MAKINGWAVESSUSTAINABILITYREPORT 2023

Seatrium is the merger between Sembcorp Marine
and Keppel Offshore & Marine – two marine & offshore
engineering titans now sailing as one. For our inauguralsustainability report, we chose to feature elements ofSeatrium’s new logo on the cover, as it marks the beginningof a dynamic and synergised chapter in our growth journey.
The Seatrium logo comprises a logomark, creatively crafted
to represent the shape of Singapore as well as the bow ofa ship. Its design features three crescent shapes, which issymbolic of the following:• The top crescent represents elevation above the sky, andour aim to scale greater heights in the industry. It also
alludes to our commitment to ensure clean skies for asustainable future.

• The middle crescent represents the horizon or sea level,to symbolise Seatrium’s ongoing journey to explore growth
opportunities and reach new growth horizons.
• The base crescent represents the ship’s bow and an
anchor, to express how we will remain anchored to strong
foundational values that shape our business.
“Making Waves” embodies our spirit of innovation and aim
to make a positive impact in the offshore, marine and energy
industries. Like the rolling waves of the ocean, Seatrium
will forge forward with pioneering technology, sustainablestewardship and an unwavering commitment to excellence,
thereby enabling us to drive long-term value for all our
stakeholders.

Contents
OVERVIEW
1
2
4
6
8
10
12
14
16
18

About the Report
Board Statement on Sustainability Report
Message from the Group Chairman and CEO
Sustainability Vision 2030 and Net-zero Ambitions
Sustainability Highlights
Sustainability Approach and Performance
Materiality Assessment
Sustainable Value Chain
Stakeholder Engagement
Economic Contribution and Value Creation

CARING FOR OUR PEOPLE AND COMMUNITIES
76 Human Capital and Rights
94 Workplace Safety and Health
102 Community Engagement

OPERATING A RESPONSIBLE BUSINESSAPPENDIX

24
30
42

108
110
111
113
125
126

Compliance, Governance and Assurance
Customer Alignment and Confidence
Supply Chain Management

ENGINEERING A SUSTAINABLE FUTURE
52
62

Innovation and Sustainable Solutions
Environmental Sustainability

List of Abbreviations
SGX Sustainability Reporting Index
SGX List of Core ESG Metrics
GRI 2021 Standards Content Index
SASB Content Index
Independent Practitioner's Limited
Assurance ReportABOUT
THE REPORTThis Sustainability Report is Seatrium Limited’s firststandalone annual publication after the combinationof Sembcorp Marine and Keppel Offshore & Marine
on 28 February 2023, focusing on communicating oursustainability approach, practices, targets, performanceand initiatives.
This report is prepared in accordance with the six primary
components outlined by the SGX-ST Listing Rules
711B and draws guidance from the SGX Practice Note
7.6 Sustainability Reporting Guide. This report is also
prepared in accordance with the Global Reporting Initiative(GRI) 2021 Standards, which have been selected as our
main reporting framework due to their global recognition
and relevance for all our stakeholder groups. In our effort
to bolster our environmental, social and governance(ESG) disclosures, we have provided disclosures alignedwith relevant indicators in the Sustainability AccountingStandards Board (SASB) framework. Additionally, we
have made reference to recommendations from the Task
Force on Climate-related Financial Disclosures (TCFD)
and aligned with United Nations Sustainable Development
Goals (UN SDGs).

The terms “Seatrium”, “Seatrium Limited”, “the Group” and“we” are used interchangeably within the Sustainability
Report to reference operations and facilities in Singapore,
Indonesia, Philippines, China, Brazil and USA, unlessotherwise indicated.
The Group’s entities included in the consolidated
financial statements are detailed in the Notes to the
Financial Statements in our Annual Report 2023
(pages 191 to 198).

ASSURANCE
We have engaged PricewaterhouseCoopers LLP toundertake a limited assurance on selected sustainability
information for the financial year ended 31 December 2023
marked with * in our Sustainability Report 2023.

This report is to be read in conjunction with the Seatrium
Annual Report 2023, which is available on our corporatewebsite at www.seatrium.com.

The assurance engagement was performed in accordancewith the Singapore Standard on Assurance Engagements(SSAE) 3000 – Assurance Engagements other than
Audits or Reviews of Historical Financial Information
and, in respect of the greenhouse gas emissions, inaccordance with SSAE 3410 – Assurance Engagementson Greenhouse Gas Statements. The Independent Limited
Assurance Report on Sustainability Information can befound on pages 126 to 128.

SCOPE OF THE REPORTFEEDBACKThe scope of our Sustainability Report 2023 covers
the yards under our operational control in Singapore,
Indonesia, Philippines, China, Brazil and USA, unlessotherwise stated. These six regions have the mostsignificant sustainability impact on our stakeholders, theenvironment, and our organisation. All information reported
corresponds to the financial year 1 January 2023 to
31 December 2023.

We value all feedback as part of our ongoing commitment
to enhance our sustainability performance, programmes
and reporting. Stakeholders with feedback andsuggestions are welcome to write to us via email atsustainability@seatrium.com.

Scan forSustainability
Report 2023

Scan forAnnualReport 2023

1
Sustainability
Report2023

BOARD STATEMENT ON
SUSTAINABILITY REPORTMr Mark Gainsborough, 65
Chairman of the Board
Non-Executive/
Independent Director
Member of CSRC

Mr Yap Chee Keong, 64
Deputy Chairman
Non-Executive/
Independent Director

Mr Nagi Hamiyeh, 55
Non-Executive/
Non-Independent Director

Mr Sarjit Singh Gill, 71
Non-Executive/
Independent Director

Ms Astrid
Skarheim Onsum, 54
Non-Executive/
Independent Director

2
Seatrium
Limited“At Seatrium, we are engineering asustainable future with innovative
solutions that benefit the industry,
our customers and communities
where we operate. We play animportant role in building the energy
infrastructure the world needs
to meet the challenges of energy
transition. We aim to be a leading
force for positive change in thiscritical time of transition to lower
carbon energy solutions, an industry
practice leader for our Offshore,
Marine and Energy industry.”- Mr Mark Gainsborough, Chairman

The Board of Directors (the “Board”) of Seatrium Limited(the “Company” and together with its subsidiaries, the“Group”) is committed to sustainability and continuous
Environmental, Social and Governance (ESG)
improvements. Sustainability is embedded into Seatrium’s
core values and corporate culture.
The Board provides strategic direction and oversees
the Group’s sustainability agenda. It has established a
Corporate and Social Responsibility Committee (CSRC) to
provide oversight over sustainability matters. The CSRC
is supported by the Group’s Sustainability team whoworks closely with the Group’s Senior Leadership Teamto oversee, monitor, and manage ESG matters including
sustainability reporting. Please refer to page 24 for moredetails on the sustainability governance structure andframework.
The Board is committed to establishing a sustainable
future for our businesses and creating long-term value
for stakeholders. Sound management of ESG risks
and opportunities is essential to ensuring a resilient,growing business and a business which has a positive
impact on the environment and society. The Board takes
a comprehensive approach and considers all relevant

1 Please refer to pages 32 to 41 of our Annual Report for a comprehensive list of our Directors' biographies and subcommittee memberships

Mr Jan Holm, 55
Non-Executive/
Independent Director
Chairman of CSRC

Mr Chris Ong, 50
Chief Executive Officer
Executive/
Non-Independent Director
Member of CSRC

Mr Lai Chung Han, 51
Non-Executive/
Independent Director
Member of CSRC

Ms Ieda Gomes Yell, 68
Non-Executive/
Independent Director
Member of CSRC

Ms Mariel von Schumann, 53
Non-Executive/
Independent Director
Member of CSRC

3
sustainability issues (including climate-related, biodiversityrelated, and Diversity, Equity and Inclusion (DEI)
concerns), as part of the Group’s sustainability strategy
formulation, integrating them into all aspects of the Group’s
operations and business.
In 2023, we conducted a review and recast oursustainability vision for 2030 to be in line with the present
outlook. The refreshed vision and the strategic roadmaps
are set out on page 6. On 8 December 2023, we publicly
launched our Sustainability Vision 2030 and 2050
Net-zero ambitions.
We have identified eight material issues grouped under
three key sustainability thrusts: (i) Operating a Responsible
Business, (ii) Engineering a Sustainable Future and (iii)
Caring for Our People and Communities. We report ourprogress against sustainability targets on our key material
topics. These can be found on page 11.
All material factors were reviewed and endorsed by the
Board through our materiality assessment conducted
this year. The Sustainability team, with support fromthe Senior Leadership Team, implements sustainability
initiatives across the Group’s operations (including

incorporating ESG targets into the balanced scorecard of
our key executives to deepen the ownership across theorganisation).
We have aligned our sustainability programmes with
11 most relevant UN SDGs to our business and otherinternational frameworks relevant to our businessstrategy. This has enabled us to drive the progress of oursustainability strategy towards sustainable development.
The Board is responsible for the review and endorsementof this report.
This report complements other regulatory financial
and corporate governance disclosures. The reportprovides transparency on our business in the context ofsustainability impact, performance, targets, and otherinsights. We welcome and value feedback or suggestions
from all stakeholders to help us further augment oursustainability practices and reporting. Please forward any
comments on our sustainability report and programmes tosustainability@seatrium.com.

Board of Directors
Seatrium

Sustainability
Report2023

MESSAGE FROM THE
GROUP CHAIRMAN AND CEO

4
Seatrium
LimitedMr Mark Gainsborough
Chairman

Mr Chris Ong
Chief Executive Officer

Leading in a time of transition.

“Sustainability is the ethosthat must permeate every
aspect of our business, driving
transformation and innovation
as we pivot towards a greener
future. It requires integrityin every action and fosters aculture of care for our people
and communities.”- Mr Chris Ong, CEO

The world is in transition. At COP 28, we saw a landmark
agreement to transition away from fossil fuels. Even so,
global energy demand is expected to increase by 15% by
2050 to meet the needs of emerging markets. Maritime
supply chains have experienced shocks from demandswings, geopolitical situations, and climate change. These
trends demand new solutions, more quickly to rapidly
adapt as challenges arise.
Seatrium, a premier global player with deep engineeringexpertise, will be a leader for our Offshore, Marine andEnergy industry through this time of transition. In April
2023, we officially adopted a new brand identity thatreflects our commitment to our customers as the heart thatpowers their navigation through the uncertain seas ahead.
Our history of serving energy infrastructure customers
permits us to serve the short to middle-term needs ofenergy security while at the same time enabling the futuretransition of energy value chains to renewable and less

carbon intensive resources. As a leader in the Offshore,
Marine and Energy industry, our customers are looking
to Seatrium to help them navigate these challenges. We
play an important part in building the energy infrastructure
the world needs so that we have secure, affordable, andmost importantly clean energy to power our economies
and our lives. Through our deep heritage and innovativeengineering capabilities, we are defining the path ahead
for a clean energy future.
At Seatrium, sustainability underpins every aspect ofour strategy, operations and products. We recognise thecritical role we play in leveraging our industry-leading
engineering solutions to support the offshore and marine
industry’s energy transition and decarbonisation efforts,
while responsibly and ethically managing our operations
to minimise our environmental impact. We have been at
the forefront of decarbonisation programmes by designingand building new ships like the hybrid tugs that speed thegreening of our ports. We are helping the world speed its
transition from more polluting energies with Seatrium’s
engineering leadership like in the case of the Brassavola,
Singapore’s first membrane LNG bunker vessel. At
Seatrium, sustainability is more than a passion, it is goodbusiness. We aspire to be a positive force for change inthe communities we operate in, as we create long-termvalue for all stakeholders.
The challenges presented by the energy transition
call for innovative solutions, and Seatrium brings
technological innovation and leadership to the industry
through leveraging smart technologies in the way wework. Globally, our shipyards are now able to build more
complex structures while enhancing the safety of ourpeople and reducing our waste. We are able to deploy
digital tools that monitor the health of our vessel structures,
ensuring that the people, environment, and communities
where they operate remain safe and protected.
In 2023, we launched our Sustainability Vision 2030 &our 2050 Net-zero ambition. Our sustainability strategy isunderpinned by three thrusts: Operating a Responsible
Business; Engineering a Sustainable Future; and Caring
for Our People and Communities, which forms thefoundation of how we organise ourselves to achieve longterm success.
Operating a Responsible Business underscores ourcommitment to operate in a socially responsible mannerwith a strategic focus on renewable and cleaner projects,
high customer satisfaction, and responsible procurement.
We are committed to conducting our business with integrity
and trust at the forefront of all we do and will operate ourbusiness with the highest level of ethics and integrity.

We are committed to Engineering a Sustainable Futurefor ourselves, our customers, and the communities where
we operate. We aim to minimise negative impact to theenvironment. As a maritime business, we are committed
to ensuring that the seas remain healthy and ocean
biodiversity flourishes. We do this by adopting innovativeand sustainable solutions with our customers.
As we go about our business, we look to be a force
for positive change. Recognised for our culture of
workplace health and safety, we will continue building
on our successes while promoting best practices for ourindustry and beyond. In 2023, we have achieved zero
fatality across our global yards and won 34 awards atthe Workplace Health and Safety (WSH) Awards 2023
organised by Singapore’s Ministry of Manpower and the
WSH Council. We will build an inclusive culture acrossall our workplaces where everyone feels respected
and valued with a strong sense of belonging. The next
generation of future engineers is paramount to our
success. As such, we are committed to attracting young
talents through partnerships with the Institutes of Higher
Learning (IHL) and to continue to invest in our own people.
Seatrium stands strong at the cutting edge of a rapidly
evolving world by leveraging our extensive experience,
unparalleled expertise and proprietary innovations. We
are dedicated to providing industry-leading engineeringsolutions by harnessing our heritage and pioneering trackrecords. We will continue to drive the transition economy
with unique and sustainable solutions. Seatrium will bea leader for our Offshore, Marine and Energy industry
through this time of transition and as a leader, we have an
obligation to leverage our heritage to serve our customers
and stakeholders. Our unwavering commitment to ourcustomers and communities we operate in drives us in allthat we do, and we are excited to engineer and shape asustainable energy future together!

MR MARK GAINSBOROUGH
Chairman

MR CHRIS ONG
Chief Executive Officer

5
Sustainability
Report2023

SUSTAINABILITY VISION 2030 &NET-ZERO AMBITIONOPERATING ARESPONSIBLE
BUSINESSENGINEERING ASUSTAINABLE
FUTURECARING FOR
OUR PEOPLE AND
COMMUNITIES

40% of our annual net

40% reduction of Scope 1 &Scope 2 emissions from 2008 levels

Build a DIVERSE, EQUITABLE
and INCLUSIVE workplace

ZERO harm to the environment

Achieve 22 training hours per
employee per year

orderbook from renewables
and cleaner/green projects1

95% customer satisfaction
in all projects

100% contracted responsible
procurement spend in compliancewith our codes of conduct
Uphold HIGH STANDARDS of
corporate governanceZERO TOLERANCE POLICY

Adopt NET-ZERO
pathway to 2050
Achieve 100% compliancewith product safety and healthrequirements

towards fraud, bribery and corruption

6
Seatrium
LimitedVISION ZERO incidence target
Workplace injury rate BELOW
national benchmark

S$3 million annual investment forcommunity engagement>15,000 hours of participation incommunity projects and volunteering
activities by employees

Caring for ourpeople andcommunities

This year, as part of our joint strategy review exercise, we
set our Sustainability Vision 2030 and net-zero ambition
to communicate our strategy to our customers andstakeholders and drive sustainability across our global
operation.
Seatrium is committed to progress in a consciousand purposeful way in this energy transition, aiming
to achieve 40% of our annual net orderbook fromrenewables and cleaner/green projects. We strive to
adopt a balanced approach in managing Energy Security,
Energy Equity and Environmental Sustainability. The
revenue generated from these projects will contribute toa healthy orderbook and revenue stream, creating value
for our shareholders and employees. This ensures thecapital required to invest in low carbon technologies andcapabilities, supporting our goal to be a premier player inthe offshore renewables and new energies market. We
aim to nurture long-term relationships with customers

in their current plans and future ambitions, positioning
ourselves as their partner of choice as they steer towards
their business goals.
In our commitment to drive sustainability throughout
Seatrium’s global operations, we target to reduce 40% of
our greenhouse gas (GHG) emissions (Scope 1 and 2) by
2030 and adopt a pathway towards net-zero emissions
by 2050. We will continually review and implement our
decarbonisation roadmap for both 2030 and 2050 throughmulti-strategic thrusts, including strategic businessgrowth review and emissions reduction pathways.
With a strong belief in strengthening our social compact,
Seatrium strives to create a positive impact on our
employees, stakeholders, and communities to promote
diversity, equity & inclusivity, human rights, safety
and well-being through socio-economic initiatives andthoughtful partnerships.

1 In our current evaluation, there is consideration to amend the existing 40% net orderbook target to an absolute value by the end of 2024. This adjustment is strategically alignedwith a concerted emphasis on fostering the expansion of renewables and cleaner/green projects within our operations.

"On December 8, 2023, Seatrium achieved a significant milestone by unveiling our
Sustainability Vision 2030 and 2050 net-zero goal.
Sustainability is not merely an option; it’s our responsibility to steward the planet we callhome for the benefit of future generations, and key to ensuring a prosperous future for ourcompanies and communities through concrete actions and strong governance."- Mr Jan Holm, Chairman of CSRC

7
Sustainability
Report2023

SUSTAINABILITYHIGHLIGHTS
Continued to be aconstituent in the
SG ESG Leaders
Index and SG ESG
Transparency Index

Achieved
rating in
the MSCI
ESG ratings

A

Secured over

30% women
8
Seatrium
Limitedon the Boardof Directors*

Invested

S$5.83 million
for Technology
and InnovationZEROfatality acrossour global yards

2

S$ billion
in sustainable
and green financing

Winner of the Green Innovations
Award and the Green Supply
Chain Award at the 24th Singapore
Environmental Achievement Awards(SEAA) 2023

34

Conferredawardsat the Workplace
Health and Safety(WSH) Awards 2023

Constituent of
the FTSE4Good
Index Series
for the 6thconsecutive timeAchieved

28%

reduction of ouremissions(scope 1 & 2)
from 2008 levels

Renewables andcleaner/green
solutions accountfor S$1.83 billionof the Group’s
revenue

Our yards in Singapore
and Brazil are
increasingly poweredby renewableenergy sources

9
Sustainability
Report2023

Measured 7 outof 15 categories
of Scope 3

emissions

20 hoursof training
per employee
globally

Contributed

S$

2.50 million

in driving positive change
to the local communities,
where we operate>10,000 hours
of community service

SUSTAINABILITY APPROACH
AND PERFORMANCEAt the heart of Seatrium’s mission and vision is ourunwavering commitment to the Sustainability of oureconomy, environment, and society.
At Seatrium, we recognise the critical role we play inleveraging our industry-leading engineering solutions
to support the offshore and marine industry’s energy
transition and decarbonisation efforts, while responsiblyand ethically managing our operations to minimise ourenvironmental impact. We aspire to be a positive force forchange in the communities we operate in, as we create
long-term value for all stakeholders.

Our sustainability framework focuses on threesustainability thrusts of (i) Operating a responsible
business, (ii) Engineering a sustainable future, and (iii)
Caring for our people and communities. These threethrusts address the ESG aspects, with an economic aspectembedded across all three thrusts. These sustainability
thrusts encompass the eight material ESG factors thatare significant to our business and operations. For more
information on our material ESG factors, please refer topages 12 to 13.

10
Seatrium
LimitedOPERATING ARESPONSIBLE
BUSINESSENGINEERING ASUSTAINABLE
FUTURECARING FOR OURPEOPLE AND
COMMUNITIESOperating our business
responsibly withintegrity, ethical andsustainable sourcing
while actively creating
long-term value forour stakeholders.

Engineering innovativeand sustainable solutions
and running ouroperations sustainably
to mitigate our impact
on climate change andbiodiversity loss andpromote a circular
economy.

Caring for our
employees,
stakeholders andcommunities throughsocio-economic
initiatives that
promote diversity& inclusion, humanrights, safety andwell-being.

Material Topics

Compliance,
Governance andAssurance

Customer
Alignment andConfidence

2023 PERFORMANCE

2030 TARGETS• Established Seatrium Sustainability Governance Structure• Launched Seatrium Sustainability Vision 2030
• Achieved A rating in the MSCI ESG ratings• Continued to be a constituent in the SG ESG Leaders Index, SG ESG Transparency
Index and FTSE4Good Index Series• Commenced the review of Taskforce on Nature-related Financial Disclosures (TNFD)

Uphold high standards ofcorporate governance• Compliance with anti-competitive behaviour, anti-trust and monopoly policies• Zero legal actions for anti-competitive behaviours, anti-trust, and monopolistic
practices* (2022: nil)
• Achieved 100% completion rate of total employees eligible for the Annual Training
and Declaration Exercise• Received the ISO 37001 Anti-Bribery Management System certification for the Group

Zero tolerance policy towards
fraud, bribery and corruption• Renewables and cleaner/green solutions account for S$1.83 billion of the Group’s
revenue• Achieved 39% of our annual net orderbook from renewables and cleaner/green
projects• Delivered six newbuild or conversion cleaner/green projects, including the second
converted Floating Liquefaction (FLNG) Vessel, Gimi

40% of our annual net
orderbook from renewables
and cleaner/green projects1• Achieved 95% customer satisfaction in all projects• Launched Seatrium’s Quality Awareness Campaign over a three-day roadshow

95% customer satisfaction in
all projects• Achieved 100% contracted responsible procurement spend in compliance with
Seatrium's codes of conduct• Held briefing sessions with resident contractors and common contractors on the
adoption of the Dhaka principles and Seatrium’s Supplier Code of Conduct

100% contracted responsible
procurement spend incompliance with Seatrium's
codes of conduct• Achieved 100% compliance with product safety and health requirements• Winner of the Green Innovations Award (MNC Category) and the Green Supply Chain
Award (MNC Category) at the 24th SEAA 2023
• Held Seatrium’s inaugural decarbonisation forum• Invest S$5.83 million for Technology and Innovation

Achieve 100% compliancewith product safety and healthrequirements• Achieved 28% reduction of our emissions (scope 1 & 2) from 2008 level• Measured 7 out of 15 categories of Scope 3 emissions• Our yards in Singapore and Brazil are increasingly powered by renewable energy
sources

40% reduction of ouremissions (scope 1 & 2) from2008 level1• Recorded zero significant spillage• Recorded zero significant fines and non-monetary sanctions for non-compliance withenvironmental laws and regulations

Zero harm to the environment• 30% women on the Board of Directors*• 20% women represented in our global executive workforce*• 29 nationalities of our talent pool across our global operations

Build a diverse, equitable andinclusive workplace• Achieved 22.3 training hours per employee

Achieve 22 training hours per
employee per year1• Achieved Zero Fatality across global yards• Conferred 34 awards at the WSH Awards 2023
• We have invested more than S$30 million in enhancing HSE-related infrastructureand systems, and building HSE capabilities

VISION ZERO incidence
target• Recorded Workplace Injury Rate below Singapore national benchmark

Workplace injury rate
below Singapore national
benchmark• Contributed S$2.50 million in community engagement activities• Introduction of “The Wave Makers”, an employee-volunteer group comprisingpassionate young talents to spearhead community engagement activities

S$3.00 million annual
investment
for community engagement1• Employees have collectively contributed over 10,000 hours to volunteer forcommunity activities>15,000 hours of participationin community projects andvolunteering activities by
employees1

Supply Chain
Management

Innovation andSustainable
Solutions

Environmental
Sustainability

Human Capitaland Rights

Workplace Safety
and HealthCommunity
Engagement1

Our 2025 targets include: achieving 30% of our annual net orderbook from renewables and cleaner/green projects, reducing emissions (scope 1 & 2) by 30% from 2008

levels, attaining 20 training hours per employee per year, investing S$2.50 million annually for community engagement, and accumulating 10,000 hours of employee participationin community projects and volunteering activities. The targets for the rest remain consistent for both 2025 and 2030.

11
Sustainability
Report2023

MATERIALITYASSESSMENT
In line with our core values, Seatrium conducted acomprehensive materiality assessment of our material
topics, taking sustainability trends and our strategictransformation into consideration. The assessment,
facilitated by an independent consultant, determines
the impacts of the material topics on sustainability andfinancial performance. With the incorporation of a financial
perspective, Seatrium is gearing up to meet the reporting
requirements of IFRS Sustainability Disclosure Standards in
2025, whereby Singapore-listed companies are mandated
to make disclosures that are aligned to IFRS S1 and S2
standards. Seatrium is preparing itself to adopt the IFRS S1and S2, amidst imminent regulatory requirementsfrom SGX.
Anchored on double materiality perspectives, theassessment validates the relevance of identified material
topics, prioritises the material topics and how well these
topics are being managed. The process involved desktop
research, peer benchmarking, internal reviews, surveys,
and in-depth interviews.

12
Seatrium
LimitedDuring the stakeholder engagement process, we
disseminated our survey and held interviews with morethan 200 internal and external stakeholders to understandthe extent of material topics to our stakeholders. Internal
stakeholders included directors, key executives andemployees from different roles and functions. Eachcontributed their diverse experience and knowledge.

External stakeholders engaged included Seatrium’s
customers, contractors, suppliers, business partners,
investors, finance professionals, government agencies,
regulators, and unions. These contributors provided agreater contextualisation and perspective of Seatrium in thebusiness community.
Through their commitment and engagement, ourstakeholders helped to validate and prioritise Seatrium’s
most significant impacts on the economy, environment, andpeople, including impacts on their human rights. Leveraging
on their diverse knowledge and expertise, we can build amore sustainable, resilient, and customer-centric business.
The key topics underpinning the discussion were
Biodiversity, Ocean Stewardship, Climate Change andNet-zero Emission. The deliberations aimed to shape arefreshed set of Seatrium materiality topics as we play
active roles in Engineering our Future. Based on the resultsof our stakeholder engagement process, they were further
prioritised and categorised in accordance with materiality
and management. Please refer to the materiality matrix
on the next page for more details. The presented material
topics represent the top eight considerations that are
significant to the Group.
These material topics are reviewed and endorsed by theGroup’s CSRC and Senior Leadership Team.

