERGY SERVICES BHD
Climate Impact & Sustainability Data (2022)
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Debt restructuring
- Regularisation plan to uplift PN17 status
- Health, Safety and Environment (HSE)
Social Achievements
- HSE departments monitored employee health and safety during the COVID-19 pandemic.
Governance Achievements
- Revised Anti-Corruption Policy to comply with Section 17A of the Malaysian Anti-Corruption Commission Act 2009.
- Implemented Section 56 of the Companies Act 2016 and the Guideline for The Reporting Framework for Beneficial Ownership of Legal Persons.
Climate Goals & Targets
Environmental Challenges
- Challenging environments amid gradual recovery from the impact of the COVID-19 pandemic and geopolitical tensions in Ukraine.
- Lack of capital and funding due to the ongoing financial condition of the Group.
- Operating with ageing equipment and without the availability of new assets.
- Cash flow constraints impacting operations and growth.
Mitigation Strategies
- Debt restructuring initiatives, including the application for and subsequent discharge of a Judicial Management Order for three subsidiaries.
- Disposal of assets (Marine Services business and Drilling Services businesses) to realise cash value and repay debt obligations.
- Engagement with secured lenders to reach amicable debt settlements.
- Development of a regularisation plan.
- Engagement with potential investors to create new revenue streams.
- Optimisation of operational costs and corporate overhead costs (manpower, rentals, asset utilisation, inventory).
Supply Chain Management
Responsible Procurement
- Suppliers Code of Conduct