In June 2023, we conducted a sustainability workshop where more than 100 champions and team members provided feedback on the organisation's
sustainability goals, strategies and action plans. We reaffirmed our commitment to ESG to realise our goal and serve as stewards of the ocean. During theworkshop, we delved into various material factors, and brainstormed recommendations and impactful targets

OUR
CORE
VALUES
SafetyA guidingprinciple behind
everything we doPeople-focused
Where people are
the priority
because we care

Integrity

Committed
to doing theright things

Excellence
Relentless
pursuitof excellence

Customercentricity

Sustainability

Committed to being a
responsible
Committed to our
corporate citizen
customers’ successPriority

Customer
Alignment andConfidence
Workplace Safety
and HealthInnovation andSustainable
Solutions

Compliance,
Governance andAssurance
Environmental
Sustainability

Growing significanceMateriality of material topic

Human Capitaland Rights

Supply Chain
Managment

13

MonitorSustainability
Report2023

Community
Engagement

Well-managed

Improvement in progress

Needs improvement

Material Topics Legend

Management of material topic
GovernanceCompliance,
Governance andAssurance
Supply Chain
Management
Customer
Alignment andConfidence

Environmental

Innovation andSustainable
Solutions
Environmental
Sustainability

SocialHuman Capitaland Rights
Workplace
Safety and
HealthCommunity
Engagement

Please refer to the respective chapters in this report for more details on how we managed these topics.

SUSTAINABLE
VALUE CHAIN
Seatrium integrates sustainability principles and practices across the entire
life-cycle of our products or services. From the initial sustainable design andresponsible sourcing of raw materials all the way until delivery to our end customer,
we emphasise reducing environmental impact, efficient use of resources, and thepromotion of social responsibility at every stage of our value chain.

Supplies, Materials andLabour Procurement

Product and Solutions
Development

Business Development

14
Seatrium
Limited

We focus on driving sustainablegrowth, strengthening market positionand creating long-term value bycapitalising growth opportunities,
forming strategic partnerships,
exploring new markets, andimplementing effective businessstrategies. We also identify emerging
trends and market demands,
enabling us to adapt and evolvein response to changing customer
needs and competitive landscapes.
We actively pursue growth in the
renewable and cleaner/green sector
to align with our commitment tosustainability.

We develop sustainable solutions
aimed at lowering carbon footprint
and mitigating adverse effects on
marine ecosystems and biodiversity.
We also focus on providing energy
and resource-efficient designs andengineering solutions that minimise
the utilisation of natural resources
and hazardous materials. Additionally,
we provide support to our customers
in developing Inventory of Hazardous
Materials documentation to ensurecompliance and safety standards are
met throughout the life-cycle of theirproducts.

We ensure that raw materials are
responsibly and ethically sourced,
considering factors such as fairlabor practices, human rights, andenvironmental stewardship. Ourcommitment to transparency andtraceability across the supply chain
enables us to track the origin andsustainability credentials of materials
and products. Our procurement
practices align with Seatrium codes ofconduct and government regulations,promoting sustainability and ethicalstandards. We procure sustainable
materials from non-conflict sourcesand engage in responsible service
and manpower contracting to uphold
our ethical principles.
Read more about our procurement
practices on pages 42 to 49.

Read more about our solutions
development on pages 52 to 61.

Read more about our businessactivities on pages 30 to 41.

Stakeholders

Customers

Employees
and Union

Material Factors

Government,
Regulators andIndustry Partners

Customers

Employees
and Union

Government,
Regulators andIndustry Partners

Suppliers andSubcontractors

Employees
and Union

Government,
Regulators andIndustry Partners

Production and Operations
We embrace sustainable
manufacturing practices,incorporating renewable energy
sources, eco-conscious materials,
and sustainable production methods.
We implement measures to reduceresource consumption, minimise
waste generation, and optimise
energy usage throughout the
production process. Additionally, we
uphold fair and sustainable labor
practices, creating a diversified andinclusive work environment. Quality,
health, safety, and environmental
standards are integrated into
our value chain processes toensure compliance with regulatory
requirements and classification
standards.
Read more about our operational
management on pages 62 to 73.

Employees
and Union

Government,
Regulators andIndustry Partners

Transportation and Delivery,
Solutions in Operation
We adopt low-emission towing
operations to uphold environmental
sustainability. We provide
comprehensive training anddocumentation to ensure the safe
and sustainable operation of our
products. Furthermore, we offer
extensive after-sales support,
ensuring that our customers receive
ongoing assistance and guidance.
We also provide technical support
for proper end-of-life treatment
and recycling of our products,
demonstrating our dedication toenvironmental responsibility andresource conservation.
Read more about our delivered
solutions on pages 30 to 41.

Suppliers andSubcontractors

Customers

Government,
Regulators andIndustry Partners

Stakeholders Management
Engaging investors, financial
professionals, government agencies,and communities in ESG initiatives
is integral to our sustainability
efforts. We aim to make positive
ESG impacts and achieve sharedsustainability goals throughcollaboration, sharing best ESG
practices, and driving continuous
improvement across the entire value
chain.
Read more about our stakeholder
engagement on pages 16 to 17.

Investment,
Finance andMedia Community

Government,
Communities
Regulators andIndustry Partners

15
Sustainability
Report2023

STAKEHOLDERENGAGEMENT
Seatrium recognises that creating sustainable value for all our stakeholders is essential to the Group’s long-term
success. Regular engagement with our stakeholders allows us to comprehend and address their concerns, whilestrengthening the vital relations that our business relies on.
Our six stakeholder groups:

Customers

16
Seatrium
LimitedSignificance
Customer confidence andpartnership are key elements
contributing to the success of ourbusiness. We aim to build lasting
relationships with our customers,
working together to achieve
shared purposes by continuallyenhancing our products andservices in alignment with their
evolving needs.
Stakeholders’ Expectations& Concerns
Reliability, cost-efficient, timely
delivery, quality and safety of
products and services; dataprotection and information
security; innovations andsolutions; ESG; Health, Safety
and Environment (HSE).
Key Engagement &Communication Platforms
Regular meetings; ongoing
communication; customer
satisfaction surveys andcontinual improvement.
Our Response
Read more about our customers
engagement and contribution tocustomers’ requirements to build
confidence on pages 30 to 41.

Suppliers andSubcontractors
SignificanceDeveloping strong relationships
with our suppliers andsubcontractors is vital for ensuring
our business and operation
continuity. Within our supply
chain management framework,
we establish robust procurement
processes to mitigate disruptions,maintain competitiveness, ensurecompliance and encourage theadoption of more sustainable
practices.
Stakeholders’ Expectations& Concerns
Scope 3 supply chain emissions;human rights; compliance;
circularity; HSE; responsible
procurement practices;collaboration.
Key Engagement &Communication Platforms
Regular meetings; regularsite visits and audits; Supplierqualification and evaluation
process; communicating ESG
requirement in Seatrium’s Supplier
Code of Conduct.
Our Response
Read more about ourmanagement of suppliers andsubcontractors on pages 42 to 49.

Employees
and Union
SignificancePeople are our biggest assets.
We strive to promote a healthyand safe work environment while
cultivating a diverse, talented andinclusive workforce with an open
culture. This enables us to foster
close collaboration and a stronger
sense of belonging.
Stakeholders’ Expectations& Concerns
Safe work environment; training
and development; compensation
and benefits; diversity, equity
and inclusion; fair employment;
human rights; channel for raisinggrievances and work concerns.
Key Engagement &Communication Platforms
Townhalls; emails; staff events;
employee dialogue sessions;
union engagement; visits tooperating units and dormitories;
appraisals; training andmentorship programmes; feedback
channels and daily Take-5.
Our Response
Read more about our diversity,
equity and inclusion programmes
on pages 76 to 93.
Read more about our WSH
practices and programmes on
pages 94 to 101.

Investment,
Finance and Media
Community

Government,
Regulators andIndustry Partners

SignificanceShareholders play an importantrole in the financing andgovernance aspects of ourbusiness. Our Investor Relations
Policy sets out the principles
that the Company abides by toensure a level playing field andhelp shareholders and prospective
investors make well-informed
decisions.

Significance
Policies and regulations cansignificantly impact and present
new opportunities to our business.
We actively engage government
agencies and industry partners tocollaborate and keep abreast withthe latest policy development.

Stakeholders’ Expectations& Concerns
Business strategy, direction andresilience; financial performance;
timely update; transparent andopen communication; ESG
strategy and performance;
Corporate governance andcompliance.
Key Engagement &Communication Platforms
Results announcement andbusiness updates; CapitalMarkets Day; press release;
Annual General Meetings andExtraordinary General Meetings;
engagement with investors,
analysts and media; Roadshows
and investor conferences; Website
and social media.
Our Response
Read more about our engagementwith the investment community
on pages 50 to 53 of our Annual
Report 2023.

Stakeholders’ Expectations& Concerns
Economic development andtaxation practices; regulatorycompliance; supporting national
initiatives; collaboration andjoint development opportunities;
sharing of knowledge and bestpractices; leading industry
institutions and collaborations.
Key Engagement &Communication Platforms
Site visits and meetings withgovernment representatives andtrade associations; collaboration
with IHLs; support for international,
national and industry-level events.
Our Response
Read more about our economic
contribution and value creation
on pages 18 to 21 and ourcollaboration with industry partners
throughout the report.

Communities

SignificanceWe embrace our role as anactive corporate citizen and acaring organisation by actively
participating and volunteering
a wide range of community
improvement and industry
development initiatives, with theaim of driving a positive difference
to the local community, where we
operate.
Stakeholders’ Expectations& Concerns
Support for social andenvironmental causes, including
community, environment, active
lifestyle, industry development,
community investments,
volunteerism.
Key Engagement &Communication Platforms
Organising and sponsoring ofcommunity events; volunteer
programmes; industry outreach;thoughts leadership and industry
knowledge sharing; social media.
Our Response
Read more about our support forsocial and environmental causes
on pages 102 to 107.

17
Sustainability
Report2023

ECONOMIC CONTRIBUTION
AND VALUE CREATION
Seatrium has played a prominent role in advancing
Singapore’s maritime tradition, evolving in tandem with
the nation’s industrialisation journey, and contributing
to the nation’s economic growth. In combining two
icons of the maritime industry, Seatrium is strategically
positioned to support the twin engines of growth: energy
security and energy transition. This combination is
expected to unlock synergies, fostering sustainable
and long-term value for all our stakeholders, whilestrengthening Singapore’s position as both a maritime,and offshore and marine hub.
Sustainability, ingrained in the core of our business,
products, and strategy, fuels our efforts to grow ourorder book and build future-ready capabilities. Thisaligns with our dedication to support the industry’s
energy transition towards a sustainable operativeenvironment and delivering sustainable long-term value
to stakeholders. In 2023, the Group achieved a revenue
that has more than tripled to S$7.3 billion, attributable
to a more robust order book following the combination,strong project execution, and higher repairs & upgrades
activities.
Underlying EBITDA, which excludes exceptional
items, surged 456% year-on-year to S$628 million in
FY2023, compared to S$113 million in FY2022. This
substantial growth in underlying EBITDA reflects strong
project execution and cost efficiencies during the year.
Additionally, we have narrowed our Underlying Net Loss
to S$28 million for FY2023, a significant improvementfrom S$141 million in FY2022. Notably, underlying net
profit was S$33 million in 2H2023, a reflection of an
improved underlying business performance.

2023 STRONG UNDERLYING FINANCIAL PERFORMANCE,REFLECTING OPERATIONAL EXCELLENCE
Revenue

18
Seatrium
Limited

S$7.3b
S$1.9b
vs. FY2022

Positive Underlying EBITDA1

Underlying Net Loss1

S$628m S$28m
S$113m
vs. FY2022

S$141m
vs. FY2022

The Group sustained a net loss of S$2.02 billion in FY2023, primarily due to exceptional items that include non-cash
write-downs of surplus and non-core assets, and excess/obsolete inventory arising from our strategic review, as well as
provisions for contracts, legal and corporate claims, and merger expenses, which amounted to S$2.1 billion.
As we emerge from the challenges of a prolonged cyclical downturn, Seatrium is strategically positioned to capitalise on
the strong industry tailwinds. For more information on our financial performance, please refer to our Annual Report 2023.

The marine & offshore engineering industry contributed S$14.3 billion to Singapore’s total output2, playing a crucialrole in cementing Singapore’s position as a global maritime hub. In every locations that Seatrium operates in, we
strive to actively contribute to the industry’s advancement and value creation
1 Underlying EBITDA excludes exceptional items which comprise write-downs, provisions for onerous contracts, legal and corporate claims, and merger expenses.
2 https://tablebuilder.singstat.gov.sg/table/TS/M355171

SUSTAINABLE-LINKED FINANCE
Sustainability-linked financing is a key instrument inadvancing sustainable development and supporting
the real-economy transition to net-zero. As we navigate
the transformative landscape of this critical decade, theimperative role of sustainability-linked finance becomesincreasingly apparent. It serves as a catalyst in propelling
us towards a healthier, more resilient, and sustainable
future.

building a thriving low-carbon economy. This approach
not only demonstrates our commitment to environmental
stewardship but also positions Seatrium as a frontrunnerin sustainable business practices. By integrating
sustainability into our financial approach, we pave theway for a future where economic growth is harmoniously
coexists with environmental responsibility, thereby
benefiting both our company and the planet.

Our commitment to achieving net-zero emissions
underscores our dedication to sustainability, andguides our financial practices and strategic initiatives.
By embracing sustainable-linked finance, we harness atransformative opportunity to align our business activities
with our sustainability vision, ensuring every financial
decision contributes to our overarching objective of

In 2023, Seatrium has successfully secured over S$2
billion in sustainable and green financing. This significant
milestone is a demonstration of our ongoing efforts inpursing sustainability within our business operations.
It underscores our steadfast commitment to long-term
stakeholder value creation and reaffirms our pivotal role indriving the energy transition within our industry.

Seatrium Sustainability-Linked Finance Framework was established in
2021, which enabled us to secure two sustainability-linked loan facilities.

19

2021

Sustainability
Report2023

The second loan was
secured with anotherregional bank in
September 2021.

September
2021

The first loan was secured with DBS
Bank in February 2021, believed tobe the first Singapore Overnight Rate
Average (SORA)-based sustainabilitylinked loan for the maritime industry.

February2021

In July 2023, Seatrium secured a EUR720 million Green Trade Finance
Facility from OCBC Bank. The facility, being one of the industry’s
largest trade financing solutions and with alignment to the Green Loan
Principles, attests to our dedication towards green technology andrenewable energy solutions.

July
2023
Seatrium secured two Sustainability-Linked Convertible Loans of
US$500 million and S$400 million from Standard Chartered Bank and
DBS Bank in October and December 2023 respectively. These loans
feature interest rate discounts linked to pre-determined ESG targets
that are aligned with Seatrium’s Sustainability Vision 2030.

December
2023

ECONOMIC CONTRIBUTION
AND VALUE CREATIONDIRECT AND INDIRECT ECONOMIC IMPACTS
The marine, offshore and energy industry holds significant
importance in the major economies where Seatrium andits products operate, contributing substantially to economic
growth and value creation. In 2023, the Group continued
to generate both direct and indirect economic value for all
stakeholders in a sustainable manner. Our contribution toeconomic and social growth includes creating employment
opportunities for our staff, sourcing goods and services
from suppliers and subcontractors, paying taxes to thegovernment, and supporting local communities.
Seatrium generated S$7.29 billion of direct economic value
for our stakeholders in 2023, with distribution throughour business operations to employees, suppliers, subcontractors, governments, capital providers and community
organisations.
The Group recognises that tax compliance is a corporate
responsibility and is committed to applying the GRI

20
Seatrium
LimitedStandards in relation to tax. Tax information relating to thestandards will be made available on our corporate website
at www.seatrium.com.
In 2023, the Group received a total of S$11.3 million in
financial assistance, with 100% from the government ofSingapore.
The Group’s strategic focus on renewables and cleaner/green solutions is in support of the marine, offshore andenergy sector’s commitment towards decarbonisation anda sustainable operative environment. In 2023, Seatrium’s
net order book stands at S$16.2 billion, of which 39%
is from renewables and cleaner/green solutions. The
renewables and cleaner/green solutions delivered
by Seatrium created both positive direct and indirect
economic impacts. Further details on our projects can befound in the Customer Alignment and Confidence chapter
from pages 30 to 41.

Direct Economic Value
Generated in FY2023

Economic Value Distributed in FY2023

Economic Value
Retained in FY2023

S$7.29 billion

Employees-S$1.62
billionTotal value added for
distribution

S$1.11 billion(2022: S$1.95 billion;
2021: S$1.86 billion)

We factor in wages and salaries,
employer’s contribution to Singapore’sCentral Provident Fund and otherequivalent pension schemes in different
countries, and other staff benefits.
(2022: S$538 million; 2021: S$430 million)

Suppliers andSubcontractors

S$7.40 billion

We cover materials and services costs
related to purchases of goods andservices, along with other operating
expenditures.
(2022: S$1.37 billion; 2021: S$2.45 billion)

Government

S$107 million

We account for taxes to the countries
and tax jurisdictions in which we
operate.
(2022: S$58 million; 2021: S$49 million)

Capital Providers

We account for interests paid tocapital providers

S$288 million (2022: S$137 million; 2021: S$83 million)
Community

S$2.50 million

We include investment for community
engagement to advancement insocietal development and industry
progress.
(2022: S$2.88 million; 2021: S$3.04 million)

Value retained(2022: -S$0.16 billion;
2021: -S$1.15 billion)

21
Sustainability
Report2023

In March 2022, Seatrium delivered the Hornsea 2 Offshore Substation and Reactive Compensation Station. Seatrium
Offshore Renewable Services (ORS), based in UK, subsequently won the planned preventive maintenance for both
stations in November 2022. This signifies Seatrium’s expansion of its service value chain and contribution to therenewable energy sector. Located in the North Sea, Hornsea 2 supplies sustainable and resilient power to over 1.4
million UK homes

INDIRECT VALUE CREATIONWind energy is a vital asset for the economies of Asia,
Europe, and the USA, contributing to energy security andenvironmental sustainability. Throughout the COVID-19
pandemic and geopolitical crisis, wind energy has
demonstrated remarkable resilience, providing a stable
and reliable source of electricity even during challenging
times. This resilience underscores the importance ofdiversifying energy sources and transitioning towards
cleaner and more sustainable options.
In addition to economic benefits, wind energy playsa pivotal role in advancing the transition to a green
economy. By reducing reliance on fossil fuels andmitigating greenhouse gas emissions, wind energy helps
combat climate change and promotes environmental
stewardship. Moreover, the development of offshore windprojects brings added advantages to communities residing

near wind farms. These projects create opportunities
for local employment, stimulate economic growth, andcontribute to community development initiatives.
Offshore wind farms also contribute significantly to the
avoidance of millions of tonnes of emissions, further
enhancing their environmental impact. By harnessing thepower of offshore wind, these projects generate clean andrenewable energy, displacing emissions from conventional
fossil fuel-based power generation. This not only helps
reduce air pollution and mitigate climate change but also
fosters a more sustainable and resilient energy system for
future generations.
For more information on Seatrium’s indirect economic
impacts on the environment and society, please refer tovarious chapters throughout the report.

OPERATING ARESPONSIBLE
BUSINESS

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No piles are driven into
the seabed resulting in a

Convert approximately
900 megawatt (MW) of
green electricity, capable ofpowering a city over
1.1 million households

quieter, more gentle
environment formarine life.

1st High Voltage Direct

Current (HVDC) project with66 kilovolt (kV) Alternating
Current (AC) direct connection

Bringing Offshore Wind Energy to Shore: On 16 October 2023,
prominent consortium partners, Seatrium and Aibel, marked asignificant achievement with the successful sailaway of DolWin epsilon
from Singapore for TenneT. The HVDC platform featuring state-of
the-art design and advanced technology, charts the course towards
a sustainable future. The platform is set to play a pivotal role in the
DolWin cluster within the German sector of the North Sea wind farmwith crucial responsibilities in collecting, converting, and transmitting
high-voltage power generated by wind turbines, after completion of final
phase of works in Norway.

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apici optatibus voluptatibus aut volorib ustiist ventes alit
parum fuga. At odis non consequo to tem ut fugitate ipsam
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culpa dic torrovite voluptat.s ex essequis acestrum qui

COMPLIANCE, GOVERNANCE
AND ASSURANCE
Having a strong governance foundation is important to the success of Seatrium. The
establishment of a robust governance framework and processes empower us to build
and uphold trust and confidence among stakeholders. This, in turn, fosters both longterm and sustainable value and performance.
We are committed to conducting our business responsibly towards the environmentand society. This involves upholding the highest standards of governance,
establishing a resilient risk management system, and ensuring compliance with
relevant laws and regulations.
Compliance, Governanceand Assurance

EFFECTIVE GOVERNANCE AND PRUDENT DECISION MAKING
Our Sustainability Governance Structure

BOARD OF DIRECTORS24

CORPORATE SOCIAL RESPONSIBILITYCOMMITTEE (CSRC)

Seatrium
LimitedSENIOR LEADERSHIP TEAMSUSTAINABILITY SECRETARIATSUSTAINABILITY WORKING COMMITTEES
Material ESG Factors

At Seatrium, our Board of Directors exercises oversightover the Group’s sustainability strategies and programmes,
The Board considers sustainability issues and stakeholder
feedback as part of the Group’s strategy, business andoperation plan, including sustainability-related risks andopportunities associated with climate change. The Board
is ultimately responsible for the Group’s sustainability
performance and reporting.
The Board is supported by the CSRC in fulfilling its
oversight responsibilities over ESG matters. The CSRC
meets quarterly to provide guidance on sustainability
matters, covering topics on carbon management, diversity,
equity and inclusion. Since its establishment in February
2023, the CSRC has met four times between May andDecember 2023.
The Senior Leadership Team, led by the CEO, comprising
key executives from various business and operational
function units, meets monthly for decision-making andproviding guidance on key sustainability matters, including
strategies, plans, performance and reporting.
The Group’s Sustainability Secretariat plays a key role inmanaging and coordinating day-to-day sustainability mattersand effort. This includes working with sustainability working
committees and reporting sustainability matters to therespective board and Senior Leadership Team.
The Sustainability Working Committees, consisting ofchampions from diverse units across our global operations,
are involved in executing and monitoring the progressof approved sustainability plans. Additionally, thesecommittees ensure that ESG matters, including risks andopportunities, are considered in all facets of our businessand operations.

ALL STAFFAll Seatrium employees are encouraged to embrace andcontribute to the Group’s sustainability endeavours.

Board Competency, Diversity and Training
The Board has established policies to ensure that our directors have the appropriate competencies to effectively performand discharge their duties and responsibilities. In addition, they also ensure that the Board is made up of memberswith diverse backgrounds and experience, including diversity of nationality, ethnicity and gender with such members
demonstrating appropriate knowledge, experience and understanding of the business and markets in which the Group
operates in.
All directors are required to attend sustainability training and participate in regular stakeholder engagement by means of
townhalls, business, and corporate social responsibility events.

25
Sustainability
Report2023

Seatrium’s Board Chairman, Mr Mark Gainsborough, delivered a keynote speech at the Singapore International Energy
Week, highlighting Seatrium’s efforts and commitment in driving industry-led net zero innovations

At the Fireside Chat on “Innovate to Zero - The Leadership Perspective” at the Singapore Norway Innovation
Conference 2023, our CEO, Mr Chris Ong, shared perspectives on how a multifaceted approach is needed to drive
innovation and progress towards net-zero

COMPLIANCE, GOVERNANCE
AND ASSURANCE

26
Seatrium
LimitedOur Board of Directors, comprising Ms. Ieda Yell, Ms. Astrid Skarheim Onsum, and Ms. Mariel von Schumann, visited
our Batam Yard (PT SMOE Indonesia) to engage with Seatrium’s team and observe the ongoing construction of offshore
wind and LNG projects. This photo was captured in the yard featuring the “WELDING MAN” (middle), a sculpture
crafted from stainless steel pipe and fittings. This unique artwork was conceptualised by a group of creative and skilledapprentices. Seatrium uplifted the skills and lives of our employees through comprehensive training programmes

Governance Bodies
by Race or Ethnicity* (%)
Asian

40

European
Lebanese
Latino40
10
10Governance Bodies by Gender* (%)
MaleFemale70
30

Governance Bodies by Countryof Residence* (%)
Singapore
United Kingdom
Isle of Man
NorwayGermany

60
10
10
10
10

Governance Bodies by Tenure* (%)
Governance Bodies by Age Group* (%)>50 years old
90
30 - 50 years old 10<30 years old
0<1 year40

1 – 2 years>2 years

50
10

For more information on Board Diversity, Performance Evaluation, Renumeration Policies, and Conflicts of Interest,
please refer to pages 54 to 73 of our Annual Report 2023.

Our Policies, Commitment and Communication
Sustainability is anchored in our various corporate policies, which outline guiding principles for business conduct that
we expect employees across our global operations and stakeholders to adhere to. These policies set high standardsof conduct to achieve desired outcomes for each of our eight material factors as follows:
Material Factor

PolicyStakeholders

Compliance, Governanceand Assurance

Code of Conduct

Employees, Third Party Associates andRepresentatives

Board Diversity Policy

Shareholders

Anti-bribery andAnti-corruption Policy

Employees, Director, Suppliers, Subcontractors
and Third Party Associates

Whistleblowing Policy

All persons, including Employees

Gifts and Hospitality Policy

Employees

Supply Chain Management

Supplier Code of Conduct

Suppliers and Subcontractors

Human Capital and Rights

Human Resources Policy

Employees

Human Rights Policy

Employees

Community Engagement

Donation and Sponsorship Policy

Employees

Environmental Sustainability

Environmental
Management Policy

Employees, Customers, Suppliers andSubcontractors

Workplace Safety and HealthWorkplace Safety and
Health Policy

Employees, Customers, Suppliers andSubcontractors

Customer Alignment andConfidence

Quality Management Policy

Employees, Customers, Suppliers andSubcontractors

Policies are accessible to Seatrium’s employees. In addition, the relevant policies are made available on our website(www.seatrium.com) for all our stakeholders. For our overseas entities, these policies are translated into the local
languages, where necessary. For more information on our Whistleblowing Policy, please refer to pages 70 to 71 of our
Annual Report 2023.

EFFECTIVE ENTERPRISERISK MANAGEMENT
A formalised Enterprise Risk Management (ERM)
Framework has been established by the Group to ensurea robust system is in place to identify, assess, prioritiseand monitor sustainability-related risks and opportunities
arising from our operations.
Seatrium’s risk management process is continuous anditerative. Working in conjunction with the Sustainability
Secretariat, the Group’s Risk Management Officesystematically identifies sustainability-related risks andopportunities, assesses their likelihood and impact on
the business, and implements mitigating controls, taking
into account the risk appetite and cost-benefit trade-offs.
The information is maintained in the Integrated Assurance
Framework (IAF) register that is reviewed and updated
regularly.
Please refer to pages 74 to 77 of our Annual Report
2023 for comprehensive information on the Group’s Risk
Management.

Through our risk management process, “Climate
Change and Decarbonisation” have been identified as
strategic risks.
The Group is committed to putting sustainability at thecentre of operations, products and strategy, adopting a
net zero pathway to 2050 and setting decarbonisation
targets. This entails sustainable sourcing, as well as
engineering innovative and sustainable solutions for ourcustomers and running our operations sustainably to
mitigate our impact on climate change, biodiversity loss
and enable a circular economy. The Group also monitors
changes in sustainability and climate-related regulations,and proactively engages various stakeholders to discuss
the Group’s sustainability ambitions and initiatives. Pleaserefer to pages 62 to 73 for more information on ourenvironmental management initiatives.
As part of ongoing efforts to provide a morecomprehensive and robust basis of assurance for theadequacy and effectiveness of our risk management andinternal control systems, the Group has transitioned to
the IAF, putting greater emphasis on the three Lines of
Defense model.

27
Sustainability
Report2023

COMPLIANCE, GOVERNANCE
AND ASSURANCEEFFECTIVE COMPLIANCE
Framework and Governance Structure
A Compliance Programme Framework has been
established by Seatrium to ensure that a robust system isin place to prevent, detect and resolve compliance related
issues.
The Board Audit and Risk Committee (ARC) supports theBoard in its oversight of compliance and is responsiblefor driving the Group’s implementation of compliance andstrengthen corporate governance.
Seatrium has established a Compliance Charter whichsets out the objectives, authority, reporting, scope, andresponsibility of the Compliance Function. The Head of theCompliance Function (CF) reports to the Chief Risk Officer,
with a direct reporting line to the ARC. A Compliance andRisk Committee is also established, comprising of the mostsenior officers of the Company and chaired by the Chief
Executive Officer. This Compliance and Risk Committee
provides direction, decision-making and approvals related
to the Compliance Programme. All activities of said
committee is also updated to the ARC.
To embed compliance ownership in the business,compliance associates are also appointed from eachBusiness Units (BUs), reporting directly to the Head of
the CF with regards to the compliance scope. These
compliance associates assist to implement the Compliance
Programme in their respective BUs, providing a feedback
mechanism to the Compliance Functions. In FY2023,
there were no incidents of non-compliance with laws andregulations resulting in significant fines and non-monetary
sanctions.

Seatrium Compliance Programme Framework

Seatrium Board of Directors

28
Seatrium Board Audit and Risk Committee

Seatrium
LimitedSeatrium Compliance and Risk Committee

Tone from the Top

PREVENT• Whistleblowing• Investigations• Robust Process
and Procedures• Audits• Disciplinary
Policy• Training
Compliance
Associates• Due Diligence• Standardisation• Controls

Compliance
Associates• Outreach andCommunications• Controls• Feedback
Sessions• Reporting andEscalation• Review, Update
and Enhancement
to Preventions

Effective Compliance Culture• Policies

Anti-bribery Management System

Seatrium
HQ
ComplianceTeam

RESOLVE

Code of Conduct

Compliance
Associates

DETECTTraining and Communications
Training is an essential component of our Compliance
Programme framework. Our programmes are tailoredto specific audiences, and we leverage Group-wide
forums to reiterate key messages. We have rolled out
our inaugural annual e-learning training programme in
November 2023 which is mandatory for directors, officers,
and employees globally. The content of the training covers
the anti-bribery and corruption, conflict of interest as wellas whistleblowing. Directors, officers and employees are
required to undergo assessments to successfully complete
the training and they are also required to formally declare
any potential or actual conflicts of interest. This training

was also carried out in multiple languages for industrial/
general workers as well as where required at our overseas
locations. We will continue to refine our compliancetraining programmes and curriculum. We are also focusing
on developing and tailoring training content to varying
target groups and training needs and have put in placea compliance training plan covering various compliance
topics for the next two years.
Our anti-corruption policies and procedures have beencommunicated to all our directors, employees (Group
1 and 2), suppliers and subcontractors across our global
operating countries.*(2022: 100%)

Based on the total employees eligible for the Annual Training and
Declaration Exercise, we have achieved 100% completion rate globally for
21,500 employees1*. (2022: 7,040, 72%)
59.9%

Employee
Category

ALL our

40.1%

Group 12Group 23

Directors

Sustainability
Report2023

have received
training on
anti-corruption*(2022: 100%)

29

2.4%
1.5%
3.0%
3.5%
5.5%

Country
27.4%

Singapore
BrazilUSA
Philippines
56.7%

China
Indonesia
Rest of the World4

Key Processes
Seatrium has put in place a risk-based due diligence process for all third parties we engage with. The due diligenceprocess includes background checks and incorporates requirements for Third Party Associates to comply with our
Code of Conduct, and mandatory compliance contractual clauses to be included in contracts with them.
In 2023, according to the Singapore’s Corrupt Practices Investigation Bureau (CPIB) website, there were threereported cases related to corruption. It is noted that Seatrium has put in place a robust Compliance framework,
including the ISO 37001 Anti-bribery Management System, for which its major operating entities have been certified.
Further details of our compliance programme can be found on pages 78 to 79 of our annual report.
1 2,734 employees on Leave of Absence / Terminated were not eligible for this exercise.
2 Group 1 employees refers to all executive & non-executive employees.
3 Group 2 employees refers to: i) Industrial/General Workers and ii) Non-Executive with these job titles: Drivers, cleaners, mechanics, logistics/ warehouse assistants, forklift/crane
operators, technicians, electricians, security guards, despatcher, maintenance and operations.
4 Rest of the World includes Malaysia, India, Japan, UAE, UK, Norway, France, Poland, Mexico.

CUSTOMER ALIGNMENT
AND CONFIDENCE
Trust is the cornerstoneof our business, withcustomers and partners
trusting us as theirpartner in the net-zerotransition.

products and solutions in alignment with the customers
evolving needs. We will put in relentless effort to deliver
high quality products and solutions in a safe, reliable,
timely and budget-conscious manner.
Our Integrated Business and Global Delivery Platform
We bring together world-class talents and engineering
capabilities to create transformative and sustainableoffshore and energy solutions. We leverage our combined
wealth of experiences, engineering bench strength andoperational capabilities to serve customers effectively.

We aim to grow a strong
customer base throughour global network,
create brand loyalty, andCustomer Alignmentbuild trust which proved
and Confidence
vital to our profitability
and growth. To achieve
this goal, the Group will continue to exemplify quality to ourcustomers, go above and beyond in customer services,offer global support, and implement effective execution
strategy for projects. Safeguarding our customers’ data
privacy and protecting against cyberattacks is not just an
option but a requirement.

30
Seatrium
LimitedWe serve the energy resource providers to address thechallenges of meeting short to middle-term energy security
needs while enabling the future transition of energy value
chain towards renewables and less carbon intensive
resources.
Our integrated team operates in strategic locations
across the globe, pooling resources to support projectsof any scale and complexity. We brand ourselves as apremier global player, offering offshore renewables,
new energies and cleaner solutions in the Marine,
Offshore and Energy sector through our four strategic
business units.

Seatrium aims to cultivate lasting relationships with newcustomers and returning customers and turn visitors into
customers, working together to achieve shared purpose.
Our teams are committed to continually enhance our2023 Highlights

39%

>13GW

of orderbook
from renewables andcleaner/green solutionsof transmission
assets on orderbook and track records

4

Business
Units

Oil & Gas
(International)

Offshore
Renewables

New
Energy• Fixed/Floating Offshore Wind
Substations• Circular Hull andSemi-submersible Wind
Turbine Foundations• Wind Turbine Installation
Vessels

S$16.2b
net order bookin FY2023

Oil & Gas
(Americas)

new order wins

Repairs &UpgradesCleaner O&M
Solutions• Energy Hub (Generation,
Storage, Transfer)• Low/Zero-emission
Vessels/Carriers• Electrification/Wind-assisted
Vessels

S$4.5bFixed
Platforms

27

on-going projects
with delivery
until 2030

• Carbon Capture Storage
Solutions• LNG Value Chain Solutions• Ship Conversions, Repairs
and Upgrades for Circularity• Adoption of decarbonisation
features and technologies to
FPSOs

S$1.83bof revenue fromrenewables andcleaner/green
solutions

3
Strategic
focusesAchieved

95%

customer satisfaction
in all projects

A Combination of Two Maritime Pillars
In 2023, Seatrium participated in seven major trade exhibitions, leveraging these platforms to conduct a global brandlaunch that communicated our new brand identity, combined strength and capabilities. The inaugural launch took place at
Sea Asia 2023 in Singapore.
A series of international tradeshows that followed, including Nor-shipping, Offshore Technology Conference (OTC),
Global Offshore Wind. These events serve as invaluable opportunities for our teams to re-connect with our global
customers and partners, allowing us to showcase our impressive track records and innovative engineering solutions
across Cleaner Offshore and Marine, Offshore Renewables and New Energies segments.
With our collective strengths and established track records in maritime operations and engineering solutions, we arestronger as one. As we continue to operate as one entity, we are poised to emerge as the leading innovation partner andsolutions provider for our esteemed customers.

31
Sustainability
Report2023

Global Offshore Wind 2023, London

Nor-shipping 2023, Oslo

Reception at OTC 2023, Houston

CUSTOMER ALIGNMENT
AND CONFIDENCEOUR STRONG ORDERS AND REPEATED WINSAs the world geopolitical events unfold and disrupt the energy market, Seatrium is committed to support our clientin finding a balance in the energy trilemma -  energy security, affordability and sustainability amidst the pressure toaccelerate the pace of energy transition.
In 2023, we achieved 39% of our annual orderbook from renewables and  cleaner/green projects. We are confident inmeeting our target of 40% order by 2030 through supporting our customers in their multi-energy transition approach.
We are equipped to undertake different type of projects, through our strong execution capabilities, versatilities andabilities to leverage experiences from predecessor projects to make the next one better and faster, have led to repeatedwins from our customers.

32
Seatrium
LimitedA HVDC offshore converter platform for TenneT’s 2GW offshore windfarm programme

In March 2023, Seatrium and consortium partner, GE
Renewable Energy’s Grid Solutions, secured a landmark
framework cooperation agreement to build the biggest
and most advanced HVDC electrical transmission system
for TenneT. The framework agreement currently entails
the supply of 2GW HVDC offshore converter platform forthree windfarm projects. These projects are part of theTenneT 2GW programme in the Dutch and German North
Sea, which will supply clean energy to up to 35 million
households.
This agreement marks our second partnership with
TenneT, following the successful sailaway of DolWin
epsilon in October 2023. Our commitment to sustainability,
coupled with expertise in project management anddelivery of high-quality, innovative Engineering,
Procurement and Construction (EPC) solutions, positions
us well to contribute to the renewable energy supply to thecommunities across the Europe.
This repeated win reinforces Seatrium’s established trackrecord in serving the renewable energy market, which
represents a key area of future growth for the Group. Ourorderbook also includes various other offshore renewableprojects, such as an offshore substation for Greater
Changhua 2b and 4 windfarms, an offshore substation for
Empire Wind 1 windfarm, an offshore converter station for
Sofia windfarm, and wind turbine installation vessels forMaersk Supply Service and Dominion Energy.

P-78 will be deployed in the Búzios field, located in the ultra-deepwater pre-salt Santos Basin

At Seatrium, we are committed to supporting ourcustomers in their multi-energy transition approach. This
involves stabilising oil and gas production to ensure
access to affordable and reliable energy sources,
expanding the LNG business to hasten the transition fromfossil to low-carbon solutions, and generating capital toinvest in developing low-carbon technologies to reduce
emissions from their assets.
Between 2021 and 2022, Seatrium secured contracts
from Petrobras to undertake the EPC of four Floating
Production, Storage and Offloading (FPSO) units thatwill be deployed in the Búzios field. Situated in theultra-deepwater pre-salt Santos Basin, these FPSOs
are scheduled for progressively delivery up to 2027.
Additionally, our yards in Brazil completed the topside
modules fabrication work for FPSO Almirante Tamandaré,that will be operating in the same field.
Seatrium has proven EPC newbuild execution capabilities
underpinned by a strong track record of delivering
floating production facilities to FPSO operators and oil
majors. Coupled with our state-of-the-art yard facilities in
Singapore and Brazil, we are well-positioned to undertake
complex projects while benefiting the local communities
through job creation.
Given the similarity of four of the FPSOs, subsequent
units will build on synergies reaped from earlier units. This
includes adapting design and engineering, optimisingprocurement of materials, and streamlining construction
process to achieve greater economies of scale andproductivity gains during execution. As such, we aim
to generate shareholder value by increasing sales andearnings through securing projects with proven operational
efficiency.
Petrobras unveiled its 2024-2028 strategy plan with thegoal of becoming the best diversified and integrated
energy company, focused on generating value andbuilding a more sustainable world. This strategy involves
reconciling the company’s focus on oil and gas withdiversification into low-carbon businesses, sustainability,
safety, respect for the environment, and a strong focus on
people.
In terms of exploration and production, Petrobras aims tomaximise the value of its portfolio by focusing on profitableassets, replenishing oil and gas reserves, and exploring
new frontiers. Additionally, the company plans to increase
the supply of natural gas and promote the decarbonisationof operations. This includes setting ambitious targets,
such as re-injecting 80 million tons of CO2 through Carbon
Capture Storage (CCS) by 2027, achieving zero routine
flares, and reducing the intensity of methane emissions by
70% compared to 2015 levels by 2030.
Three of the units are part of Petrobras’ new generation
FPSOs with high production capacity and technologies
to reduce carbon emissions. Initiatives to mitigate carbon
emissions include closed flare technology, methane gas
detection systems, and Carbon Capture, Utilisation andStorage (CCUS) technology.
Drawing on decades of experience in oil and gas projects,
our strong capability in innovation and technology enable
us to effectively support our clients in their decarbonisation
strategy and journey.

33
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CUSTOMER ALIGNMENT
AND CONFIDENCEIn December 2023, we won a contract from Shell Offshore for the fabrication of Sparta, a semi-submersible Floating Production Unit (FPU). This marks ourthird contract with Shell, following the successful projects Shell Vito and Shell Whale. FPU Sparta replicates about 95% of the hull and 85% of the topsidesof Shell Whale and will feature all electric topsides compression equipment to minimise emissions during operations. This project exemplifies sustainability
through the standardisation of asset designs and the implementation of energy-efficiency measures to mitigate operational impacts. This is a testament tothe strong value creation and partnership fostered over decades of collaborations and the trust that our customers have placed in us

34
Seatrium
Limited

Bagged the contract for the fabrication of three units of topside modules
fabrication of FPSO Raia from Offshore Frontier Solutions in October
2023: This projects represents our 8th collaboration with MODEC andunderscores our longstanding relationship and proficiency in executing
complex offshore projects in Brazil

Agreement with Chevron Shipping on a lower carbon LNG fleet
modification project: This agreement, secured in February 2023,
highlights our commitment to sustainability and innovation in the LNG
sector, as we work towards reducing carbon emissions in maritime
transportation

Awarded a contract for the engineering, procurement and construction of
an offshore substation for Empire Wind 1 in May 2023: This project further
demonstrates our capabilities in the renewable energy sector, as we contribute to
the development of offshore wind infrastructure for Empire Wind 1

These projects showcase Seatrium’s diversified portfolio and continued success in high-profile projects across various
sectors, reaffirming our position as a leading provider of innovative solutions in the offshore, marine and energy industry.

PROMOTING A CIRCULAR ECONOMY THROUGH SHIP CONVERSIONS,UPGRADES AND MAINTENANCE OF VESSELS
Circular economy is one of the recognised environmental
objectives in the European Union (EU) Taxonomy among
others.
At Seatrium, we incorporate circularity into our businessthrough ship conversions, upgrades and repairs. Our
strategic BUs have well-established track records
in FPSO conversions, Floating Storage Unit (FSU)
and Floating Storage & Regasification Unit (FSRU)
conversions, Liquefied Natural Gas Carrier (LNGC)
upgrades and repairs.

By repurposing assets through conversion, we realise anarray of benefits for our customers and communities. This
includes enabling a quicker turnaround to market, ensuring
energy security, and extending the serviceable life ofvessels, thereby enhancing their value to our customers.
Circular economy projects typically result in a significantly
reduced carbon footprint and minimise industry wastes,
benefiting the communities we operate. By emphasisingwaste reduction, material reuse, and resource recycling,
circular economy practices can significantly reduce theconsumption of raw materials and energy, leading tolower carbon emissions.

Our Proven Circular Value Chain Deliveries

35

FPSO Ngujima-Yin, major upgrading works before deployment at
the Greater Enfield oil project in Australia

Gimi, second FLNG conversion for Golar LNG, for deployment at
the Greater Tortue Ahmeyim project in the Mauritania and Senegal
maritime border

Energos Celsius, first FSRU conversion for Energos Infrastructure, fordeployment in Barcarena, Pará state, Brazil

Karmol LNGT Powership Europe, third FSRU conversion for KARMOL,
for deployment in MozambiqueSeatrium adopts the EU
Taxonomy as a primaryreference for categorisingprojects in our orderbook thatare cleaner/green solutions.
In cases where definitions
are not clear, we reference
the Green Loan Principles
or other well-establishedguidelines.

SIX EU TAXONOMY ENVIRONMENTAL OBJECTIVES
ClimateChangeMitigation

ClimateChangeAdaptation

Circular
EconomyBiodiversity
andEcosystem
Protection

Sustainable
Use andProtection of
Water

Pollution
Prevention
and Control

Sustainability
Report2023

CUSTOMER ALIGNMENT
AND CONFIDENCE
On 20 November 2023, Seatrium delivered the world’s
second converted FLNG vessel, Gimi LNG, to Gimi MS
Corporation, a subsidiary of Golar LNG Limited. In 2020,
we commissioned a study on Golar Hilli Episeyo (sister
ship of Gimi FLNG), the world’s first converted FLNG
vessel, to assess what the savings of the converted andnew built FLNG vessel would be across its end of life,
through repurposing or shipbuilding and maintenanceof the FLNG vessel. Findings show that converting an
LNG tanker into a FLNG vessel achieves 39% new steelsavings and 33% emissions savings. This is equivalent
to taking around 13,500 cars off the road for a year. This

study quantifies the environmental advantage of FLNG
vessel conversion model for Seatrium and its customer.
Through repairs and upgrades, we facilitate asset
revitalisation, allow for lifespan extension of assets, andprovide end-of-life treatment. Older vessels undergo
façade repairs and equipment upgrades to more energy
saving or efficient models, ensuring their continued
service. We support our customers in their end-of-life
assets management by preparing the assets for safer
recycling and scrapping.

36
Seatrium
LimitedHilli Episeyo FLNG offloading cargo to LNG Tanker

Completed

Completed

6

Ship Conversions

291 Repairs & Upgrades Projects
Completed Repairs
and Upgrades for

64

Completed

17

Green Retrofits

LNG Vessels andCruise Ships

46

Pioneers in Zero Carbon Vessel Retrofits

37
Sustainability
Report2023

Conversion of the Platform Support Vessel Fortescue Green Pioneer to dual-fuel ammonia and diesel operation

In July 2023, Seatrium Benoi Yard in Singapore worked on the Platform Support Vessel Fortescue Green Pioneer
to convert the vessel to ammonia dual operation. The work includes the installation of fuel delivery system, sensors
and safety mechanisms as well as double-walled pipes to prevent leakages. FFI Green Pioneer is equipped with anitrogen purging and Ammonia treatment system to meet the local air standards. The vessel is Singapore flagged
and the gas-fuelled ammonia system is approved by Det Norske Veritas (DNV). This is the first vessel in the world
to be approved to use dual-fuel ammonia and diesel within the Port of Singapore. The vessel will undergo sevenweeks of sea trial in March 2024 with the Maritime and Port Authority (MPA) of Singapore to test the storage anddelivery systems, safety mechanism and vessel seaworthiness.
By spearheading this transformation, Seatrium is shaping the maritime industry’s decarbonisation journey anddriving a crucial shift towards sustainability. Singapore’s involvement in this milestone is monumental, as it unlocks
new opportunities to leverage cutting-edge technologies and lead the next phase of growth in maritime operations.
As pioneers, Seatrium aim to set the pace and provide retrofit services to existing shipowners to prepare or convert
their vessels for low or zero carbon operations.

CUSTOMER ALIGNMENT
AND CONFIDENCE

38
Seatrium
LimitedWhale FPU, second FPU delivered on time and within budget to Shell Offshore, for deployment in the Gulf of Mexico

Third and final zero-emission battery-powered roll-on/roll-off passenger (ROPAX) ferry, Leikanger,delivered to Norled

39
Sustainability
Report2023

A pair of Jack-up rigs based on KFELS B class design, AlSila and AlSaadiyat, delivered on schedule to
ADNOC Drilling

CUSTOMER ALIGNMENT
AND CONFIDENCE
ENSURING CUSTOMER SATISFACTION AND CONFIDENCE
100% of the projects from the Oil & Gas, Offshore Wind, New Energies, Repairs & Upgrades have met the health andsafety requirement set by flag registry and classification society. We conduct regular customer satisfaction surveys
across our four BUs for all projects. In 2023, we achieved 95% customer satisfaction. From our materiality assessment,
we understand that our customers are concerned about reliability, cost-efficient, timely delivery, quality and safety of
products and services; data protection and information security; innovations and solutions; ESG; Health, Safety andEnvironment (HSE).
Uploading highest standard of quality for our
products and services

Maximising productivity andenhancing safety

Seatrium upholds the highest standard of quality
for our products and services through compliancewith the ISO 9001 Quality Management System.
In October 2023, we launched a 3-day Quality
Awareness Campaign to showcase the intricate
processes and best practices we have adopted tomaintain unparallel quality in our operations.

Seatrium demonstrated another successful
heavy lift integration of the topside module for
Shell Whale FPU in July 2023, leveraging on theexperiences from Shell Vito and 2 x 15,000 MT
gantry cranes. The built method is developed withproductivity, safety and reduce work at-height riskin mind.

Data Privacy and Cyber Security
We take a robust approach to data privacy andcybersecurity. Recognising the sensitivity of all
business data, which includes copyrights andintellectual property rights, any loss of data could
result in financial loss for the company.

a) Conducting annual cybersecurity awarenesstraining for all employees through our Human
Resources (HR) system’s e-learning platform. The
content is regularly updated to align with the latest
laws and regulations and cyber threats.
b) Regular sharing of cybersecurity best practices withmanagement, employees and sub-contractors.
c) Issuing advisories to customers and partners
regarding email scams, emphasising the importanceof only trusting emails from @seatrium.com.
d) Implementing technical measures to prevent easy
spoofing of our email domain.

40
Seatrium
LimitedAs such, we ensure that systems are in place tomaintain data privacy and security.
Our approach towards data privacy and cybersecurity
includes:One Team, Global Execution
Our engineering offices, technology companies and shipyards are strategically located in different parts of the world.
Project teams are mobilised based on considerations such as geography, local content requirements, project needs,
and the specific skillset each office can provide. This approach ensures cost efficiency and the delivery of high-quality
products to our customers with a fast turnaround.

Setting a New Record for Naval Security Solutions
The Antarctic Research Support vessel for the Brazilian
Navy was awarded by EMGEPRON to POLAR 1
Construção Naval SPE Ltda, a Special Purpose
Enterprise-company, represented by two Seatrium
Subsidiaries, namely Estaleiro Jurong Aracruz (EJA)
and Seatrium Specialised Shipbuilding Pte. Ltd, on 27
May 2022.
The vessel will be operated by Brazilian Navy tosupport research and logistics in Antarctic. This projectcomprises a global team from Singapore and Brazil
offices, capitalising on the expertise gained fromthe delivery of Research Vessel (RV) Investigator to
Commonwealth Scientific and Industrial Research Organisation (CSIRO) in 2012 and ice-classed vessels.
Representatives from the Brazilian Navy, EMGEPRON, Polar 1 and Seatrium witnessed the strike steel in May
2023 and the keel laying ceremony in October 2023.
Seatrium serves the world’s navies through design solutions, refits and upgrading services. To-date, we havecompleted 384 navy vessels repairs since 1983. LMG Marin, Seatrium Subsidiary is also the national designer
for Royal Norwegian Navy and delivered three arctic coastguard vessels.

Delivering a One-stop Solution for Engineering, Procurement, Construction, Installation and
Maintenance (EPCIM) contract

From left to right: Fabrication of typical jacket structure at our Batam Yard, Delivery of OSS and RCS topside from our Admiralty Yard andPlanned preventive and maintenance service by ORS

Seatrium successfully completed the installation of the Hornsea 2 Offshore Substation (OSS) and Reactive
Compensation Station (RCS) in end March 2022, with the wind farm achieving full operational status in end
August 2022. In November 2022, Seatrium’s subsidiary, Seatrium Offshore Renewable Services (ORS), secured
a Planned Preventive Maintenance (PPM) contract from Orsted. This is an attestation of Seatrium’s transition
from a fabricator to a service provider for the life-cycle management in the offshore renewables sector.
Seatrium is charting to expand our role in offshore hook-up and commissioning, logistics provision, and PPM
services in the European market.

41
Sustainability
Report2023

SUPPLY CHAIN
MANAGEMENT
Following the completion of the merger, Seatrium’s
supply chain function has undergone a majortransformation with a focus on achieving a harmonised
and sustainable supply chain.
Seatrium actively manages its supply chain to ensure
suppliers and subcontractors meet requirements forsustainable practices, as we build a resilient, responsible,and diversified supply chain. By setting standards within
our supply chain, we strive to uphold high standards ofcompliance in business conduct, human rights, and HSE.
Concurrently, we seek to enhance our competitivenessthrough cost savings, economies of scale and operational

synergies aligned with our core values. Our procurement
activities were conducted locally by our operating units in
Singapore, Brazil, Indonesia, China, the Philippines, theUSA, and the Middle East. In line with our commitment
to the communities in which we operate, 42% of our total
2023 procurement was spent with local vendors, which not
only supports the local economy but also minimises thelogistics-related carbon footprint.
Seatrium is committed to improving traceability,
connectivity, and mitigate environmental and social
impact through our five pillars of supply chain
management.

Supply Chain Management

42
Seatrium
LimitedStrategic Sourcing
and Responsible
Procurement

Due Diligence
and Compliance

Inventory
Optimisation

The Group has been reporting on its supply chain
management strategy, policies and practices, and we
integrate sustainability and digitalisation into our supply
chain management for enhanced reporting, sharing data
for ESG insights and mandatory disclosures, and meeting
data security requirements. We have been progressively

Harnessing
Technologies

Engagement andCollaboration

enhancing the identification and monitoring of carbon
emissions across its supply chain, with a focus onunderstanding emissions associated with the purchase ofgoods and services from suppliers and subcontractors.
For more details of our Scope 3 GHG emissions, pleaserefer to page 67 of this report.

SCOPE 3 INDIRECT EMISSIONS GENERATED THROUGHOUT OUR VALUE CHAIN
Upstream activities related to the production of our products and services

1. Purchased
goods andservices

2. Capitalgoods

3. Fuel- andenergy-related
activities(not included inscope 1 and 2)

4. Upstream
transportationand distribution

5. Waste
generated inoperations

6. Businesstravel7. Employee
commutingStrategic Sourcing and Responsible Procurement

Setting Standards in our supply chain
Seatrium expects suppliers and subcontractors to conduct their business in a manner consistent with our supply
chain principles, adhering to Seatrium’s Supplier Code of Conduct, which covers environmental, social, governanceand compliance requirements. Our approved vendors list allows for geographical diversity in sourcing to mitigate
supply chain disruption, and strategic term agreements with key suppliers to secure essential suppliers for ouroperations.
We require the supply of key materials, equipment and consumables to meet national (National Environment
Agency, Singapore) and international (International Maritime Organisation) environmental, safety and public healthand labour regulatory requirements.
Meeting and achieving standards by supply chain
As part of our Business Continuity Management process, we formulated a supplier diversification (alternative
sourcing) strategy and established strategic term agreements with key suppliers to secure essential supplies andensure uninterrupted services, covering waste treatment, freight forwarding, logistics and maintenance for projects
and operations.
We actively source equipment, materials, parts, and other items with a lower carbon footprint, including paints,
coatings and materials, as well as energy-efficient products for both our operations and projects. All goods supplied
to Seatrium are 100% asbestos-free and free from Hydrochlorofluorocarbons (HCFC) or banned materials.
In 2023, none of our key suppliers for key materials, equipment and consumables are in breach of national andinternational environmental, safety and public health, and labour regulatory requirements.

Seatrium works closely with customers to procure environmentally friendly products, such as panels with recycled raw materials to replace conventional
steel bulkhead for use in situations involving hot work, thus reducing the release of welding fumes

43
Sustainability
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SUPPLY CHAIN
MANAGEMENT
Due Diligence and Compliance

Setting Standards in our supply chain
We expect new suppliers and subcontractors to declare their compliance with business conduct, human rights,
safety and health, environmental, conflict mineral and export control/sanctions requirements outlined in Seatrium’s
Supplier Code of Conduct. We integrate sustainability criteria into our onboarding process for selecting andqualifying suppliers and subcontractors.
Meeting and achieving standards by supply chain
We implemented comprehensive due diligence processes to evaluate the credentials and reliability of suppliers andsubcontractors. Regular vendor evaluation and audits are conducted as part of continuous monitoring of approved
vendors.
Under Seatrium’s vendor qualification and registration policies, all new suppliers and contractors undergo prequalification which includes ESG criteria. Suppliers and subcontractors that do not meet our requirements or aresuspended due to compliance reasons are rejected or removed from active sourcing lists. None of our suppliers andsubcontractors are identified with significant actual and potential negative social impacts.

44
Seatrium
Limited

Newly qualified suppliers and subcontractors, including third-party representatives comprising of freight forwarding
and transportation services providers, are required to endorse Seatrium’s Supplier Code of Conduct during
onboarding. In 2023, all new suppliers endorsed Seatrium’s Supplier Code of Conduct or had their own code of
conduct meeting Seatrium’s requirements* (2022: 100%). We conducted due diligence on one supplier who was
unable to endorse Seatrium’s Supplier Code of conduct. Following the assessment, they were deemed to meet
Seatrium‘s requirement and were considered fit for appointment.

We conduct onboarding due diligence through an independent third-party compliance screening solution provider,covering various aspects such as sanctions, enforcements & watchlists, politically exposed persons (PEP), corruption,
terrorism and trafficking, conflict minerals, environmental, human rights. Daily monitoring with live alerts on newcompliance reports is provided and immediate action is taken in response to news reports concerning approved
suppliers and subcontractors to clarify and resolve any findings with them.
We assess vendors’ or potential vendors’ capability to deliver product and services as part of requisition requirements
through through our technical evaluation or vendor audit process. Periodic vendor performance evaluation andmonitoring are conducted to ensure vendors are delivering performance as required and in compliance withsustainability requirements. Evaluation criteria covers Commercial & Finance, Engineering & Documentation, Quality& Reliability and Sustainability Management.
Our suppliers comply with our emission reporting requirements for materials used and waste and disposal, whereprescribed, and provide products with Singapore Green Label and Energy Labelling Schemes upon request.
We conduct quality assurance on suppliers’ production, factory acceptance tests (FAT), on-site audits and remote
inspections to ensure compliance with technical requirements and industry HSE standards.
As part of the subcontracting management process, regular internal audits were carried out on resident subcontractors
to ensure adherence to the International Labour Organisation’s declaration on fundamental principles and rights atwork and national employment requirements. The scope of these audits includes fair remuneration, living standards,
workplace safety, and abuse and harassment. Seatrium conducts monthly interviews directly with subcontracted
workers on a rotational basis to assess their satisfactory levels, and concerns are addressed by the management of
the subcontractor companies, under a structured mechanism of monitoring and close out.

45
Sustainability
Report2023

SUPPLY CHAIN
MANAGEMENT
Inventory Optimisation

Setting Standards in our supply chain
We optimise inventory and resources usage to minimise wastage and enhance efficiency. We actively monitor ourinventory flow delivery and deployment of materials, equipment, and consumables to ensure a continuous supply.
Meeting and achieving standards by supply chain
Inventory levels are replenished from contingency supply sources to ensure operational continuity with minimal
waste. Surplus inventories, especially post-merger, are reviewed for potential reuse among our Singapore yards,
and any non-reusable surplus is recovered and sold as recycled material to licensed disposers. Our Aracruz Yard in
Brazil, EJA, had re-certified 7,647 kg of expired electrodes and approved to be used in new projects.
We actively match materials and consumables supply at our shipyards against production requirements,
implementing advanced delivery plans with strategic suppliers to optimise inventory levels and reduce wastage.
Additionally, we source globally for equipment, materials and consumables, with optimisation of sourcing routes tominimise transportation costs and carbon footprint.
We are progressively increasing the use of electric-driven equipment, such as forklift and pallet trucks, in ourwarehouses across our global operations as part of our contribution to a cleaner environment.

46
Seatrium
LimitedHarnessing Technologies

Setting Standards in our supply chain
We leverage digital platforms and technologies for procurement and subcontract processes for seamless
interaction with supply chain partners and stakeholders. This ensures business continuity, security, standardisation,
traceability, operational resilience and effective control throughout our procurement EPC source-to-pay processes.
Our policy repository platform enhances secure access to policies and procedures, enhancing the effective
management and conduct of procurement and subcontract activities.
Meeting and achieving standards by supply chain
We employ digital platforms, including the Enterprise Resource Planning (ERP) system, in our data collection
and reporting process to drive our decision-making. These platforms interface with our in-house platforms to
support vendor management, sourcing, delivery order management, and subcontract management. Through theseplatforms, we monitor our procurement processes closely from pre-sourcing to delivery, gaining visibility of qualified
suppliers across our Singapore yards.
In 2023, our Angra Yard in Brazil, BrasFELS, implemented a purchasing portal to automate the issuance of Request
for Quotations, receiving of proposals and approval of Commercial Bid Evaluations. All commercial negotiations aredone in the system and the entire process can be easily audited.
To reduce Seatrium’s carbon footprint from business travel, we utilised remote inspection solutions and videoconferencing for engagements, performance audits and business meetings with our supplier and subcontractor
community whenever possible.

Seatrium employs digital platforms in our data collection and reporting process

47
Sustainability
Report2023

SUPPLY CHAIN
MANAGEMENTEngagement and Collaboration

Setting Standards in our supply chain
We engage with suppliers and subcontractors to adopt sustainable and responsible best practices, and minimise
governance, social and environmental impacts in our supply chains. By engaging our suppliers and subcontractors
regularly to monitor availability of key materials, equipment and consumables, it enables us to manage disruptions,
implement recovery plans, meet compliance requirements, and identify and mitigate possible risk areas in the
supply chain.
Meeting and achieving standards by supply chain
We engaged key suppliers and subcontractors regularly through meetings, workshops, seminars, and email
broadcasts to share sustainability practices, including our ESG and compliance expectations. We exchanged
insights and shared knowledge with our key equipment and material suppliers on latest innovations in sustainable
technologies and energy-efficient products to keep abreast with latest information, including understanding thetrend of Scope 3 reporting.

48
Seatrium
Limited

We participated actively in the Association of Singapore Marine & Offshore Energy Industries (ASMI) to promote
the efforts on sustainability and innovation initiatives, developing and implementing green solutions and innovation
initiatives for the industry. We are also one of the pioneer Marine Decarbonisation Champions of ASMI, where ideasof green financing and short-term liquidity line among other initiatives are shared with the marine and offshore
community, to help the network of companies accelerate their decarbonisation and sustainability journey throughcontinuous learning, improvement, and engagements.
We held briefing sessions with resident and common contractors for our Singapore operations on the adoption of
the Dhaka principles and Seatrium’s Supplier Code of Conduct.

Visiting to supplier’s premise for sharing ESG practices and product awareness“We appreciate verymuch the support ofour supplier partners in
Seatrium’s sustainability
journey. Together we set
the standards across our
supply chain in key aspectsof technology for products
and services, complianceand sustainability reporting
as we embarked jointly
towards Vision 2030 andnet-zero pathway to 2050.”- Mr Royce Lim (right),
Senior Vice President,
Supply Chain

49
Sustainability
Report2023

Hosting workshop and sharing session with Norwegian Energy Partners (NORWEP)ENGINEERINGA SUSTAINABLE
FUTURE

Seatrium’s Floating Living Lab (FLL) is a pioneering Distributed Energy Resources testbed in Singapore. The FLL
can be scaled for commercial application to enable a fully islanded grid for power intensive industrial operations.
When connected to the national grid, the FLL can export power whenever required to enhance energy resilience. The
FLL can also be deployed as a charging and bunkering facility for vessels. Initially powered by LNG, the FLL has thepotential to switch to low or zero-carbon fuels in the future. It features a fail-safe 7.5MW/7.5MWh marinised lithium-ion
battery Energy Storage System with advanced safety measures, including ABS class approved Smart functions andArtificial Intelligence-of-Things (AIoT) - based battery management.  Set to commence operations in 2024, the FLL
marks a significant step towards sustainable and efficient energy solutions.

1stFloating Energy
Storage System (ESS)in South East Asia

A 7.5 megawatt-hour (MWh)lithium-ion battery ESS,
with sufficient capacity topower >600 three-bedroom
apartments a day

The battery stacking solution
could reduce the footprint
required for deployment by

up to 40%

Winnerof theIDC Smart City Asia/PacificAwards 2022 for Urban
Planning and Land Use

INNOVATION ANDSUSTAINABLE SOLUTIONS
Seatrium is strategically positioned to lead in a low-carbon future, focusing on
key innovations in Offshore Renewables, New Energies, Decarbonisation, andEnabling Technologies. As the world undergoes a transition, Seatrium will be aleader in the effort.
The Group embraces innovative technologies to enhance existing suite of products
and solutions, as we continue to play an important role in building the world’s
energy infrastructure, while ensuring that energy supply remains secure, affordable
and most importantly sustainable.
Innovation andSustainable Solutions

At Seatrium, our innovation is built upon three key pillars (1) our people, (2) acarefully curated portfolio of products and solutions that are core to prioritised
plays, and (3) our collaborations with the broader global innovation ecosystem.
This enables us to close technology gaps, unlock synergies, and accelerateinnovation. With these three pillars, we progress through our innovation life-cycle,
which starts as ideas and eventually materialises into mature, market-readyproducts of the low-carbon future.

H
N
H

52
Seatrium
LimitedOffshore Renewables
We focus on products within the entire Offshore
Renewables value chain, including wind turbine
installation vessels, wind farm foundations,offshore High Voltage Alternating Current (HVAC)
substations and HVDC converter platforms.
These products collectively contribute to thecomprehensive and integrated solutions that we
provide in this sector, showcasing our commitment
to advancing sustainable energy infrastructure.

Wind Turbine Installation Vessel

Floating Wind Semi-submersible

H

New Energies
We strategically emphasise product development ingreen ammonia, electro-fuels, green hydrogen, andother low and zero carbon fuel value chains. Thisfocus underscores our commitment to advancing
sustainable alternatives in the energy sector. By
investing in these areas, we aim to play a pivotal
role in developing and delivering innovative
solutions and advanced technology that contributeto the transition towards low-carbon fuel options.

New Energy Hubs

Green Hydrogen Process Utility

2023 HIGHLIGHTS~2000

Technologists & Engineers

8

Technology
Companies

3

Centre of Excellence
for Engineering

Decarbonisation
We leverage various pathways to implement
strategic decarbonisation and energy
efficiency technologies. We capitalise on our
existing core competencies in new builds andretrofit business by providing comprehensive
solutions in both maritime and offshore
decarbonisation effort.

4

Active Patents

Centre of Innovation
for Technology& New ProductDevelopment

Enabling Technologies
We harness disruptive technologies, including
Artificial Intelligence (AI), Generative AI, Internet-ofThings (IoT), hyper-automation, fuel cells, batteries,
and various other technologies, to achieve diverse
outcomes. This strategic integration of cutting-edge
technologies exemplifies our commitment to innovation
and achieving multifaceted objectives in line withindustry advancements.

Liquid CO2 Carrier

Autonomous Tugs

Floating CO2 Injection Unit

>700

Hydrogen-fuelled Vessel

53
Sustainability
Report2023

INNOVATION ANDSUSTAINABLE SOLUTIONSIDEATING, INCUBATING AND DELIVERING INNOVATIVE PRODUCTS AND SOLUTIONS
Our people, comprising technologists and engineers with deep expertise, are the primary catalysts of our innovation.
Their capabilities empower the transformation of ideas into mature, market-ready products and solutions. Our global
presence is illustrated below:
LMG Marin, a naval architecture and ship design house with a focus on delivering zero emission andenergy efficient solutions. Headquartered in Bergen, Norway, it has sister companies located in Aalesund,Toulouse (France) and Szczecin (Poland)

Aragon is an EPC provider and technology
licensor based in Norway, specialising in LNG,
Offshore Oil & Gas and New Energies projects

54
Seatrium
LimitedLetourneau provides end to end rig solutions, fromrig designs and rig kits to aftersales and after market/
services. It operates offices in Houston, USA and United
Arab Emirates

Seatrium Engineering (Aracruz and Angra)

Our global technology companies are strategically located in regions at the forefront of the energy transition anddecarbonisation. Our presence in these areas enables us to attract and retain world-class talent, tap into these vibrantinnovation ecosystems and seize early opportunities to propel the transition towards a sustainable and decarbonised future.

Sevan SSP is a specialised design house basedin Norway, offering circular hull offshore solutions
and marine operations services

Seatrium Engineering (Mumbai)

Seatrium Engineering (Shenzhen)

Seatrium Engineering (Penang)

55
In India, Malaysia, China and Singapore,
we have established six satellite
engineering offices to deliver significant
value while maintaining competitiveness.

Seatrium Engineering (Kuala Lumpur)

Singapore team comprising of teams from Seatrium Singapore Technology and New Product Development, Seatrium Eco Technology, Seatrium Offshore
Technology and Seatrium Marine and Deepwater Technology

Sustainability
Report2023

INNOVATION ANDSUSTAINABLE SOLUTIONSADDRESSING THE END-TO-END NEEDS OF A LOW-CARBON ECONOMY
Seatrium’s core products in Offshore Renewables, New Energies, and CCS are interlinked, catering to theend-to-end requirements of the future low-carbon economy. This reinforces the significance of developing these threevalue-chain products as core to Seatrium’s prioritized plays. These products within these value chains essentiallyrepresent a repurposing of our existing product portfolio, skills, and capabilities, aligning with our commitment to adapting
and addressing the evolving needs of the world.

Offshore
OffshoreRenewables
Renewables Value
Value Chain
Chain

Offshore Renewables Value Chain
Yard

Wind installation Vessels

Fixed Substation

Wind installation Vessels

Fixed Substation

Yard

Floating Substation
Floating Substation

Floating
WindFWSS
Floating
WindFWSS

Floating Substation

Floating WindSWACH

Floating Substation

Floating WindSWACH

156

New Energies Value Chain
New Energies Value Chain
New Wind
Energies
Value Chain
Floating
Farm
Floating Wind Farm

Seatrium
Limited1

Bottom Fixed Wind
Farm
Bottom Fixed WindFarm

H2/NH3 Floater

H2/NH3 Carrier

Hydrogen /Ammonia
Fixed
Platform /HydrogenAmmonia
Fixed
PlatformPort

Hydrogen /Ammonia Terminal
Hydrogen /Ammonia Terminal

H2/NH3
Bunker Vessel

H2/NH3
Fuelled
VesselCarbon Capture and Storage Value Chain

Carbon Capture and Storage Value Chain

CO2 Capture

Storage - Gravifloat

Storage & Injection
Transportation

Floating injection unitPort

We continue to ensure that the product and services we delivered meets the industry standard of health and safety. Gimi
FLNG, a FLNG vessel converted by Seatrium, embarked on its journey to Mauritania and Senegal on 20 November
2023. We adhere to the local and international laws including conventions from IMO and ILO. We comply to classificationsocieties rules that cover fire safety, life protection, seafarers’ welfare and pollution prevention during ship design andconstruction to ensure 100% compliance to customer product health and safety.

We have a growing portfolio of green equipment and services, and the facilities to retrofit existing assets, to contributetowards meeting the net-zero goals of the maritime sector.

57
Sustainability
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INNOVATION ANDSUSTAINABLE SOLUTIONSUNLOCKING SYNERGIES THROUGH COLLABORATIONS
Seatrium engages in collaboration with diverse stakeholders to collectively bridge technological gaps, unlock synergies
and expedite the pace of innovation.

GOVERNMENT AGENCIES
Government agencies are important
stakeholders for Seatrium, andcontinual engagement is essential
for policy foresight and funding
support.

RESEARCH INSTITUTIONS

58

Engaging with research institutions
is instrumental for conducting
translational research, facilitating
test-bedding and expediting the pushthrough to achieve full Technology
Readiness Level (TRL) maturity.

ACADEMIA
Collaborating with Academia
facilitates the demonstration ofpractical applications and thecultivation of knowledge, accelerating
market entry and enhancing
competitive advantage.

CLASSIFICATION
SOCIETIESEngaging with classification societies
and think-do tanks offers multiple
benefits, including the mitigationof technology risks and co-creation
within a wider ecosystem.

Seatrium
LimitedTECHNOLOGY VENDORS
Establishing strategic partnerships
with technology vendors enables
Seatrium to position itself as a
one-stop shop, providing acompetitive advantage.

On 27 April 2023, we signed a master researchcollaboration agreement with the Technology Centre for
Offshore and Marine, Singapore (TCOMS). Establishmentof the Seatrium-TCOMS ocean lab aimed at advancing
the design and operational performance of smart oceansystems and infrastructure.

CUSTOMERS
Initiating early engagement withcustomers facilitates a fastergo-to-market and commercialisation
process for new products

We collaborated with industry leaders and innovators,
Shell Singapore, Air Liquide Singapore, Penguin
International and Vinssen, to integrate a Proton Exchange
Membrane fuel cell that will convert hydrogen to auxiliary
power on Penguin Tenacity. The conversion wascompleted in December 2023 and the vessel will undergo
gas trial in March 2024. This marks a pioneering effort inSingapore to harness the power of hydrogen fuel cells.

Seatrium’s Small Waterplane Area Cylindrical Hull
(SWACH) is one of the novel solutions for floating offshore
wind turbine foundations. We partnered with TCOMS tovalidate computational models through scaled-down
model tests.

Seatrium collaborates with the Global Centre for Maritime
Decarbonisation (GCMD), Alfa Laval, the Oil and Gas
Climate Initiative (OGCI), and TNO to demonstrate theviability of shipboard carbon capture.

LMG Marin, Gaztransport & Technigaz (GTT),
TotalEnergies, and Bureau Veritas signed an agreement
for a Joint Development Project (JDP) to develop a
150,000m3 capacity liquid hydrogen (LH2) carrier concept
design fitted with GTT’s membrane-type containment
system.

Seatrium has joined
force with the American
Bureau of Shipping(ABS) in an industryleading move to advancethe use of smart
functions in the maritime
and offshore industries.
This collaboration has
resulted in the launch of
the world’s first Offshore
Structural Health
Monitoring notation.

Aragon has delivered EPC
contract of a CO2 Purificationand Liquefaction System
for Capsol Technologies inGermany. It has commenced
the execution of a second
unit for delivery in Nordic,
seamlessly integrating with
CapsolGo® carbon capture
unit. The solution is designed
to showcase the entire value
chain - from capturing CO2
in the flue gas, purifying tofood-grade quality to ultimatelyliquefaction before storage andtransport.

LMG Marin has been selected as one of the partners in
the development of Energy Observer 2, a multi-purpose
cargo carrier fuelled by LH2. Other partners in this project
include Air Liquide, EODev, Ayro, Bureau Veritas and CMA
CGM Group.

59
Sustainability
Report2023

INNOVATION ANDSUSTAINABLE SOLUTIONSRALLYING FOR A SHARED PURPOSE THROUGH THOUGHT LEADERSHIP

Seatrium Decarbonisation Forum 2023:
Shaping the Future of Energy towards Net Zero
Seatrium hosted its inaugural edition of theSeatrium Decarbonisation Forum on
5 December 2023, drawing significant
attendance from key thought leaders andindustry stakeholders. The discussions at
the forum were centered around fossil fuelalternatives including biofuels, blue/green
ammonia, and hydrogen. The forum exploredthe roles of these fuels and opportunities on thejourney towards net-zero emissions.

60
Seatrium
LimitedOn 4 September 2023,
Mr Aziz Merchant, Executive
Vice President of Technology& New Product Development(TNPD), delivered a keynote
address at the CO2 Shippingand CCS Conference, Asia.
His speech, titled “Theanticipated demand forCO2 transportation in Asia”,
addressed ways to scale up
carbon capture and storage
capacity. CCUS is widely
recognised as one of theessential tools for achieving
net-zero targets.

Norwegian Energy Partners(NORWEP) hosted “Oil & Gas
Lower Emission Initiatives“ on30 November 2023, with afocus on FPSO Decarbonisation
Options. Mr Kumaraprasad
Ganesan, Assistant Manager
of TNPD, presented various
technology options for FPSO
newbuilds, including carbon
emission reduction technologies
and reflecting the Group’s focus
on decarbonisation.

AWARDS IN RECOGNITION OF SEATRIUM’S INNOVATION

61
Sustainability
Report2023

Seatrium’s exemplary environmental leadership was recognised by the Singapore Environment Council (SEC)
during its 24th Annual Awards ceremony held on 17 August 2023. Seatrium proudly received two SEA awards
for its outstanding contributions. The first award, Green Innovations, was conferred in recognition of JMS
Sunshine, Asia’s first LNG-battery hybrid tug. The second award, Green Supply Chain, was awarded to
FueLNG Bellina. The awards were presented by Ms Grace Fu, Minister for Sustainability and the Environment
and Minister-in-charge of Trade Relations.

On 14 September 2023,
Seatrium was honored toreceive the esteemed Industry
Partner Recognition Award
from Singapore Institute of
Manufacturing Technology(SIMTech) in its appreciation for its
high-impact partners involved injoint-lab collaborations. Seatrium
collaborated with SIMTech in thedevelopment of a laser additive
manufacturing platform for large
complex marine parts.

ENVIRONMENTALSUSTAINABILITY
The offshore, marine
and energy industry
plays an importantrole in supporting thewell-being of society
through marinetransportation andprovides much of theenergy required forurban developments.
Seatrium is committed
Environmental
to Engineering a
Sustainability
Sustainable Future – bydeveloping innovativeand sustainable solutions, running our operations
sustainably to minimise impacts on climate change andbiodiversity loss, and enabling a circular economy. This
helps to mitigate the downstream environmental impacts.
Please refer to pages 52 to 61 for more information on ourinnovation and sustainable solutions.

62
Seatrium
LimitedThe shipbuilding and offshore engineering sector is energy,
land, and resources-intensive, inherently associated with asubstantial environmental footprint. Mitigating these hardto-abate emissions presents significant challenges. It isimperative for Seatrium to proactively address this issue
by minimising our environmental footprint. Through our
Climate, Ocean, and Earth programmes, we are dedicatedto implementing sustainable practices and innovative
solutions to reduce our environmental impact while
continually improving our operations.

Seatrium pledges zero harm to the environment by
mitigating impacts on climate change, optimising use ofearth’s finite resources, and safeguarding the oceans
and its biodiversity. The Group will reduce energy
consumption in our operations, transit to renewableenergy and contribute to the reduction of our customers’emissions. We will focus on reducing carbon emissions
in our business, increase the use of green logistics
solutions, increase the amount of waste recycled, optimisematerial management, and implement a greater degree ofcircularity in our activities.
Since 2020, 10 out of 13 of our yards in Singapore,
Indonesia, the Philippines, China, United Kingdom,
USA, and Brazil have been certified to ISO 14001
Environmental Management System. This accounts for
77%1 and covers over 95% of our workforce in operations.
Our Environmental Management Systems are routinely
audited by either independent certification agencies orcompanies as well as internal audit teams. Additionally, ouryards in Singapore have obtained the ISO 50001 Energy
Management System.
Our operations go beyond compliance with relevant
environmental regulations and requirements as we
manage the risks and opportunities brought about by
climate change. As part of the integrated assurance
framework risk assessment, climate change anddecarbonisation have been identified as strategic risks.
Read more on the impact risk assessment on page 76 of
our Annual Report 2023.

10 of ouroperational yards are
ISO 14001-certified

Our Tuas Boulevard Yard and Aracruz Yard (top) are built at higher datum levels to future ready for rising sea levels

1 Our yard in Karimun, Batangas and Navegantes have not obtained ISO 14001 Certificate.

ESG Data Automation and Digitalisation
Seatrium leverages data platforms to automate a seamless,transparent, and efficient ESG workflow. This serves as afoundation for data ingestion towards a common platform inpreparation for optimisation via digitalisation to improve theefficiency and productivity. This automation involves:••

Using Digital platforms to aggregate ESG data
Using Data Automation to streamline ESG reporting
process

As we progress, our in-house developed ESG reporting
platform will be further streamlined with a combination of
paperless workflow, data automation and data visualisation
for management insights on the performance of carbon
reduction. The reporting platform will also be extended to
upstream and downstream stakeholders to input Scope 3
data for automated verification and validation to enhance
our ESG data reliability.

Beyond data automation, these data platform serves
as a foundation for IoT application tools and Artificial
Intelligence (AI) / Machine Learning (ML) algorithms tospearhead ourselves towards energy optimisation aspart of our sustainability goals in this energy transition.
Real-time data via smart energy meters within theyard are streamed directly to optimisation engine of
the energy management system (EMS). This EMS
provides dispatch schedules of different energy sources,
photovoltaic (PV), yard energy storage system andembedded generation enhancing market participation,
bidding and economic dispatch. The asset performancemonitoring and predictive health features on the energy
management platform drives the overall reliability andefficiency of the yard.

ESG Energy Optimisation

63
Sustainability
Report2023

Smart Energy Management System (SEMS) is equipped with AI/ML functions to look into generation supplies (LNG and Solar), site energy demand (load)
and the energy market pricing, to provide operational advisory

ENVIRONMENTALSUSTAINABILITY
In 2023, Seatrium conducted a review to refine our sustainability vision for 2030, includingaligning it with our GHG emissions data and performance. We have established a target of 40%
reduction in Scope 1 and 2 emissions from 2008 levels and are committed to adopting a net-zero
pathway by 2050. We will achieve these ambitious goals through a combination of renewableenergy pathways, energy efficiency measures and new business operation models.
The potential impacts of climate change pose a challenge to the stability and continuity of
Seatrium over the short, medium, and long term. Since 2021, we have identified and managed
Climateclimate-related risks and opportunities for the company, based on the recommendations of the
Task Force on Climate-related Financial Disclosures (TCFD). We have developed our risk process and strategy, andenhanced our TCFD risk framework and methodology, which we plan to fully integrate with our IAF. An overview of theshort-term, medium-term, and long-term risks and opportunities is shown below.

Magnitudeof impact

High

64
Seatrium
LimitedChanging customer behaviour
Faster and tighter govt
climate policies
Accelerated EV adoption

EU Green Deal coupled with tighter government
emission reduction policies, including Carbon
Border Adjustment Mechanism (CBAM) and the
EU Emissions Trading System (EU ETS)
Higher hydrogen production
and investments in newtechnologies such as CCUS

Ability to diversify
business activities

Use of new technologies
Participate in renewableenergy development programmes

MediumPurchase green power
Development of new
products or services
through innovation

Transitioning to lower
emissions technology

IMO potentially to raise
ambitions to cut shipping
emissions by 100% in 2040

Low

Time-frame

Short-term
2023 to 2025
Climate-related opportunity driver

Medium-term
2025 to 2030

Long-term
2030 to 2050

Climate-related risk driver

Seatrium has been disclosing our climate management and performance to the Carbon Disclosure Project (CDP).
In 2023, we achieved a score of B- for our disclosures in the CDP’s Climate Change assessments, placing us in theManagement band. This score surpasses the Asia regional average of C, underscoring our steadfast commitment totake coordinated action in addressing climate issues. Additionally, we have received a C rating for Supplier Engagement
Rating, which reflects our ongoing efforts to enhance collaboration and engage in Scope 3 emissions discussions acrossour supply chain.
We will continue to review our risks and opportunities in 2024, focusing on stress-testing our business strategy acrossdifferent scenarios and quantifying potential financial impacts. A key risk identified is the projected growth in workload
leading to higher emissions. Seatrium strive to mitigate this risk by increasing the use of renewables in our energy mix,
optimising the operational efficiency of our assets, and exploring the appropriate use of carbon credits where feasible.
For a comprehensive overview of our climate-related disclosures aligned with the TCFD recommendations, please refer
to our website at https://www.seatrium.com/sustainability.php.

SCOPE 1, 2 AND 3 EMISSIONSIn 2023, the Group achieved an absolute reduction in Scope 1 and Scope 2 emissions of 28% from its 2008 baseline, from
255,462 tCO2e to 182,653 tCO2e. Due to the expansion of our business resulting from the combination with Keppel Offshore& Marine Ltd, our total Scope 1 and Scope 2 emissions expanded in line with the scope of the combined business operations.
Total direct (Scope 1) emissions from the use of fuels across the Group in 2023, including the combined entities, was74,941 tCO2e*, registering a 45% increase from 51,730 tCO2e in 2022 attributable to business expansion. Indirect (Scope 2)
emissions from the generation of purchased electricity consumed was 107,713 tCO2e* in 2023, a 72% increase from 62,453
tCO2e in 2022 attributable to business expansion. Our energy intensity for the same period was 0.014 GJ/man-hour.
Energy Consumed1,* (million GJ)
Non-renewable

Renewable

Fuel Consumption

Electricity Consumption

2

0.648
0.588
0.558

0.148
0.049
0.185

0.016
-

0.019
-

0.027
-

0.024
0.006
0.005

0.882
0.643
0.748

0.644
0.463
0.569

0.064
0.029
0.057

0.043
-

0.032
-

0.058
-

0.002
0.091
0.056

0.844
0.582
0.682

0.044
0.029
0.021

-

-

-

-

0.131
-

0.175
0.029
0.021

2022

il
az
Br

SA
U

na
hi
C

ne

s

a

Total

Ph

ilip

pi

si

e

ne

or

In

Si

2021

do

ap
ng

Br

az

il

SA
U

hi
C

pi

ne

Total

Ph

ilip

do

na

s

a

ne

si

e
or
Si

In

ng

ap

il
az

U

hi
C

pi

Br

SA

na

s
ne

si

Total

Ph

ilip

do
In

Si

ng

ap

ne

or

e

a

65

2023

GHG Emissions3 (tCO2e)
Scope 14,*50,85948,985
46,956

Scope 25,6,*

13,521
4,032
14,414

1,750
-

1,141
-

1,952
-

5,718
885
541

74,941
53,902
61,911

74,58948,86064,522

13,5906,238
12,268

8,494
-

5,000
-

6,022
-

18.71
7,356
4,591

107,71362,45381,381

2022

az
il
Br

SA
U

na
hi
C

ilip

pi
n

es

a
si
ne
do

Total

Avoiding emissionsof approximately
5,066 tCO e
2

Ph

Si

2021

In

or
e
ng

Total

ap

az
il
Br

SA
U

na
hi
C

Ph

ilip

pi
n

es

a
si
ne
do
In

Si

ng

ap

or
e

Solar panels installedat our yards
generated
12,155 MWhof electricity,equivalent to:2023

1 Our energy sources include electricity, diesel, LPG, CNG, acetylene, solar and biomass and wind.
2 Net Calorific Values (NCV) were sourced from WRI/WBCSD Greenhouse Gas Protocol Emission Factors for Cross Sector Tools (March 2017). NCV for acetylene was referenced
from S. McAllister et al., Fundamentals of Combustion Processes (2011).
3 Operational control approach is used to identify the GHG emissions. The boundaries of our reported emissions currently comprise our shipyards operating in Singapore,
Indonesia, Philippines, China, USA and Brazil, excluding joint ventures.
4 Emission Factors (EF) were sourced from WRI/WBCSD Greenhouse Gas Protocol Emission Factors for Cross Sector Tools (March 2017). Only CO2, CH4 and N2O emissions areincluded in the calculation of direct GHG emissions. Global Warming Potential (GWP) factors used are from the 2014 IPCC Fifth Assessment Report. Emission data is derived
from combustion of non-renewable fuels consumed in our yards and follows the requirement of GHG Protocol. Fundamentals of Combustion Processes (2011).
5 Grid EF for Singapore was obtained from Energy Market Authority (EMA), grid EF for Indonesia was obtained from Directorate General of Electricity, Ministry of Energy andMineral Resources , grid EF for Philippines was obtained from the Republic of the Philippines Department of Energy 2015-2017 National Grid Emission Factor (NGEF), grid EF for
China was obtained from Climate Transparency, grid EF for USA was obtained from United States Environmental Protection Agency – eGRID , and grid EF for Brazil was obtained
from the Ministry of Science, Technology, and Innovation Corporate Inventories. Only CO2 emissions are included in the calculation of indirect GHG emissions. Emissions data isderived from purchased electricity consumed in our yards and follows the requirement of GHG Protocol.
6 The reported figure is using the market-based method and includes the reduction in emissions from the purchase of Renewable Energy Certificates (RECs) by our Brazilian yards.
Using the location-based method, our Scope 2 emissions were 109,117 tCO2e.

Sustainability
Report2023

ENVIRONMENTALSUSTAINABILITY
We continue to strive towards our goal of 40% reduction in our GHG emissions (Scope 1 and 2) by 2030, compared to2008. This will be achieved by a combination of energy efficiency measures as well as the use of renewable energy.
Below chart depicts the pathway that we will adopt to achieve our GHG emissions reduction goal as we anticipate anincrease in our workload due to business growth.
Scope 1

Scope 2

Seatrium GHG Emission (ktCO2e)

>-28%

2008
Emissions2023
Emissions-40%

Projected
Increase in
Emissions

Increase
Use ofRenewables

Improve
Operational
Efficiency

Purchaseof Carbon
Offsets

66
Seatrium
Limited

The installed solar panels at our Batangas Yard (left) and Nantong Yard (right) increase the use of renewable energy in our operation

In 2023, we have expanded the capacity of the solar panels installed at our Tuas Boulevard Yard from 8.5MWp to 10.5MWp

2030
EmissionsOur Aracruz Yard and Angra Yard (top), tapped on renewable electricity sources, increasing the share of renewable energy in our energy mix

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Our newbuild LNG hybrid tug, JMS Sunshine (right), is now operational, contributing to the reduction of the carbon footprint in our fleet operations

Scope 3 Emissions
In 2023, Seatrium commenced tracking
Scope 3 emissions, covering seven of therelevant categories of Scope 3 emissions.
These include emissions from selectedpurchased goods and services; capital
goods; fuel and energy related activities
not included in Scope 1 or Scope 2,
third party transportation and distribution
services used by Seatrium; waste
generated in operations; business travel;and employee commuting. Seatrium’s
Scope 3 emissions amounted to 648,257
tCO2e in 2023, which constitutes 78% of
our total emissions.
Recognising the complexities anduncertainties surrounding the deliveryof our decarbonisation targets, weunderstand the role of carbon offsetting
as an important carbon management
tool to aid organisations in reaching theiremissions reduction goals. While theGroup is on track to meet our emissions
reduction target, we project the need tostart procuring carbon credits from 2024
to stay on the reduction course of 2% per
year.
Seatrium will initiate the implementationof an Internal Carbon Price (ICP) from2024 to drive the Group’s GHG emission
reduction target, covering Scope 1 and 2
emissions, and stress test the potential
impact of ICP on the profitability of newacquisitions.

9%
13%

Seatrium
Emissions
2023

78%

Scope 1: 74,941 tCO2e
Scope 2: 107,713 tCO2e
Scope 3: 648,257 tCO2e

ENVIRONMENTALSUSTAINABILITY

Earth

Seatrium optimises the useof resources in each phase of
the project life cycle throughsustainable engineering, design forcircularity, responsible sourcing,
digital production, efficientfacilities and waste management.
Seatrium has also long been atrusted partner in repurposing andrevitalising ageing assets.

Material
Steel, copper, welding consumables and paint products
are the key non-renewable raw materials used in our
production. In 2023, the Group used a total of 1,031,715
metric tonnes* of steel, copper grits, steel grits, steel shotscompared to 56,442 metric tonnes in 2022 and a total of
969,816 litres* of paint and thinner compared to 1,294,494
litres in 2022.

68
Seatrium
Limited

Waste
Waste is segregated at our offices and yards to promotereuse and recycling. We use weigh bridges to monitor andtrack our general and hazardous waste at each yard andthis is further supplemented by waste manifests provided
by licensed waste management vendors. In 2023, theGroup generated a total of 131,919 tonnes of waste*
of which 70,966 tonnes of waste were recycled. Waste
recycled include ferrous scrap, grits, wood, paper, andother office consumables.
The Group is also committed to avoiding or minimising theuse of hazardous materials in our activities or productsthat may end up as waste materials through source
reduction such as engineering controls for precise material

UPSTREAM WASTE

Raw Material
Handling & Supply

measurements, efficient cutting practices and minimisingconsumables wastage, as well as material substitution with
low-carbon alternatives.
The bulk of hazardous waste is in the form of spent oil(lubricant/hydraulic), empty paint containers, spent grits
and scraps produced by the maintenance and servicing
activities at our shipyards. Such waste generated ishandled, stored and disposed of by licensed waste
collectors in a manner that adheres to best practices andmeets local regulatory requirements. In 2023, the amountof hazardous waste generated rose significantly to 28,289
tonnes, up from 3,089 tonnes in 2022. This increase inwaste generation can be attributed to the merger and asurge in related works. All of these generated hazardous
waste was disposed of by licensed hazardous waste
collectors. Seatrium will continue working towards reducing
hazardous waste generated through our operations.
Water
As part of Seatrium’s effort to conserve water, we conduct
regular monitoring and leak checks in our yards’ water
pipe network, install water-saving devices in the yards,
and where possible, we use recycled water. Water
discharged from our yards is treated in accordance withthe environmental discharge limits and effluent standards
in the countries of operation. The Group conducted regularawareness campaigns on water conservation to promoteresponsible water consumption.
Municipal water and recycled water (NEWater – usedin Singapore yards) are the main sources of water that
we withdrew for our operation. The Group withdrew a
total of 2.913 million m3 of water* in 2023 which is a 70%
increase from 1.718 million m3 withdrew in 2022. Our water
consumption intensity in 2023 was 0.022 m3/man-hour.

UPSTREAM INVALUE CHAIN

ACTIVITIESDOWNSTREAM
IN VALUE CHAIN(1,031,715 MT)*
Steel Plates
Steel Pipes
Steel Shot/Grit
Copper Grit
Paint
Thinner
Hazardous Waste(28,289 MT)*
Non-Hazardous Waste(32,664 MT)
Recyclable Waste(70,966 MT)

Third-party water(1,768,668 m3)*

Recycled water(796,789 m3)*

Groundwater(341,492 m3)*

Surface water(6,508 m3)*

Delivery of Marine,
Offshore and Energy
Solutions

DOWNSTREAM WASTE
DURING DEPLOYMENTWaste by Type* (‘000 tonnes)
Waste Generated

Non-hazardous Waste
Diverted from Disposal
Offsite Recycling

Water Withdrawal by Source* (million m3)

2022

0.0
-

0.205
-

71.0
101.2
75.5

Total

az

il

SA

5.6
0.4
1.2

Br

U

s

hi
na
C

in
e
ilip
p

ne

0.0
-

Water Withdrawal by Source
0.135-

Recycled Water1

0.124
0.035
0.008

1.769
1.005
1.202

il

0.128
0.060
0.157

0.0
-

2023

Third-party Water (freshwater)
1.177
0.907
1.037

0.9
-

Ph

e
or

In

ng
Si

Ph

2021

do

Total

0.3
5.6
6.0

si
a

64.1
95.2
68.3

ap

28.3
21.8
23.6

az

0.8
0.6
0.2

Br

C

SA

s
in
e
ilip
p

0.0
-

U

0.0
-

hi
na

si
a

e

ne

or
Si

0.3
-

do

ng

Br

2.8
0.8
1.8

In

Total

24.3
20.4
21.6

ap

32.7
2.9
12

il

Hazardous Waste

4.6
0.6
0.1

az

SA
U

hi
na

s

1.0
-

C

in
e
ilip
p

ne

0.7
-

Ph

e
or

do
In

ap
ng
Si

0.8
-

si
a

1.5
1.9
3.0

il

Non-hazardous Waste
24.0
0.4
8.9

Total water
withdrawal

0.797
0.693
0.591

-

-

-

-

-

0.797
0.693
0.591

0.318
-

-

-

-

0.007
0.002
0.002

Total water
withdrawal

Br
az

SA
U

a
hi
n

pi
lip

C

ne
s

a

il

0.024
0.0002
0.024

il

-

Surface Water (freshwater)2-

0.342
0.00020.017

il

Groundwater (freshwater)2

Total water
withdrawal

Ph
i

Si

In
do
ne
si

e
or
ap
ng

Br
az

SA
U

a
hi
n
C

Ph
i

lip

pi

ne
s

a
In
do
ne
si

Si

ng

ap

or

e

Water Withdrawal
from Areas with
Water Stress3

Total water
withdrawal

-

0.007
0.002
0.002

-

-

-

2022

Br
az

SA
U

na
hi
C

ilip

pi

ne
s

a
ne
si
do

Ph

Si

2021

In

e
ap
or
ng

Br
az

SA
U

na
hi
C

ilip

pi

ne
s

a
Ph

ne
si
do
In

Si

ng

ap
or

e

Water Withdrawal
from Areas with
Water Stress3

2023

1 Recycled water (NEWater) is used only in Singapore.
2 Ground water is used in Indonesia and Philippines. Surface water is used in only Indonesia.
3 The water stress index was obtained from the WRI ‘Aqueduct Water Risk Atlas’. Singapore and Indonesia are considered to be areas of low water stress, Philippines andNantong, China are considered medium-high water stress area, USA is considered extremely high water stress area, Brazil is considered a low-medium water stress area.

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ENVIRONMENTALSUSTAINABILITY

70
Seatrium
LimitedOur Singapore, Philippines and Brazil yards have retrofitted its blasting chambers to include a semi-automatic system for collecting of abrasives for reuse.
The design includes an exhaust system to filter blasting dust to prevent environmental releaseWe are currently facing a triple planetary crisis of climate change, biodiversity loss and pollution.
This triple crisis will inhibit nature’s ability to provide and ecosystem that supports human and nonhuman well being.

Ocean

At Seatrium, we recognise that our actions matter, and we are committed to safeguarding theoceans and its biodiversity by aligning with UN SDG 14 (Life Below Water), Principles andStandards, as well as adopting safer and smarter yard processes to minimise negative impacts
to the environment. We will also work together with our customers to incorporate nature-inclusive
considerations into the product designs.
In 2023, we recorded zero significant spills and no significant fines and non-monetary sanctions
for non-compliance with environmental laws and regulations.

Our Ocean Commitment

Safeguard
Our Ocean and
Its Biodiversity

Incorporate
Nature-inclusive
Considerations into
Our Solutions

Adopt Safer, Smarterand Sustainable
Yard Operation andPractices

Align with
International Goals,
Principles andStandards

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ENVIRONMENTALSUSTAINABILITY
In 2023, The Taskforce on Nature-related Financial Disclosures (TNFD) developed and published a set of 14 disclosure
recommendations and guidelines for organisations to report and act on evolving nature-related dependencies, impacts,
risks and opportunities. These recommendations and guidance will enable business and finance to integrate nature
into decision making, and ultimately support a shift in global financial flows towards nature-positive outcomes. Seatrium
implement these recommendations and plan to publish our first TNFD-aligned sustainability report in 2025.

72
Seatrium
LimitedGovernance

Strategy

Risk Management

Metrics & Targets

Seatrium’s Board of
Directors will haveoversight of nature-relatedrisks and opportunities
through the CSRC which
oversees our corporate
sustainability strategies,
policies, performance andmitigation actions.

Nature-related risks
and opportunities will
be introduced into
Seatrium’s businessstrategy through ourstrategic planning process
and our environmental
sustainability framework.

Our Environmental
Sustainability Working
Committee will identify,
manage, monitor andcontrol environmental
issues arising from ouroperations throughrisk assessment andenvironmental impact
assessment as part of ourISO 14001 Environmental
Management System.

Seatrium will employ arobust set of metrics andtargets to manage andmonitor our exposure
to nature-related risks
and progress in pursuing
opportunities.

Seatrium will adopt TNFD
Principles and Standards
in our disclosure. We
identify the Ocean as animportant resource andwill Align with UN SDG
14 – Life Below Water, toconserve and sustainably
use the oceans, seas
and marine resources forsustainable development.

We have identified thefollowing four areas where
Seatrium can contribute:- Sustainable Innovation- Ecological Resilience- Nature-based solutions-E nvironmental Outreach& Engagement

The Group will also
actively pursue
opportunities to leverage
our engineering
capabilities to provide
sustainable solutions aswell as implement energyand resource-efficientsolutions in our operations
to reduce nature-relatedrisks and mitigate our
biodiversity impact.

Our biodiversity-related
metrics include:- number of significant
spills- number of significant
fines and non-monetary
sanctions for
non-compliance withenvironmental laws
and regulations- implementation ofsuitable nature-based
solutions

Fun facts about Sun Corals
They are named so for its yellow or orange
colouration.
They can live without sunlight.
They are aggressive feeders and can take overslower growing coral species.
Under stressed conditions, sun corals can detachthemselves from their colony and settle down inanother location.

In 2023, Seatrium removed more than 15 tonnes of sun corals (an invasive
species) at Aracruz Yard, Brazil

They are an invasive species that has been
introduced to all continents around the world,
except Antarctica.

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Seatrium regularly conducts oil spill mitigation trainings for our Emergency Response Teams

CARING FOR
OUR PEOPLE AND
COMMUNITIES

Seatrium believes in strengthening our social compact.
We strive to create positive impacts for our employees,
stakeholders and communities to promote diversity, equity& inclusivity, human rights, safety and well-being throughsocio-economic initiatives and thoughtful partnerships.

22,747
Seatrium employees

29

nationalities across
15 global locationsZEROfatality acrossour global yards

HUMAN CAPITALAND RIGHTSAt Seatrium, people are at the core of our business. Embracing an
integrated approach to Diversity, Equity, and Inclusion (DEI) within our
Human Capital management and practices, we are committed to fostering
a culture that values every individual. Our commitment towards our
employees is built on four key pillars.

Fair Employment &Equal Opportunities

Workforce Competency
Development

Care for Employees

Embracing Human
Rights76
Seatrium
LimitedFair Employment &Equal Opportunities

Workforce Competency
Development

Care for Employees

Embracing Human
RightsSeatrium upholds fair employment practices and equal opportunities for all. We foster
a diverse and inclusive workplace culture where every individual has the opportunity to
thrive and contribute based on merit, regardless of their background or identity.

Workforce Competency Development establishes a foundation from which we develop
our employees to reach their fullest potential by enriching their skills, knowledge, andabilities. By providing targeted training, mentorship programme, and professional
development initiatives, Seatrium ensures that its workforce remains competentand adaptable to the ever-changing demands of the industry. Investing in workforce
competency development not only drives operational excellence and fosters innovation
but also enhances employee satisfaction, contributing to greater business success.
We celebrate and recognise the efforts of our employees through various care activities
and initiatives. We take stock of the efforts that every employee puts in to makeSeatrium a great place for all employees. We demonstrate our commitment to ouremployees by fostering a culture of care through a nurturing environment.

We prioritise the safety, security, and wellness of our employees while embracing
human rights. Guided by both international and local laws, we ensure that our humanrights action plans align with global standards, aiming to uphold the dignity and welfareof every individual within our organisation.

Highlights of Our Workforce
18.0%

20.5%

Total Employees*

22,747<30

By
Age Group2*
9,713
vs. 2022

nationalities

>=50

61.5%

0.5%

29

30-49

59.3%

4.3%

By
Employee
Category*

28.6%

Senior Management
Managerial
Executive
Non-Executive
Industrial/General

7.3%

3.0%
3.3%
6.5%

By Gender*

20,542(90.3%)

1.6%

2.5%
Singapore
BrazilBy
Country*

2,205(9.7%)

28.7%

1 Rest of the World includes Malaysia, India, Japan, UAE, UK, Norway, France, Poland, Mexico.
2 The age group disclosed follows the age group by MOM ‘s labour force age classification.

USA
54.4%

Philippines
China
Indonesia
Rest of the World1

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HUMAN CAPITALAND RIGHTSFAIR EMPLOYMENT AND EQUAL OPPORTUNITIES
Seatrium is committed to diversity and inclusivity as a sustainable
employment practice in the workplace. Our recruitment selection
framework is based on three pillars: experience, competencies,
and alignment with Seatrium’s core values. This approachensures that fair and equal opportunities are provided regardlessof gender, race, religion, ethnicity, age, sexual orientation,
disability or any other non-objective criteria.

Resourcing Framework
Experience

Competencies

Core Values

Complementing our diversified and inclusive hiring practices, Seatrium sets annual hiring targets for new graduates’
employment. Believing that it is paramount to groom the future generation of marine engineers, Seatrium actively
engages with the educational institutions in Singapore and overseas. We participate in career fairs where we reachout to students to share more about Seatrium and the unique, sustainable products and solutions we bring to ourcustomers. During these interactions, we highlight the exciting and endless career opportunities and exposuresavailable throughout the Group, and we address any questions or concerns that students may have about thecompany and industry.
In 2023, Seatrium participated in 47 recruitment fairs and talks, attracting over 1000 undergraduate applicants.
Through our continuous outreach and engagement efforts, Seatrium welcomed more than 120 fresh local graduatesand graduates from Brazil, India, Myanmar, Philippines, Malaysia and China onboard our Management Trainee
Programme. These management trainees bring diverse competencies and education specialisations, including Marine
Engineering, Naval Architecture, Electrical Power Engineering, Environmental Science, Maritime Business and more.

78
Seatrium
LimitedOur bespoke Management Trainee Programme ensures that the graduates receive robust development on thejob. They receive technical and functional trainings through cross-cultural competencies, training, and leadershipdevelopment sessions. Upon completion of the programme, trainees are equipped with well-rounded knowledge andthe necessary competencies to execute their roles effectively and efficiently.
Additionally, Seatrium hosts career sharing sessions with students, and blooming and inspiring engineers are invited
to share their career journey and experience at Seatrium.

Reaching out to eager students at campus recruitment fairs

Group Orientation sessions conducted for our eager new hires

In support of the guidelines set by the Tripartite Alliance for Fair Employment Practices (TAFEP)
in Singapore, Seatrium has signed the Employers’ Pledge in our commitment towards
merit-based recruitment, respectful treatment of employees, provision of fair opportunities, fairrewards, and compliance with labour laws.

New Hires

By Age Group*<30

Total number of New Hires*

4,526

1,954

30-49

2,292

>=50

2,815
vs. 2022

280

By Country*
Singapore

2,412

Brazil

By Gender*

USA

Philippines

4,030

496

1,573

88

27

China

Indonesia
Rest ofthe World1

1 Rest of the World includes Malaysia, India, Japan, UAE, UK, Norway, France, Poland, Mexico.

79
168

46

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HUMAN CAPITALAND RIGHTSWORKFORCE COMPETENCY DEVELOPMENT
Seatrium Academy uses a competency-based, technology-driven development framework that aligns with businessneeds to build engineering and operational excellence within our workforce. Leveraging this framework, our Academy
conducted 1,510 courses in 13 Key Competencies for more than 20,000 employees in 2023.
13 Key Competencies

Health, Safety& Environment

Production/
Technical Skills

Sustainability:
Environmental, Social& GovernanceEngineering

Quality Systems &Process Excellence

People &Organisation

Finance &Control

Digitalisation

Project
Management

Energy Mix

Supply Chain

Quality Assurance

Product Design

The top four key competencies conducted in 2023 were:1.

Health, Safety and Environment (HSE): Our HSE initiatives, comprising 44% of our course offerings, prioritise
employee safety awareness and mindset, prevent accidents, encourage proactive behaviors and promote mental
well-being for a healthier work environment.

2.

Finance and Control: This constituted 17% of our course offerings, equipping employees with essential financeknowledge and skills to foster financial acumen and uphold compliance with finance, legal, and regulatory
mandates.

3.

People and Organisation: This accounted for 12% of our course offerings, empowering employees for professional
excellence by reinforcing Seatrium’s core values. It facilitates knowledge transfer through mentorship and equips
managers and supervisors with effective management and leadership techniques.

4.

Production/Technical Skills Development: This accounted for 11% of our course offerings and ensured technicalproficiency and operational excellence across all functions within our operations.

80
Seatrium
LimitedThe overall development focuses on nurturing our talent, ensuring a well-rounded learning experience, and reinforcing
our dedication to organisational growth.

Reskilling and Upskilling Our Global Workforce
Investment (million)

Employee Training Hours

2023

S$6.772022

S$0.84

2021

2022

2021

2022

S$1.08Average Training Hours per
Employee Globally
2023

2023

22.3

2021

Average Training Hours
For Executive
2023

27.6

14

2022
32.8

2021

12

7

507,761

268,680

369,488

Average Training Hours
Non-executive
2023

2022

2021

26

39

46

By identifying the core competencies required, Seatrium Academy tailored training and development initiatives toaddress specific skill gaps and ensure that every team member is performing at their best. The five focus areas ofdevelopment are:

5 Focus Areas of Development

Engineering
SolutionsTechnology &Digitalisation

Energy Mix& Renewables

Quality, Health
Safety &Environment

Sustainability

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Engineering Solutions: As part of our commitment to fostering growth and excellence, we have consistently allocatedresources to enhance engineering expertise. Over 2,000 participants have engaged in training programmes such as“Classification’s Rules & Regulations Training on Topside Requirements”, “Marine Equipment Knowledge Training”,“Piping and Material Specification Training”, “Smart Additives Manufacturing”, “ULVA Material Installation Training” and  “Napant SM3D Training for Molded Forms”.
Energy Mix & Renewables: Participants have attended training programmes focused on new energy and renewables,
including “Global Offshore Wind Development”, “Masterclass on Offshore Wind Value Chain and Turbine Technology
Course”, “Ammonia as a Marine Fuel”, “Renewable Energy, Metals and Their Circulation”, and “ Hydrogen as Alternate
Maritime Fuel for Zero Transmission”.
Technology & Digitalisation: Our comprehensive technology & digitalisation training programme has engaged over
2,600 participants. These programmes cover a range of essential topics, including cybersecurity training, data analysis
and visualisation with Power BI, Microsoft 365 training, and courses such as “AI and Machine Learning Begins With Me”
and “The Applications of Artificial Intelligence”. Our commitment to digitalisation ensures that Seatrium is well-prepared
for the rapidly evolving digital economy.
Sustainability: Our sustainability training efforts have intensified, attracting over 3,000 participants. These sessions
delve into critical topics, including “Introduction to Sustainability,” “Carbon Capture & Storage,” “CO2 Transportation,” and“Deep Decarbonisation: Principles and Analysis Tools.” Additionally, the “Seatrium Decarbonisation Forum 2023” serves
as a pivotal platform for knowledge exchange.
Quality, Health, Safety & Environment (QHSE): Seatrium is dedicated to fostering a culture of QHSE awarenessat every organisational level. More than 20,000 participants have attended training progammes, including the “Quality
Policy and System Training”, “TOP Executive WSH Programme”, “HIRA Core Competency Training”, Behavioral
Observation”, “Supervise Marine Work for WSH” and “Safety Leadership Training”.

HUMAN CAPITALAND RIGHTSThe Seatrium Mentorship
Programme, which commenced
on 30 August 2023, marks the
beginning of a journey towards
mutual growth and development.
During this inaugural session,
mentors and mentees worked
together to delineate sharedobjectives, cultivating anenvironment grounded in mutual
respect and understanding.
Emphasising the importance of
open-mindedness, participants
were encouraged to adhere
to the established rules ofengagement and maintain clarity
in their expectations throughout
the programme.

82
Seatrium
LimitedSeatrium Academy has organised the Virtual Learning Series for all employees, attracted 1,570 participants
across various domains. The series covers engaging topics such as:• Carbon Capture, Utilisation & Storage• Climate Change and Carbon Management• Creating Digital Twins with AI-powered Virtual Reality (VR) technology• Psychological First Aid• Restful Sleep for Positive Well-being• Electrification and Batteries

Seatrium is thrilled to unveil two significant partnerships with the National University of Singapore (NUS), marking astrengthened dedication to advancing research, leadership, and training in sustainability and innovation within theoffshore and marine sector.
The Seatrium Professorship, in collaboration with NUS’s
College of Design and Engineering, is centered on energy
transition and sustainability. This partnership will bolster
research initiatives aimed at innovating new renewableenergy solutions.
The All-You-Can-Learn Memorandum of Understanding(MOU) inked with NUS School of Continuing and Lifelong
Education (NUS SCALE) on 6 October 2023, emphasises
our commitment to improving the skills of our workforce.
This agreement paves the way for opportunities inacquiring micro-credential qualifications in fields such assustainability and artificial intelligence.

Under the Employee Development Scheme, wehave achieved significant milestones in academic
advancement. In 2023, among the employees who
have graduated under the scheme, 5% successfullycompleted the Master’s Programme, an additional
5% attained the Specialist Diploma in WSH andan impressive 90% of our employees excelledin earning their Work-Study Diploma in Marine &Offshore Engineering. The graduation ceremony tohonor our Work-Study Diploma recipients took place
on 10 May 2023, at Institute of Technical Education(ITE) College Central Auditorium.

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As part of our Academy Outreach Activities, we
hosted visitors, primarily students, from various
reputable Institutes of Higher Learning (IHL) andthe ASMI. These purpose-driven visits were catered
to the interests of the visitors, covering our corebusinesses, innovations, and career opportunities.
Participants had the opportunity to gain firsthandinsights into our mega projects and tour our stateof-the-art facilities. Panel dialogues facilitatedproductive exchanges, enriching industry discourseand fostering collaborations.

HUMAN CAPITALAND RIGHTS
Aligned with our key competencies in Energy Mix and Sustainability, Seatrium hosted the Seatrium
Decarbonisation Forum 2023 on 5 December 2023 at NTU@One-North, with over 400 attendees participating
either in-person or virtually.

84
Seatrium
LimitedThe forum commenced with a keynote address by Mr. Marko Lackovic, the Managing Director and Partner at
Boston Consulting Group, followed by insightful presentations and panel discussions on various relevant topics.
These included:
1.

2.

3.

4.

5.

Energy Transition & Net Zero Outlook
covering Energy Transition Outlook, Maritime
Decarbonisation with Norway as a use-case inEuropean Perspective and Strategy to overcome
the Decarbonisation Challenge
Alternate Fuels covering Ammonia Value
Chain, Overview of the Opportunities and Risks
associated with future marine fuel and Liquefied
Bio-methane and E-LNG pathway to Net-zero by
2050
Carbon Capture and Storage covering CCS Value
Chain, onboard carbon capture technologies,
challenges and opportunities in LCO2
transportation
Fuel Cell and Energy Storage Technologies
covering energy storage landscape andopportunities for marine and offshore, hydrogenand fuel cell development in NTU, challenges inpiloting fuel cell technology
Panel discussion on Maritime Decarbonisation
Strategies and Challenges

We deeply appreciate the tremendous support andactive participation from our industry peers andcolleagues, which has contributed significantly to thesuccess of the forum!

Leadership Development

At Seatrium, we recognise that effective leadership goes beyond individual competence; it also involves shaping
culture and driving organisational success. By investing in the growth of our leaders, we ensure that Seatrium
remains agile, innovative and resilient in an ever-evolving business landscape.
Through targeted programmes, mentorship, and continuous learning, we empower our leaders to navigate
challenges, acquire essential skills for effective decision-making, and manage stakeholders while inspiring teams
towards sustainable growth. The progammes utilise teaching methods, including experiential learning, role plays,
case discussions, and presentations, providing participants with opportunity to enhance their leadership skills anddrive success within our organisation.
These programmes and initiatives received positive feedbacks from participants, with many appreciating thepractical approach of the training, which includes project work mirroring real-world scenarios. Participants
recognise the value of this training in offering a fresh perspective in tackling challenges, fostering innovation, andnurturing creativity.

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By nurturing our leaders who champion environmental stewardship, ethical decision-making and long-term viability,
Seatrium remains resilient, innovative and aligned with global sustainability goals. Our purpose-driven sustainability
leadership programme equips leaders with valuable insights into sustainable practices and innovative solutions.
To advance sustainability awareness among employees, we organised an introductory training session covering
basic sustainability concepts, ESG reporting, widely used frameworks, and practical examples. These sessions
emphasised how progress in sustainability can benefit operations and finances. Additionally, a training session on
climate change and carbon management was organised to provide employees with a comprehensive overview,
including fundamental concepts, carbon management programmes, understanding carbon footprints andmeasurement methodologies.

HUMAN CAPITALAND RIGHTSCARE FOR EMPLOYEESHaving a Voice
Seatrium’s care for employees extends through active engagement, recognition and creating a sense of belonging.
Given our belief in the importance of employees over ‘Having a Voice’, we conduct anonymous engagement surveys
on a periodic basis. We carried out regular townhalls and focus groups to understand the pulse of the company,
providing opportunities for employees to ask questions, receive company updates, and gain insights from management
perspectives.

86

In 2023, Seatrium’s senior management conducted a total of 48 engagement sessions with staff through townhalls and focus groups to hear
employees’ concerns

Seatrium
LimitedA Management Trainees’ Get-together with Senior Leaders took
place at Admiralty Yard on 4 October 2023

On 10 April 2023, employees in our Penang engineering office came
together in full force to showcase their solidarity towards Seatrium

Together with union leaders, we fortify the formulation of the company's core values

Being Valued
Seatrium recognises and appreciates employees’ efforts and valued contributions by hosting annual celebrations.

Staff Appreciation Day

87
Sustainability
Report2023

On 8 December 2023, Seatrium celebrated our inaugural Staff Appreciation Day. The special day kicked off withan inspiring welcome speech from our CEO, followed by a series of adrenaline filled activities and captivatingsong and dance performances by Seatrium employees! The energising vibes reverberated across our threeyards (Tuas Boulevard, Admiralty and Pioneer) as staff engaged in fun-filled activities, including interactive stage
games with exciting mini prizes, a Seatrium fun facts quiz, and a lucky draw! Special thanks to our Seatrium
Wave Makers for showcasing their wonderful talent in a dance choreography to the tunes of "Sugar" by Maroon
5, getting everyone grooving to the beat. The event concluded on a high note, with our senior leadership teamserving lunch to employees as a gesture of heartfelt appreciation. Thank you to every staff member of Seatrium
for their hard work and dedication. This Staff Appreciation Day is a testament to how integral each and every
employee is to the success of Seatrium.

HUMAN CAPITALAND RIGHTSLong Service Award
In 2023, 1,040 employees celebrated their service milestones with Seatrium. In recognition of this achievement, award
ceremonies were held across the globe to present tokens of appreciation to the long-serving staff.
Long Service Award Category

88
Seatrium
LimitedCountry

10
years

15
years

20
years

25
years

30
years

35
years

40
years

45
years

50
years

Total

Singapore

381

203

111

50

47

27

9

27

14

869

Brazil

65

0

40

0

0

0

0

0

0

105

China

23

0

3

0

0

0

0

0

0

26

Philippines

19

3

5

1

4

3

0

0

0

35

Malaysia

5

0

0

0

0

0

0

0

0

5

Total

493

206

159

51

51

30

9

27

14

1,040

Singapore: 869 staff received service awards, marking
their completion of 10 to 50 years of service. Amongthem, Seatrium had 381 committed employees reaching
the 10th year milestone in our Singapore operations.
Notably, 14 staff received service awards commemorating
50 years of service.
Brazil: We began operations in Brazil in the year 2000.
In 2023, we celebrated the 20th year of service of 40
employees, with another 65 employees who achieved themilestone of 10 years of service.
Philippines: Across our Philippines yards, 35 employees
were recognised for their dedication, achieving
milestones ranging from 10 to 35 years of service.

Recognising Mr Terrence Haw for 50 years of loyal service. Mr Haw,
who joined us at the age of 21, is among the many employees who haveanchored our core values

Malaysia: Our Engineering office in Penang celebrated its 10th year in operation together with five of our pioneering
employees who marked their 10 years of service with Seatrium.
China: 23 staff from our Nantong yard and Engineering offices in Wuhan and Shenzhen celebrated their 10th year of service
with Seatrium. Three staff from the Engineering office in Shenzhen achieved 20 years of service.

Employees from Malaysia (left) and China (right) receiving their well-deserved certificates of appreciation

Sense of Belonging
In a collective effort to promote a sense of belonging within the company, The Wave Makers, a group of young
and passionate employees championing social and community engagement activities, organised various activities
throughout 2023. These activities garnered active participation from 506 employees.
The sports club at Seatrium organised seven events in 2023, catering to various interest groups, promoting active
participation and enjoyment among among colleagues. Employees are connected through active participation in activities
such as bowling tournaments, pool tournaments, darts competitions, carrom competitions, futsal matches, regularjogging sessions and leisure cycling around the island.
On 30 September 2023, Seatrium
employees participated in a
Dragon Boat Adventure held at
Kallang Reservoir, Singapore, inpartnership with the Singapore
Dragon Boat Association. The
event aimed to promote teambuilding among employees
while introducing them to a fun
community activity.

89
On 29 September 2023, Seatrium
employees participated in anight cycling activity along thePark Connector Network in the
Northeast of Singapore. This
activity promotes a healthy
lifestyle through regular exercise
among the employees.

Seatrium employees picking up
golf by participating in a seriesof beginner lessons at OrchidCountry Club, Singapore.

Sustainability
Report2023

HUMAN CAPITALAND RIGHTS
In the dormitories, we foster a sense of community through vibrant celebrations of national festivals, creativecompetitions and engaging games. Additionally, we are committed to ensure our colleagues residing in the dormitories
feel a deep sense of belonging. This is achieved by providing them access to comfortable and well-equipped facilities,
including minimarts and wet markets where residents can conveniently purchase their daily necessities.

Some of the amenities available in the dormitories include a wet market, barber shop, prayer rooms, remittance service, mini mart, laundromat andgymnasium

90
Seatrium
LimitedFun activities held in the dormitories include competitions and celebrations of local festivals

Seatrium celebrated Singapore’s 58th National Day by participating in the National Day Parade on 9 August 2023. After
spending 13 weekends training for the event, we proudly participated in our first National Day Parade (NDP) in 2023.
Participating in the NDP is a significant annual event in Singapore that commemorates independence. By providing amarching contingent for this nationally celebrated parade, Seatrium employees receive recognition for our involvement,
bolstering their sense of value and appreciation within the company. This participation also strengthens their connection
to Seatrium, Singapore, and the broader community. The shared experience of participating in the NDP cultivates unity
and teamwork among employees, fostering lasting bonds and cherished memories. These experiences contribute to astrong sense of camaraderie and belonging.

EMBRACING HUMAN RIGHTS

91
Sustainability
Report2023

By embracing the fundamental principles of human rights, Seatrium acknowledges the rights of each employee acrossall the countries in which we operate. We maintain a steadfast commitment to workplace safety, security, and freedom of
association, while promoting diversity and inclusion. We prohibit forced labour and modern slavery, and we respect therights of local communities, fostering a fair environment and contributing to social and environmental improvement in ouroperating areas.
Our framework is guided by the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), United
Nations Universal Declaration of Human Rights, International Labour Organisation’s Declaration on Fundamental
Principles and Rights at Work, the United Nations Guiding Principles on Business and Human Rights (UN Guiding
Principles), Dhaka Principles for Migration with Dignity and government regulations.
Our policies, Code of Conduct and Supplier Code of Conduct, further reinforce our expectations regarding human rights
for employees, vendors and suppliers.

Material Specification

HUMAN CAPITALAND RIGHTS

I

3mm thk clear acrylic w/ reverse print sticker paste on
to fix with 4 nos of screw (A3 Size)

S

Font

-

Size

297mm (w) x 420mm (h) x 3mm thk

Human Rights Assurance

Front View
297

Seatrium values thehealth, safety and welfare
of all our employees. We
continuously strive toprovide support for themental and physical wellbeing of our colleagues
residing in our dormitories,
as well as improving
the living standards andpromoting healthy living.

D

Side View
3883.5mm dia holefor screw fixing

We provide a 24-hour multilingual crisis support
helpline that offers counselling services in Tamil,
Mandarin
Qty: 10
Nos support helpline provides
Bengali and English.
This
a listening ear to all our colleagues residing in ourdormitories. They also have access to telemedicine
and medical centers within the residential vicinity.

420

Engagement & AwarenessEngagement

EnglishQty: 10 Nos

To fix using screw

Bengali
Qty: 10 Nos

DOE

Seatrium Housing Pte Ltd

Hakim

FRONT VIEW

Seatrium engages with our valued
workforce through various forms of activities, including sports. Through sports
4 Loyang Drive Singapore 508965
Helpline Poster
6442 0828 | 6443 0133
activities, we are not only able to(65)promote
physical well-being but also cultivates teamwork, camaraderie, and apositive workplace culture, thus enhancing the overall morale and productivity of our workforce.
JUSTIN

23/09/2023

92
Seatrium
LimitedOn 28 October 2023,
Seatrium organised afootball tournament at
Cochrane Recreation
Centre, Singapore. A total of
132 employees formed 11
teams, making it a great dayof team building and friendly
competition, showcasing
the team spirit of Seatrium.

We value open communication with our employees and have organised 25 dormitory visits by our managements
and union representatives. These bi-monthly visits provide a platform for open communication and support forour colleagues’ mental, physical well-being, and accommodation needs. The Seatrium Housing team also carries
out quarterly feedback meetings with room in-charges (ICs) to address any matters related to our accommodation.

Seatriummanagement
and union
representatives
attended adormitory visit at
Acacia Lodge on 22
September 2023.

1

1

seatrium/acrylicsign/
hakim/2023

In 2023, we had several customers visit our Seatrium dormitories. Both Seatrium and our customers arecontinuously focused on ensuring that we provided a safe and conducive living arrangement for our colleagues
residing in our dormitories.
On 15 September 2023, theSeatrium Housing teamwelcomed the Shell Crux
customer's project team to our
Cassia@Penjuru dormitory.
The visit was centered around
our accommodation facilities
and welfare services for our
residents. The customer’s
team were pleased with theaccommodation’s facilities andsupported the initiatives that we
had put in place.
On 19 October 2023, theSeatrium Housing teamwelcomed the TenneT 2GW
customer's project teamto our Alaunia Lodge aspart of our joint audit on
our accommodation facilities.
This initiative will be acontinuous effort throughout
the TenneT 2GW project.

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Sustainability
Report2023

Awareness
In 2023, two important events were observed in Seatrium dormitories: Human Rights Day on 10 December 2023 andInternational Migrants Day on 18 December 2023. These events highlighted the importance of human rights andacknowledged the contributions of colleagues residing in the dormitories.
On 10 December 2023, Seatrium dormitories celebrated
Human Rights Day with various activities. Our colleagues
participated in activities such as creating handprint trees
through colouring, providing a creative outlet for expressing
emotions. Artworks crafted by our colleagues weredisplayed within our dormitories. Human Rights videos
and reading materials in different native languages were
distributed in our dormitories.
On 18 December 2023, International Migrants
Day was celebrated in Seatrium dormitories
with a host of fun and exciting activities. Photobooths adorned with handmade props andframes were set up, while musical karaoke
sessions and crosswords competitions wereorganised. We also served light refreshments,
conveying appreciation to our residents fortheir contributions.

WORKPLACE
SAFETY AND HEALTH
Health, Safety and Environment (HSE) is a core value
and well-managed material topic to Seatrium. HSE
is the guiding principle behind everything we do. We
are committed to promoting a healthy and safe work
environment for our employees, customers, partners andthe community. Our approach to HSE management isguided by Seatrium’s Journey Zero Strategy. The strategy
outlines actionable items to reduce workplace fatalities tozero through our four strategic thrusts.
Our stance on HSE is articulated in our HSE Policy,
which applies to all employees and third parties working
at our premises. We are committed to improving ourHSE performance, and continuous efforts are taken tostrengthen the safety culture across the Group by utilisingtechnology, facilitating open communications, providing
regular training opportunities, as well as reviewing andimproving safety systems.

Harnessing
Technologies

Forefront
Ownership

Journey

Zero
Cultureof Care94
Seatrium
LimitedSeatrium’s leader leads by example with regular site engagement walks to communicate with and garner feedback from the workforce

Industry
OutreachOur HSE Performance
We monitor our HSE performance with a combinationof leading and lagging indicators, benchmarked against
performance targets. These indicators are used as a guideto ensure that our HSE initiatives implemented ensures
Seatrium’s path to Journey Zero.

2023, of which 13 incidents involved our direct workforce
and 56 incidents involved our contractors.
All entities under our operational control are required toreport incidents, including those that involve third parties
such as contractors, clients, visitors at our premises,
as well as employees working at third-party sites orcommuting for work-related purposes. Safety time-outs are
conducted immediately after an incident occurs to heighten
awareness among the involved work groups. All incidents
are also promptly reported to senior leaders.

Our primary lagging indicators for measuring health andsafety performances are Total Recordable Injury Rate
(TRIR), Lost Time Injury Rate (LTIR) and Fatal Accident
Rate (FAR). Our TRIR increased from 1.29 in 2022 to
1.36 in 2023, while the LTIR also saw a similar decrease
from 0.79 in 2022 to 0.52 in 2023. Seatrium recorded a
Workplace Injury Rate (WIR) of 194.4 in 2023.
The Group achieved zero workplace fatalities acrossour global operations, while clocking 134.7 million manhours works in 2023. There were also no workers who
were diagnosed with Noise Induced Deafness, a major
occupational hazard risk for the industry that Seatrium is
in. The Group reported a total of 69 Lost-Time Incidents1 in

All work-related incidents are jointly investigated by theoperational and HSE teams. The investigations include
an account of the events leading up to the incident, how it
occurred and post-incident actions, as well as a root cause
analysis. Thereafter, corrective and preventive action plans
are developed, incorporated into our safe work procedures
and emergency response procedures, and implemented toprevent recurrence.

The top three Lost-time Incident types were:

95

Caught in between Objects (34)

Struck by Moving Objects (14)Sustainability
Report2023

Struck by Falling Objects (6)In 2023, no insurance pay-outs were made under Work Injury Compensation Schemes, due to high consequence
incidents2 that occurred either in or before 2023.
International Association of Oil & Gas Producers Standards (IOGP)
Lost Time Injury Rate (LTIR)
per million man-hours worked5

Total Recordable Incident Rate (TRIR)
per million man-hours worked5

0.79
1.15

0.53

2021

2023

1.29

Fatal Accident Rate (FAR)
per 100 million man-hours worked4

1.36

0.52

2022

2023

2021

2022

2023

0.00

0.00

0.00

2021

2022

2023

DirectWorkforceContract
Workforce

Total

Fatal Accident Rate (FAR), number of fatalities
per 100,000,000 man-hours worked

0

0

0

Lost Time Injury Rate (LTIR), number of lost time injuries
per 1,000,000 man-hours worked

0.33

0.68

0.52

Total Recordable Injuries Rate (TRIR), number of recordable injuries
per 1,000,000 per manhous worked

1.28

1.44

1.36

Number of man-hours

61,113,938

73,544,217

134,658,154

1 A workplace accident that results in the injury of an employee who is given more than three consecutive days of medical leave or hospitalised for at least 24 hours; or a workplace
accident that results in the injury of a self-employed person or non-employee who received treatment in hospital.
2 A high-consequence incident is one from which the worker cannot, does not, or is not expected to recover fully to pre-injury health status within six months (e.g. amputation of limb,
fracture with complications).
3 HSE statistics from global operations include yards located in Singapore, Indonesia, the Philippines, China, United Kingdom, USA, and Brazil.
4 Aligned with International Association of Oil & Gas Producers Standards (IOGP).
5 The tables in this section include performance data from our employees and contractors in our yards.

WORKPLACE
SAFETY AND HEALTHFOREFRONT OWNERSHIP
Forefront ownership is the foundation of a proactive andpositive safety culture. Our leaders empower everybody to
speak up for safety and stop any unsafe work.
Seatrium’s HSE framework is championed by the Board
and Senior Leadership Team, employees, contractors,
and stakeholders. Our CSRC steers the HSE policies
and framework, and the Group HSE Committee, together
with various sub-committees at the yards, is responsiblefor developing the relevant procedures and controls anddeploying the HSE strategies and work plans.
HSE targets are embedded in the annual performanceappraisal and remuneration of the management of Seatrium
and our operating entities via a balanced scorecard system.

96
Seatrium
LimitedSince 2020, our yards in Singapore, Indonesia, thePhilippines, China, United Kingdom, USA, and Brazil havebeen certified to ISO 45001 Occupational Health and Safety
Management System. This constitutes a total of 10 out of
our 13 operational yards (77%)1 and covers over 95% of ourworkforce in operations. Our HSE management systems
are routinely audited by both independent certification
agencies and companies as well as internal audit teams.
All employees and contractors at Seatrium’s yards arecovered by our HSE management systems, and are
expected to abide by Seatrium’s HSE Policy, which places
the highest priority on the health and safety of people andthe protection of assets and the environment.

As a bizSAFE partner under the WSH Council’s
bizSAFE programme, Seatrium actively encourages
our contractors to progress through the five levels of
the bizSAFE programme. Since 2023, Seatrium has
imposed the requirement for resident contractors to havea BizSAFE Level 4 (second highest) certification before
they can undertake work at our yards.
We communicate safety measures and update on internal
workplace accidents and occupational diseases during
Vessel Safety Coordination Committee meetings, monthly
WSH Committee meetings and daily toolbox meetings.
Weekly management inspections are conducted with ourcustomers to drive good housekeeping for a safe andclean workplace. Weekly safety review meetings arechaired by the various Senior Vice President (Operations)for the different yards while monthly safety reviews
are conducted by Chief Operating Officer as well as
Seatrium’s Senior Leadership Team.
Seatrium works closely with our stakeholders tocollectively raise HSE standards, promote safety andhealth at work, embrace best practices to uphold
Industry Standards, including Codes of Practice and
WSH Guidelines. Representatives from Seatrium aremembers in the WSH Council’s WSH (Marine Industries)
Committee and Association of Singapore Marine
Industries (ASMI) WSH Committee.

Seatrium garnered 34 Awards at the annual WSH Awards 2023. A testament to Seatrium’s commitment toward HSE Excellence

1 Our yard in Karimun, Batangas and Navegantes have not obtained ISO 45001 Certificate.

PERFORMANCE DNA
Knowledge and competency, coupled with a Forward-looking mindset are the defining traits of Seatrium’s workforce.
Across the Group, Risk Assessment procedures to identify, assess and mitigate hazards are established andimplemented. Our operational and HSE teams conduct regular site inspections and internal audits. Training is
conducted to equip our workforce with the skills to effectively manage HSE risks. In-house Union and subcontractor
representatives are invited to participate in meetings where the identification of hazards, assessment of risks
and the application of control measures are discussed. For yards whose workers do not belong to unions, worker
representatives are nominated by the various departments to participate in monthly HSE committee meetings.
In 2023, we invested more than S$30 million in enhancing HSE-related infrastructure and systems as well as building
HSE capabilities across the Group. We continue to ensure our employees, contractors and other personnel operatingin our shipyards receive the latest HSE skillsets, knowledge, awareness, and competencies to carry out their work in asafe manner.

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All personnel entering any Seatrium yard must attend a yard-specific HSE induction to gain familiarity on the basic HSE requirements and potentiallyhazardous on-site activities or situations

The Seatrium Safety Training Centre (SSTC) in Tuas,
Singapore offers a complete range of training andcertification courses in both trade-specific and broadbased skills for all levels of the workforce. Apart fromclassrooms and facilities for multimedia and interactive
training stations, the centre also features a life-size
replica of the mid-section of a tanker with various
technical training areas. The centre offers key training
modules such as core competency and leadershipdevelopment programmes, and workforce skills
qualification courses certified by the Singapore Workforce
Development Agency, which are conducted by qualified,

full-time instructors. This model has been replicated atour yards in the Philippines, China, USA, and Brazil.
SSTC developed four augmented reality and virtual
reality modules, which are integrated into the HSEtraining curriculum to enhance employees’ learning
experience. Training sessions simulate the HSE decision
making process that employees are likely to face onsite.
Through various HSE scenarios, trainees can virtuallyexperience the impact of falling from height, flash fires,and being hit by moving objects if they do not follow HSE
guidelines.

WORKPLACE
SAFETY AND HEALTH
CULTURE OF CARE
A safe and supportive working environment has a positive
impact on the mental, physical health and productivity of
the workers and employees. Seatrium is cognizant thata happy and healthy workforce is critical to the long-term
success of the business.
Our Total WSH Service Centre framework focuseson Safety & Occupational Health, Physical Health,Infectious Disease, Mental Health. Over the years,
various workplace health and wellness programmes
have been implemented for each of these four areas
to create awareness, promote healthy lifestyle andenable early detection, intervention, and control of
diseases. In Seatrium, it is mandatory for all workers,
including contract workers, to be covered by work injury
compensation insurance prior to starting work. In-house
medical centres are also located in all our shipyards.
Across the Group, our contractors partner clinics toprovide contract workers with access to medical care.

98
Seatrium
LimitedSeatrium believes that the mental health and wellbeing of our staff is key to our organisational successand sustainability. We take a proactive and preventive
approach to improve mental well-being at the workplace
and are focused on ensuring positive outcomes for at-risk
workers. This is done through workforce engagement
where we believe that they play a crucial role in thestrengthening of our safety culture in Seatrium. We

Mr Eddie Toh, Deputy General Manager, HSE, shared Seatrium’s bestpractices on heat stress management with the industry at the WSH Forumon Heat Stress Management. 2023 was held on 25 May 2023

engage our workforce through mass and tool-box
briefings which are carried out regularly across ouryards including topics on mental well-being. Handouts
on mental well-being are also distributed during thesebriefings.
Dormitories housing migrant workers are also equippedwith gyms and sports facilities such as basketball,badminton, and street soccer courts to promote healthy
lifestyles. We conduct regular dormitory visits to engage
our workforce. We also inspect our resident contractors’
dormitories to ensure living conditions are acceptable forour workforce.

HSE extends beyond the workplace: Our workers provide HSE feedback during a regular dormitory visit

TECHNOLOGY ENABLED
HSE Technology is a key enabler in improving workplace safety and outcomes as it changes the way work is
performed. Seatrium leverages technology and innovation to drive higher HSE standards in our operations. In 2023,
our two Singapore yards organised WSH Innovation Conventions for employees to present solutions invented to
improve safety and health standards at our workplaces.

The installation of a dust netting has always been a timeconsuming and manpower intensive process: often fraught with
fatigue, pinch point and fall from height hazards due to the weightand extensive area of the netting material. The innovative Dust
Net Canopy Cover offers a solution to this problem by minimising
the time, manpower, and material handling hazards required
during the installation.
The stable and lightweight Canopy is easily fabricated in-house.
With the use of a winch system, it mechanises the system insteadof manual task utilisation, which improves the overall safety andproductivity of the operation.

Bevelling is a common activity in a shipyard, typically carriedout by oxy-fuel cutting. This involves manual surface grinding
which poses a health and safety risk to workers because of the
posture and position the workers need to be in, and the exposure
to high levels of noise and vibration. The innovative Automatise
Bevel Grinding (ABG88) machine eliminates the use of manual
manpower and thus also reduces workers’ risk of exposure tosafety and health hazards during this process. The magnet andtrack system of ABG88 simplifies the process of installation andremoval with the use of a lever. The tracks are also flexible,
allowing the machine to be mounted on most surfaces, including
circular, curved, or other complex shapes.
With their on-the-ground experience and detailed
knowledge of hazards and risks, frontline supervisors andworkers play crucial roles when it comes to HSE matters.
Recognising that their active involvement, feedback
and inputs are vital to enhance our safety systems andprocesses, including risk assessment hazard reportingand incident investigations, we sharpened our focus on
engaging and empowering frontline staff to participate
more actively in our HSE journey, in particular, to speak
up and intervene if they encounter any unsafe behaviours
and situations. We are committed to listening and acting,to further enhance the culture of continuous safety
improvement. To this end, Seatrium developed an online
POWER reporting app to encourage everyone andanyone to speak up.

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Sustainability
Report2023

WORKPLACE
SAFETY AND HEALTH
TOGETHER WE CAREManagement Site Engagement at Batangas Yard, Philippines

CPR Training at Sea Scan Workshop,
Singapore

100
Seatrium
LimitedJoint Emergency Drill at Pioneer Yard, Singapore

Well-Being Day at Admiralty Yard, Singapore

Workforce Engagement at Pioneer Yard, Singapore

Heat Stress Management at Benoi Yard, Singapore

Management Site Engagement at Subic Yard, Philippines

HSE Observation Kiosk at Batam Yard, Indonesia

Height Rescue Drillat Tuas Yard, Singapore

Pre-work Morning Exercise at Angra Yard, Brazil

Morning Take-5 Safety Briefing at  Brownsville Yard, USA

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Sustainability
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Seatrium Safety Training Centre at Tuas Yard, Singapore

Earth Hour Observanceat Batangas Yard, Philippines

Employee recognition
at Aracruz Yard, Brazil

Dormitory Fire Drill at Nantong Yard, China

SAFETY STARTS WITH ME
Everyone is responsible for their own personal safety. Seatrium’s leaders lead by example with regularsite engagement walks to communicate with and garner feedback from the workforce. Safety is also
discussed at the board level during the Corporate Social Responsibility Committee meetings. Our goalis that everybody comes to work happily and returns home safely each day.

COMMUNITYENGAGEMENT
We actively support our employees and communities
to help them achieve their full potential in an inclusive
environment.
Our community engagement involves programmes
focused on Environmental Care, Community Care, Active
Lifestyle, and Industry Outreach. We embrace our roleas an active corporate citizen and a caring organisation
aiming to make a positive difference in the local
communities where we operate.
In July 2023, passionate young talents were brought

together through the creation of an employee-volunteer
group. ‘The Wave Makers’ were chosen to convey theintention of making positive changes, actively steering
Seatrium’s extended activities for community engagement
and recreation activities.
Through fostering a deep connection among our
employees and communities, Seatrium aims to cultivate
a culture of volunteering. This embodies Seatrium’s One
Seatrium spirit, showcasing teamwork for a meaningful
cause in alignment with its sustainability and social
responsibility commitment.

Industry Outreach
Encourage and promote
effective public, public-private
and civil society partnerships

102
Seatrium
LimitedEnvironmental Care

Community Care

Promote sustainable
use of natural
resources andprotection of ourecosystems.

Foster community
spirit and provide
support to the lessprivileged and people
with disabilities.

Active Lifestyle
Promote an active, vibrant andhealthy community

Key Highlights for 2023

Invested more than

Dedicated overin community
programmes globally1

volunteering hours
towards community
programmes

S$2.50 million

10,000

1,798

Active Volunteers

1 This include an upfront sum of $2,892,694 in Sewage Treatment System Programme that the Group will annually disclose the community investment pertaining to this programmeover 10 years from FY2020.

COMMUNITY CARE
Supporting the less privileged and people with disabilities
Our passionate Wave Makers organised three special events: “A Very Special Walk” tosupport the Autism Resource Centre, involvement in the Purple Parade initiative thatorganised a walk-in support of the Singapore National Stroke Association (SNSA), andparticipation in the fundraising campaign of the Singapore Association for the VisuallyHandicapped (SAVH), collecting donations and raising awareness for the visuallyhandicapped community.

On 1 July 2023, over 200 Seatrium staff, alongwith their families and friends, participated in'A Very Special Walk’, a signature fundraising
event organised by the Autism Resource Centre(Singapore)/Pathlight School. Additionally, incharitable support of the Autism Resource Centre,
Seatrium management made an extra meaningful
donation of S$26,423, inspired by the unveiling dateof Seatrium’s logo.

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Sustainability
Report2023

On 9 September 2023, we partnered with
the Singapore Association of the VisuallyHandicapped (SAVH) to raise S$5,387.66 though
the SAVH Flag Day. This initiative aimed togenerate financial support to enhance the livesof visually impaired individuals and promoteawareness of the challenges they face.

On 4 November 2023, Seatrium
took part in the annual Purple
Parade organised by the Singapore
National Stroke Association (SNSA).
Our participation in the marchpast contingent aimed to enhancecommunity spirit and celebrate theabilities of individuals with disabilities.
Together, we dedicated 103.5
man-hours to create various
environmentally friendly props, which
led to us being awarded the Creative
Contingent Award at the Purple Parade.

COMMUNITYENGAGEMENTENVIRONMENTAL CARE

Promoting sustainable use of natural resources and protectionof our ecosystems
Seatrium continues to foster our support and appreciation to promote the conservationof our environment. Our colleagues in Singapore and overseas engaged in activities
contributing to care for our environment.

104
Seatrium
LimitedOur employees in Singapore participated in a clean-up in conjunction with One@PA at the coastal area of Sembawang Park

Employees from our different yards across Singapore participated in awaterways kayak coastal clean-up around Marina Reservoir

Employees from our Wuhan Engineering office volunteered to clear rubbish
and waste at the Canglong Island Wetland Park in China

Employees from our Batangas Yard in Philippines, participated in the Inter-Coastal Clean-up

105
Sustainability
Report2023

Our colleagues in Brazil working hand in hand with the local community volunteered to clear waste along the coast of Barra do Saí

Being in the offshore, marine and energy sector, the ocean is ourbusiness. Seatrium held the annual Green Wave Environmental
Care Competition in 2023, open to local and international
students from primary to tertiary levels. The aim was to encourage
participants to develop sustainable solutions for our environment,
addressing issues such as rising water levels, pollution,
deforestation, and global warming. Through this initiative, a total of
211 innovative and green submissions from 812 local and regional
students from primary and secondary schools, ITE and tertiary
institutions was received.

COMMUNITYENGAGEMENT
INDUSTRY OUTREACH

Supporting industry development through partnerships.
Seatrium senior management staff contributed their time and knowledge to various
industry associations and public councils where they hold appointments (listed below)
to enhance the level of collaboration in advancing the sustainability development efforts
within the marine industry.

Our Key Partners

106
Seatrium
LimitedOn 24 November 2023, Seatrium wasawarded two prestigious awards - theASMI Business and Meritorious Awards
at ASMI’s 55th Anniversary Celebrations!
The Association of Singapore Marine& Offshore Energy Industries (ASMI)
Business Award recognises companies
that demonstrate exemplar businesspractices and strong support for ASMI’s
activities and initiatives, while the
ASMI Meritorious Award recognises
individuals who have made outstanding
contributions to the industry. Bothawards are a testament to Seatrium’s
relentless efforts in providing industryleading solutions that contribute to thegrowth of the offshore, marine andenergy industry.

On 3 May 2023, Ms. Ainul Fasha Binte Amran, our SMF- MaritimeONE Scholarship recipient and an engineer in
Project Management at Tuas Boulevard Yard, represented
Seatrium by delivering a presentation to engineering
students from the University of Glasgow at the Singapore
Institute of Technology campus located within Ngee
Ann Polytechnic. The MaritimeONE Scholarship is partof a suite of talent development programmes that theSingapore Maritime Foundation spearheads to connect
youths with the industry. Ms Fasha shared insights into
her career journey with Seatrium, thereby contributing to
the promotion of the offshore, marine and energy industry
in which Seatrium operates.

Seatrium continues to provide experiential learning opportunities to tertiary students by inviting them forcompany visits. These visits provide students with an engaging platform to interact with our employees andgain valuable insights into the offshore, marine and energy industry. We are committed to nurture and provide
the next generation with boundless possibilities.

107
Sustainability
Report2023

On 12 July 2023, Seatrium hosted a yard visit for 67 students from the Marine & Offshore Technology and Engineering programme at Ngee Ann
Polytechnic, Singapore

On 16 November 2023, Seatrium hosted a yard visit for 19 students from the National University of Singapore (NUS) Society of MechanicalEngineeringAPPENDIX
LIST OF ABBREVIATIONS

108
Seatrium
Limited

ABBREVIATION

DEFINITIONABBREVIATION

DEFINITION

ABS

American Bureau of Shipping

ESG

Environmental, Social and GovernanceAC

Alternating Current

ESS

Energy Storage System

AI

Artificial Intelligence

EU

European Union

AIoT

Artificial Internet-of-Things

FAR

Fatal Accident Rate

ARC

Audit and Risk Committee

FAT

Factory Acceptance Test

ASMI

Association of Singapore Marine andOffshore Energy Industries

FLL

Floating Living Lab

BUs

Business Units

FLNG

Floating Liquefaction

BV

Bureau Veritas

FPSO

Floating Production, Storage and Offloading

BWMS

Ballast Water Management System

FPU

Floating Production Unit

CCS

Carbon Capture and Storage

FSRU

Floating Storage and Regasification Unit

CCUS

Carbon Capture, Utilisation and Storage

FSU

Floating Storage Unit

CEO

Chief Executive Officer

FY

Financial YearCF

Compliance Function

CFL

Corporate Function Leaders

GCMD

Global Centre for Maritime Decarbonisation

CNG

Compressed Natural Gas

GHG

Greenhouse Gas

CH4

MethaneGRIGlobal Reporting Initiative

CO2

Carbon Dioxide

GTT

Gaztransport & Technigaz

CO2e

Carbon Dioxide equivalent

GWP

Global Warming Potential

CPIB

Corrupt Practices Investigation Bureau

HCFC

Hydrochlorofluorocarbons

CSIRO

Commonwealth Scientific and Industrial
Research Organisation

HQ

Headquarter

HSE

Health, Safety and Environment

CSRC

Corporate Social Responsibility Committee

HVAC

High Voltage Alternating Current

DEI

Diversity, Equity and Inclusion

DNV

Det Norske Veritas

HVDC

High Voltage Direct Current

IoTInternet-of-Things

EBITDA

Earnings Before Interest, Taxes,
Depreciation and Amortisation

IAF

Integrated Assurance Framework

EF

Emission Factors

ICPInternal Carbon Pricing

EJA

Estaleiro Jurong Aracruz

IFRSInternational Financial Reporting Standards

EMA

Energy Market Authority

IHL

Institutes of Higher Learning

EMS

Energy Management System

IMD

International Migrants Day

EPC

Engineering, Procurement and Construction

IMO

International Maritime Organisation

EPCIC

Engineering, Procurement, Construction,
Installation and Commissioning

IOGP

International Association of Oil & Gas
Producers Standards

EPCIM

Engineering, Procurement, Construction,
Installation and Maintenance

ISOInternational Organisation forStandardisation

ERM

Enterprise Risk Management

ISSB

International Sustainability Standards Board

ERPEnterprise Resource Planning

ITE

Institute of Technical Education

ABBREVIATION

DEFINITIONABBREVIATION

DEFINITION

JDP

Joint Development Project

Kg

Kilograms

SEAA

Singapore Environmental Achievement
AwardskVkilovolt

SEC

Singapore Environment Council

SEMS

kWh

Kilowatt-hour

Smart Energy Management System

L

Litre

SIMTechSingapore Institute of Manufacturing
Technology

LH2

Liquid Hydrogen

SGX

Singapore Exchange Limited

LNG

Liquefied Natural Gas

LNGC

LNG Carrier

SGX-ST

Singapore Exchange Securities Trading
Limited

LPG

Liquefied Petroleum Gas

SMF

Singapore Maritime Foundation

LTIR

Lost Time Injury Rate

SNSA

Singapore National Stroke Associationm

Square metre

SORA

Singapore Overnight Rate Averagem

Cubic metreML

Machine Learning

SSAE

Singapore Standard on Assurance
Engagements

MOU

Memorandum of Understanding

SSTC

Seatrium Safety Training Centre

MPA

Maritime and Port Authority of Singapore

SWACH

Small Waterplane Area Cylindrical Hull

MW

Megawatt

TAFEP

MWh

Megawatt-hour

Tripartite Alliance for Fair and Progressive
Employment Practices

N 2O

Nitrous Oxide

TBY

Tuas Boulevard YardNCV

Net Calorific Values

TCFD

Task Force on Climate-related Financial
Disclosures

NDP

National Day Parade

NTU

Nanyang Technological University

TCOMS

Technology Centre for Offshore and Marine,
Singapore

NUS

National University of Singapore

TNFD

OGCI

The Oil and Gas Climate Initiative

Taskforce on Nature-related Financial
Disclosures

ORS

Offshore Renewable Services

TNPD

Technology & New Product Development

OSS

Offshore Substation

TRIR

Total Recordable Incident Rate

PPM

Planned Preventive Maintenance

TRL

Technology Readiness Level

PV

Photovoltaic

UAE

United Arab Emirates

QHSE

Quality, Health, Safety and Environment

UK

United Kingdom

RCS

Reactive Compensation Station

UN

United Nations

RECs

Renewable Energy Certificates

WBCSD

ROPAX

Roll-on/roll-off Passenger

World Business Council for Sustainable
Development

SASB

Sustainability Accounting Standards Board

WIR

Workplace Injury Rate

Singapore Association of the VisuallyHandicapped

WRI

World Resources Institute

SAVH

WSH

Workplace Safety and Health

SDGs

Sustainable Development Goals

VR

Virtual Reality

2
3

109
Sustainability
Report2023

SGX SUSTAINABILITYREPORTING INDEX
Item
I

Component

110
Seatrium
LimitedIV

64

Material issue: Compliance, Governance andAssurance
PolicyCompliance, Governance and Assurance

24, 27

Practices

Compliance, Governance and Assurance

24 – 29

Performance

Sustainability Highlights, Performance8 – 9, 11Compliance, Governance and Assurance

24 – 29

Material issue: Customer Alignment and Confidence
PolicyCustomer Alignment and Confidence

27, 30Practices

Customer Alignment and Confidence

30 – 41

Performance

Sustainability Highlights, Performance8 – 9, 11

Policies, Practices and Performance

Customer Alignment and Confidence

30 – 41

Material issue: Supply Chain Management
PolicySupply Chain Management27, 42

Practices

Supply Chain Management

42 – 49

Performance

Sustainability Highlights, Performance8 – 9, 11

Supply Chain Management

42 – 49

Material issue: Innovation and Sustainable Solutions
PolicyInnovation and Sustainable Solutions

27, 52

Practices

Innovation and Sustainable Solutions

52 – 61

Performance

Sustainability Highlights, Performance8 – 9, 11Innovation and Sustainable Solutions

52 – 61

Material issue: Environmental Sustainability
PolicyEnvironmental Sustainability

27, 62

Practices

Environmental Sustainability

62 – 73

Performance

Sustainability Highlights, Performance8 – 9, 11

Environmental Sustainability

65, 67 – 69

Material issue: Human Capital and Rights
PolicyHuman Capital and Rights

27, 76

Practices

Human Capital and Rights

76 – 93

Performance

Sustainability Highlights, Performance8 – 9, 11

Human Capital and Rights

76 – 93

Material issue: Workplace Safety and Health
PolicyWorkplace Safety and Health27, 94

Practices

Workplace Safety and Health

94 – 101

Performance

Sustainability Highlights, Performance8 – 9, 11Workplace Safety and Health95 – 96

Material issue: Community Engagement
PolicyCommunity Engagement27, 102

Practices

Community Engagement

102 – 107

Performance

Sustainability Highlights, Performance8 – 9, 11

Community Engagement

102 – 107

Sustainability Approach and Performance6, 11

About the Report

1Targets
Sustainability Reporting Framework
Sustainability Reporting Framework

VI

12 – 13

Environmental Sustainability

Targets
V

Materiality Assessment

Climate-related Disclosures Consistent with the TCFD Recommendations
Climate-related disclosures consistent with the TCFD
recommendations

III

Page
Reference

Material ESG Factors
Material ESG Factors

II

Sustainability Report Sections

Board Statement and Associated Governance Structure for Sustainability Practices
Board Statement

Board Statement on Sustainability Report

2-3

SGX LIST OF
CORE ESG METRICS
Topic

MetricUnit

Framework
Alignment

Description

Disclosure

Absolute
emissions by: (a)Total; (b) Scope
1, Scope 2; and(c) Scope 3, if
appropriate

tCO2e

GRI 305-1, GRI
305-2, GRI 305-3,
TCFD, SASB 110,
WEF core metrics

Metric tons of carbon dioxide equivalent (tCO2e)of relevant GHG emissions. Report the Total,
Scope 1 and Scope 2 GHG emissions and, if
appropriate, Scope 3 GHG emissions.

Sustainability Report Pages 65, 67

Emission
intensities by: (a)Total; (b) Scope
1, Scope 2; and(c) Scope 3, if
appropriate

tCO2e/GRI 305-4, TCFD,
organisationSASB 110
specific metrics

Total energy
consumption

MWhs or GJ

GRI 302-1, TCFD,SASB 130

Total energy consumption, in megawatt
hours or gigajoules (MWhs or GJ), within theorganisation.

Sustainability Report Page 65

Energyconsumption
intensity

MWhs or GJ/
GRI 302-3, TCFD
organisationspecific metrics

Energy intensity ratios in energy consumed(MWhs or GJ) per unit of organisation-specificmetrics (e.g. revenue, units of production,
floor space, number of employees, number ofpassengers).

Sustainability Report Page 65

1. Environmental
Greenhouse
Gas Emissions(“GHG”)

EnergyConsumption

GHG emissions should be calculated in line withinternationally recognised methodologies (e.g.
GHG Protocol).
Emission intensity ratios in GHG emissions(tCO2e) per unit of organisation-specific metrics(e.g. revenue, units of production, floor space,number of employees, number of passengers).
This is calculated from the absolute emissions
reported. Denominators should be clearly
defined and disclosed.

(a) Total: 182,654 tCO2e; (b) Scope 1: 74,941
tCO2e; Scope 2: 107,713 tCO2e; (c) Scope 3
Categories 1 to 7: 648,257 tCO2e

Sustainability Report Page 118(a) Total Scope 1 & 2: 0.0014 tCO2e/man-hour;(b) Scope 1: 0.000557 tCO2e/man-hour; Scope
2: 0.000799 tCO2e/man-hour; (c) Scope 3
Categories 1 to 7: 0.00481 tCO2e/man-hour

Our total energy consumption in FY2023
amounted to 1.90 million gigajoule (GJ).

This is calculated from the total energy
consumption reported. Denominators should beclearly defined and disclosed.
Water
Consumption

Total water
consumption

ML or m³

GRI 303-5, SASB
140, TCFD, WEF
core metrics

Water
consumption
intensity

ML or m³/
TCFD, SASB
organisationIF-RE-140a.1
specific metrics

Total water consumption, in megalitres or cubic
metres (ML or m³), across all operations.

Sustainability Report Pages 69, 117

Water intensity ratios in water consumed (MLor m³) per unit of organisation-specific metrics(e.g. revenue, units of production, floor space,number of employees, number of passengers).

Sustainability Report Page 68

111

This is calculated from the total water
consumption reported. Denominators should beclearly defined and disclosed.
Waste
Generation

Total waste
generatedt

GRI 306-3, SASB
150, TCFD, WEF
expanded metrics

Total weight of waste generated, in metric tons(t), within organisation and where possible,
to include relevant information of waste
composition (e.g. hazardous vs non-hazardous,
recycled vs non-recycled).

Sustainability Report Page 69

Current
employees bygender

Percentage(%)

GRI 405-1, SASB
330, WEF core
metrics

Percentage of existing employees by gender.

Sustainability Report Page 77

New hires andturnover bygender

Percentage(%)

GRI 401-1, WEF
core metrics

Percentage of new employees hires andemployee turnover during the reporting period
by gender.

Sustainability Report Page 119

Current
employees by age
groupsPercentage(%)

GRI 405-1, WEF
core metrics

Percentage of existing employees by age group.
GRI’s employee age group categories include:(a) under 30 years old, (b) 30-50 years old, and(c) over 50 years old.

Sustainability Report Page 77

New hires andturnover by age
groupsPercentage(%)

GRI 401-1, WEF
core metrics

Percentage of new employees hires andemployee turnover during the reporting periodby age group.
GRI’s employee age group categories include:(a) under 30 years old, (b) 30-50 years old, and(c) over 50 years old.

Sustainability Report Page 119

Total turnover

Number andPercentage(%)

GRI 401-1, SASB
310, WEF core
metrics

Total number and rate of employee turnover
during the reporting period. Scope of reporting(i.e. subsidiaries included or not) should beclearly defined and disclosed.

Sustainability Report Page 119

NumberGRI 2-7

Total number of employees as at end ofreporting period. Scope of reporting (i.e.
subsidiaries included or not) should be clearly
defined and disclosed.

Sustainability Report Page 77

2. Social
GenderDiversity

Age-Based
Diversity

Employment

Total number of
employees

Seatrium follows the age group by MOM ‘s labour
force age classification: (a) under 30 years old,(b) 30-49 years old, and (c) 50 years old andabove.
Seatrium follows the age group by MOM ‘s labour
force age classification: (a) under 30 years old,(b) 30-49 years old, and (c) 50 years old andabove.

The data includes our yards and offices in
Singapore, Indonesia, Philippines, China, Brazil,
USA, Malaysia, India, Japan, UAE, UK, Norway,
France, Poland, Mexico.
The data includes our yards and offices in
Singapore, Indonesia, Philippines, China, Brazil,
USA, Malaysia, India, Japan, UAE, UK, Norway,
France, Poland, Mexico.

Development & Average training
Training
hours peremployee

Hours/No. of
employees

GRI 404-1, WEF
core metrics

Average training hours per employee during
the reporting period (total number of hoursof training provided to employees over total
number of employees).

Sustainability Report Page 80

Average training
hours peremployee by
genderHours/No. of
employees

GRI 404-1, WEF
core metrics

Average training hours per employee during
the reporting period by gender (total numberof hours of training provided to employees ineach category over number of employees per
category).

Sustainability Report Page 120

Sustainability
Report2023

SGX LIST OF
CORE ESG METRICS
Topic

MetricUnit

Framework
Alignment

Description

Disclosure

Occupational
Health &SafetyFatalities

Number ofcases

GRI 403-9, WEF
core metrics, MOM(Singapore), SASB
320

Number of fatalities as a result of work-related
injury during reporting period across theorganisation.

Sustainability Report Pages 8, 11, 75

High-consequence Number of
injuries
cases

Scope of report should include both employees
and workers who are not employees but whose
work and/or workplace is controlled by theorganisation.

GRI 403-9, WEF
Number of high-consequence work-related
core metrics, MOM injuries (injury that results in a fatality from(Singapore)
which the worker cannot recover fully to preinjury health status within 6 months) excluding
fatalities during reporting period.
Scope of report should include both employees
and workers who are not employees but whose
work and/or workplace is controlled by theorganisation.

Recordable
injuries

Recordable workrelated ill healthcases

Number ofcases

Number ofcases

Number of fatalities: 0

GRI 403-9, WEF
core metrics, MOM(Singapore), SASB
320

Number of recordable work-related injuries
during reporting period.

GRI 403-10, WEF
expanded metrics,
MOM (Singapore)

Number of recordable work-related illnessesor health conditions arising from exposure tohazards at work during reporting period.

Scope of report should include both employees
and workers who are not employees but whose
work and/or workplace is controlled by theorganisation.

Scope of report should include both employees
and workers who are not employees but whose
work and/or workplace is controlled by theorganisation.

Sustainability Report Page 95
In 2023, no insurance pay-outs were made underWork Injury Compensation Schemes, due to highconsequence incidents that occurred either in or
before 2023.

Sustainability Report Page 95
The Group recorded a total of 69 Lost-Time
Incidents in 2023, of which 13 incidents involved
our direct workforce and 56 incidents involved ourcontractors.
Sustainability Report Page 123
There were no fatalities resulting from work
related ill-health and recordable work-related
ill-health cases for our workers and sub-contract
workers.

3. Governance
Board
Composition

112
Seatrium
LimitedBoard
independence

Percentage(%)

GRI 2-9, WEF
core metrics

The number of independent board directors as apercentage of all directors.

Annual Report Pages 32 - 41

Women on theboard

Percentage(%)

GRI 2-9, GRI
405-1, WEF core
metrics

The number of female board directors as apercentage of all directors.

Sustainability Report Pages 8, 26, 121

There are eight independent directors(representing 80%) of Seatrium’s Board.
There are three female directors(representing 30%) of Seatrium’s Board.

Management
Diversity

Women in thePercentage
management team (%)

GRI 2-9, GRI
The number of female senior management as405-1, WEF corea percentage of senior management. Each
metrics, SASB 330 organisation defines which employees are partof its senior management team.

Sustainability Report Page 121

EthicalBehaviour

Anti-corruption
disclosures

Discussion
and number ofstandards

GRI 205-1, GRI
205-2 and GRI
205-3

Disclosures based on GRI’s anti-corruption
standards of 205-1, 205-2 and 205-3.

Sustainability Report Pages 29, 44, 116

Anti-corruption
training for
employees

Number andPercentage(%)

GRI 205-2, WEF
core metrics

Number and percentage of employees thatreceived anti-corruption training during reporting
period.

Sustainability Report Pages 29, 116

List of relevant
certifications

List

Commonly
reported metric by
SGX issuers

List all sustainability or ESG-related certification(e.g. ISO 45000 family, BCA Green Building,
LEED, ENERGY STAR). Each organisation
defines which certifications are relevant to bereported.

Sustainability Report Pages 11, 29, 40, 62, 96

Alignment with
Frameworks

Alignment withframeworks
and disclosure
practices

GRI/ TCFD/
SASB/ SDGs/
others

SGX-ST Listing
Rules (Mainboard)
711A and 711B,
Practice Note 7.6;
SGX-ST Listing
Rules (Catalist)
711A and 711B,
Practice Note 7F

The issuer needs to give priority to using
globally-recognised frameworks and disclosure
practices to guide its sustainability reporting.
Where the issuer is applying a portion of aparticular framework, the issuer should provide
a general description of the extent of the issuer's
application of the framework.

Sustainability Report Page 1

Assurance

Assurance ofsustainability
reportInternal/
External/None

GRI 2-5, SGX-ST
Listing Rules(Mainboard) 711A
and 711B, PracticeNote 7.6; SGX-ST
Listing Rules(Catalist) 711A
and 711B, PracticeNote 7F

Disclose whether sustainability report has
Sustainability Report Page 1, 126 – 128
undertaken: (a) external independent assurance,(b) internal assurance or (c) no assurance.
Provide scope of assurance if organisation has
undertaken external or internal assurance.

Certifications

ISO 37001 Anti-bribery Management System; ISO
9001 Quality Management System; ISO 14001
Environmental Management Systems; ISO 50001
Energy Management; ISO 45001 Occupational
Health and Safety Management Systems

GRI 2021 STANDARDSCONTENT INDEXThe 2021 GRI Standards have been adopted for this report except for GRI 303 Water and Effluents and GRI 403 Occupational Health and Safety which are
based on the revised 2018 Standards and GRI 306 Waste based on revised 2020 Standards.
Statement of use

Seatrium Limited has reported in accordance with the GRI Standards for the period 1 Jan 2023 to 31 Dec 2023.

GRI 1 used

GRI 1: Foundation 2021

Applicable GRI Sector Standard(s)GRI 11: Oil and Gas Sector 2021

GRI
Standard/ Other
SourceDisclosure

Location

Omission
Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

GENERAL DISCLOSURESGRI 2:
GeneralDisclosures
2021

2-1
Organisational
details• Annual Report Pages 46,
101N

2-2 Entities
included in theorganisation’ssustainability
reporting• Annual Report Page 46• Sustainability Report
Page 1N

2-3 Reporting
period, frequency
and contact point• Sustainability Report
Page 1N

2-4 Restatements
of information• There were norestatements in FY2023.

N

2-5 External
assurance• Sustainability Report
Pages 126 – 128

N

2-6 Activities,
value chain andother business
relationships• Solutions
https://seatrium.com/• Annual Report Pages 8,
26 – 31• Supply Chain:
Sustainability Report
Pages 42 - 49
• Value chain:
Sustainability Report
Pages 14 – 15
• Downstream entities:
Corporate profile, Annual
Report Pages 26 – 31

2-7 Employees

UN SDG 3,
4, 7, 8, 9, 12,
13, 14, 15,
16, 17N

Sustainability
Report2023• Sustainability Report
Page 77N

All figures presented
include permanent andcontract employees.
Part-time categories
omitted from the reportas they constitute lessthan 1% of the total
workforce.
Data are compiled using
the Group’s Human
Resource Information
Systems.
2-8 Workers
who are not
employees

GRI 2:
GeneralDisclosures
2021

113

a,b,c

LimitedInformation

Seatriumis actively
gatheringdata andevaluating
potential
disclosures
for inclusionin theSR2024report.

N

UN SDG8, 16

N

2-9 Governancestructure andcomposition• Annual Report Pages
45 – 73• Sustainability Report
Page 24

2-10 Nominationand selectionof the highest
governance body• Annual Report Pages
61 – 63N

2-11 Chair of
the highest
governance body• Annual Report Pages
Pages 32, 45

N

GRI 2021 STANDARDSCONTENT INDEXGRIStandard/ Other
Source114
Seatrium
LimitedDisclosure

Location

Omission
Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

2-12 Role ofthe highest
governance bodyin overseeing themanagement of
impacts• Annual Report 54 – 73
• Sustainability Report
Page 24N

2-13 Delegationof responsibility
for managing
impacts• Sustainability Report
Page 24N

2-14 Role ofthe highest
governance bodyin sustainability
reporting• Sustainability Report
Page 24N

2-15 Conflicts ofinterest• Annual Report Page 62• Supplier Code of
Conduct
https://seatrium.
com/assets/code-ofconduct/851.5%20
FRM1%20Supplier%20
Code%20of%20
Conduct_Seatrium%20
declaration_FINAL_
CAA120923.pdf

N

2-16• Whistleblowing
Communication of
https://seatrium.
critical concerns
com/assets/whistleblowing/Seatrium_
whistleblowing_
policy_231106.pdf

N

2-17 Collective
knowledge ofthe highest
governance body• Sustainability Report
Page 25

N

2-18 Evaluation of • Annual Report
the performance
Page 63of the highest• Sustainability Report
governance body
Page 26

N

The performance of
Seatrium’s highest
governance bodyis evaluated using
both financial andnon-financial Key
Performance Indicators(KPIs) that relate to ESG
impact management.
GRI 2:
GeneralDisclosures
2021

2-19
Remuneration
policies• Annual Report Pages 62,
64 – 67

2-20 Process
to determine
remuneration• Annual Report Page 61

Seatrium’s remuneration
policy is designed toalign with sustainability
goals, reflecting
our commitment
to environmental
stewardship and social
responsibility.

2-21 Annual totalcompensation
ratio

2-22 Statementon sustainable
development
strategyNNa, b, c• Sustainability Report
Pages 2 – 3• Disclosed throughout
SR2023

Confidentiality This
Constraints
encompasses
confidential
business
information
which issensitive innature and not
be disclosed
owing toconfidentiality
constraints.

N

UN SDG 3,
4, 7, 8, 9, 12,
13, 14, 15,
16, 17N

GRI
Standard/ Other
SourceDisclosure

Location

Omission
Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

2-23 Policy
commitments• Sustainability Report
Page 27• Disclosed throughout
SR2023N

2-24 Embedding
policycommitments• Disclosed throughout
SR2023N

2-25 Processes
to remediate
negative impacts• Whistleblowing
https://seatrium.com/
assets/whistleblowing/
Seatrium_whistleblowing_
policy_231106.pdf

N2-26 Mechanisms • Annual Report Pages
for seeking advice
70 – 71, 78 – 79
and raising• Sustainability Reportconcerns
Pages 29, 45• Supplier Code of
Conduct
https://seatrium.
com/assets/code-ofconduct/851.5%20
FRM1%20Supplier%20
Code%20of%20
Conduct_Seatrium%20
declaration_FINAL_
CAA120923.pdf

N2-27 Compliancewith laws andregulations• Sustainability Report
Page 71N

2-28 Membershipassociations• Annual Report Page 19• Sustainability Report
Page 106

N

115

2-29 Approachto stakeholder
engagement• Sustainability Report
Pages 16 – 17

UN SDG8, 17

N

Sustainability
Report2023

Seatrium
is currently
in theprocess ofestablishing
our labour
union.

N

2-30 Collective
bargaining
agreements

Pending
Union
Formation

MATERIAL TOPICSGRI 3:
Material
Topics 2021

3-1 Process
to determinematerial topics• Sustainability Report
Pages 12 – 13
• Value Chain
Management• Material Issues

N

3-2 List of
material topics• Sustainability Report
Page 13• Material Issues

N

COMPLIANCE, GOVERNANCE AND ASSURANCEGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 24 – 29

11.19.1
11.20.1

GRI 201:
Economic
Performance2016

201-1 Direct
economic value
generated anddistributed• Annual Report Pages
6 – 7, 22, 95 – 101• Sustainability Report
Page 20

11.14.2

N

201-2 Financial
implications andother risks andopportunities due
to climate change• Sustainability Report
Page 6411.2.2N

Seatrium does 11.14.4
not invest
in public
infrastructure.

N

11.14.5

N

GRI 203:
Indirect
Economic
Impacts2016

203-1
Infrastructure
investments
and services
supported
203-2 Significant
indirect economic
impacts

a, b, c• Sustainability Report
Pages 20 – 21,
102 – 107

N/A

UN SDG 16

N

GRI 2021 STANDARDSCONTENT INDEX

116
Seatrium
LimitedGRI
Standard/ Other
SourceDisclosure

GRI 205:
AntiCorruption
2016

205-1 Operations
assessed forrisks related tocorruption

Location

Omission
Requirement(s)Omitted• Sustainability Report
Page 29

ReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)
11.20.2

N

205-2• Sustainability Report
Communication
Page 29
and training about
In FY2023, 431
anti-corruption
new suppliers frompolicies andSingapore, 18 newprocedures
suppliers from Indonesia,
111 new suppliers from
Philippines, 54 new
suppliers from China,
19 new suppliers from
Middle East, 40 new
suppliers from USA
and 176 new suppliers
from Brazil have beencommunicated.

11.20.3

Y

205-3 Confirmed
incidents ofcorruption andactions taken• Sustainability Report
Page 29

11.20.4

N

GRI 206:
Anticompetitive
Behavior
2016

206-1 Legalactions foranti-competitive
behavior,
anti-trust, andmonopolypractices• Sustainability Report
Page 1111.19.2

Y

GRI 207:
Tax 2019

207-1 Approachto tax• Sustainability Report
Page 20• https://www.seatrium.
com/N

207-2 Tax
governance,
control, and risk
management• Sustainability Report
Page 20• https://www.seatrium.
com/

N

207-3
Stakeholder
engagement andmanagement ofconcerns related
to tax• Sustainability Report
Page 20• https://www.seatrium.
com/N

207-4 Country-by- • Sustainability Reportcountry reporting
Page 20• https://www.seatrium.
com/

N

100% of all ouroperations have beenassessed for corruption
risks including money
laundering, bribery andcollusion.

CUSTOMER ALIGNMENT AND CONFIDENCEGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 30 – 41
• Material Issues

GRI 416:
Customer
Health and
Safety 2016

416-1
• Sustainability Report
Assessment ofPage 40
the health andsafety impacts
of product andservice categories

UN SDG 8,
9, 13, 17N

N

SUPPLY CHAIN MANAGEMENTGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 42 – 49
• Material Issues

GRI 204:
Procurement
Practices2016

204-1 Proportionof spending on
local suppliers• Sustainability Report
Page 42

UN SDG 8,
9, 16, 17
11.14.6

N

N

GRI
Standard/ Other
SourceDisclosure

Location

GRI 414:
Supplier
SocialAssessment
2016414-1 Newsuppliers thatwere screenedusing social
criteria• Sustainability Report
Page 44414-2 Negativesocial impacts inthe supply chain
and actions taken• Sustainability Report
Page 44• Supplier Code of
Conduct
https://seatrium.
com/assets/code-ofconduct/851.5%20
FRM1%20Supplier%20
Code%20of%20
Conduct_Seatrium%20
declaration_FINAL_
CAA120923.pdf

Omission
Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)
11.10.8
11.12.3

N

11.10.9N

All new suppliers (100%)
had to complete vendor
registration declarations
and required compliancescreening.

All of our suppliers
are assessed forsocial impacts and are
required to comply with
the Supplier Code of
Conduct.
INNOVATION & SUSTAINABLE SOLUTIONSGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 52 – 53
• Material Issues

11.2.1
11.14.1

UN SDG 7,
8, 9, 14, 17N

11.1.1
11.5.1
11.6.1UN SDG 3,
7, 12, 13,
14, 15N

117

ENVIRONMENTAL SUSTAINABILITYGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 62 – 73
• Material Issues

GRI 301:
Materials
2016301-1 Materials
used by weight orvolume• Sustainability Report
Page 68

GRI 302:
Energy 2016

302-1 Energy
consumption
within theorganization• Sustainability Report
Page 65

11.1.2

Y

302-2 Energy
consumption
outside of theorganization• Sustainability Report
Pages 65 – 67

11.1.3N

302-3 Energy
intensity• Sustainability Report
Page 65

11.1.4N

303-1 Interactions • Sustainability Reportwith water as aPage 68
shared resource

11.6.2N

303-2
Management ofwater dischargerelated impacts• Sustainability Report
Page 68

11.6.3N

303-3 Water
withdrawal• Sustainability Report
Pages 68 – 69

11.6.4Y

11.6.5N

GRI 303:
Water andEffluents
2018

303-4 Water
discharge

Ya, b, c, d, eInformation
unavailable

Due to thenature of ourbusiness,water
discharge
routes havepresented achallenge inthe collectionof data.
Hence,
Seatrium isstill exploring
ways to trackand monitor
the routesof waterdischarge.

Sustainability
Report2023

GRI 2021 STANDARDSCONTENT INDEXGRIStandard/ Other
SourceDisclosure

Location
Requirement(s)Omitted303-5 Water
consumption

GRI 305:
Emissions
2016

118

GRI 306:
Waste 2020

Seatrium
LimitedOmissiona, b, c, dReasonInformation
incomplete

Explanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

Unable to
11.6.7
provide as
Seatrium
requires water
discharge
data fordisclosure.

N305-1 Direct(Scope 1) GHG
emissions• Sustainability Report
Page 65

11.1.5Y

305-2 Energy
indirect (Scope 2)
GHG emissions• Sustainability Report
Page 65

11.1.6

Y

305-3 Other
indirect (Scope 3)
GHG emissions• Sustainability Report
Page 67

11.1.7N

305-4 GHG
emissions
intensity(1) Scope 1 intensity 0.000557 tCO2e/man-hour(2) Scope 2 intensity 0.000799 tCO2e/man-hour• Intensity ratio includes
only Scope 1 (Only CO2,CH4 and N2O) and Scope
2 GHG emissions (CO2)(3) Scope 3 intensity 0.00481 tCO2e/man-hour

11.1.8N

305-5 Reduction• Sustainability Reportof GHG emissions
Page 65

11.1.9N

306-1 Waste
generation andsignificant wasterelated impacts• Sustainability Report
Page 68

11.5.2N

306-2Management ofsignificant wasterelated impacts• Sustainability Report
Page 68

11.5.3N

306-3 Waste
generated• Sustainability Report
Pages 68 – 69

11.5.4Y

306-4 Waste
diverted from
disposal• Sustainability Report
Pages 68 – 69

11.5.5N

306-5 Waste
directed todisposal• Sustainability Report
Pages 68 – 69

11.5.6Nb, c, d, eInformation
unavailable

The waste
disposalvendors areunable tosegregate thewaste into
different waste
streams.

HUMAN CAPITAL AND RIGHTSGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 76 – 93
• Material Issues

11.10.1
11.11.1
11.12.1
11.13.1

GRI 202:
MarketPresence
2016

202-2 Proportionof seniormanagement
hired from thelocal community• 79% of senior
management encompassing staff
with titles such as Vice
President, General
Manager and equivalent
titles - were hired atsignificant locations ofoperation from the local
communities of Singapore,
Brazil, China, Philippinesand USA. These
communities containour core businessesof construction of rig
and floaters, offshore
platforms, ship repairs
and upgrades, andshipbuilding.

11.1

UN SDG 4,
8, 17

N

N

GRI
Standard/ Other
SourceDisclosure

GRI 401:
Employment2016

401-1 New
employee hires
and employee
turnoverLocation

Omission
Requirement(s)OmittedReason• Sustainability Report
Page 79

Explanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)
11.10.2

Y

New Employee Hires
New employee hire rateis computed based on
number of new hires
divided by yearly average
headcount.
• Total New Hires: 4,526(New Employee Hire
Rate: 20%)o By Gender - Male:
4,030 (89%); Female:
496 (11%)o By Age Group - <30:
1,954 (43%); 30 – 49:
2,292 (51%); 50 andabove: 280 (6%)
o By Country Singapore: 2,412(53% → Executive andabove: 17% | NonExecutive and below:36%); Brazil: 1,573(35% → Executive andabove: 3% | NonExecutive and below:32%); Indonesia: 46(1%); USA: 88 (2%);
Philippines: 27 (1%);
China: 168 (4%); Restof the world: 212 (5%)

119

Employee Turnover
Employee turnover rateis computed based on
number of attritions
divided by yearly average
headcount.
• Total Attritions: 5,521(Employee Turnover
Rate: 24%)o By Gender - Male:
5,117 (93%); Female:404 (7%)o By Age Group - <30:
1,740 (32%); 30 – 49:
3,169 (57%); 50 andabove: 612 (11%)
o By Country Singapore: 3,136(57% → Executive andabove: 13% | NonExecutive and below:44%); Brazil: 1,906(35% → Executive andabove: 3% | NonExecutive and below:32%); Indonesia: 165(3%); US & Mexico: 73(1%); Philippines: 60(1%); China: 79 (1%);
Rest of the world: 102(2%)

Sustainability
Report2023

401-2 Benefits• Benefits, such as annual
provided to fullleaves and parental
time employees
leaves, extend to full-time,that are notcontract, temporary andprovided topart-time employees.
temporary or partVariable incentives aretime employees
subject to variation basedon individual contractual
agreements andperformance evaluations.
401-3 Parental
leave

a, b, c, d, e

LimitedInformation

11.10.3

N

Seatrium11.10.4
is actively
gathering dataand evaluating
potential
disclosures
for inclusionin the SR2024
report.

N

GRI 2021 STANDARDSCONTENT INDEX

120
Seatrium
LimitedGRI
Standard/ Other
SourceDisclosure

Location

Omission

GRI 402:
Labor/
Management
Relations2016402-1 Minimum
notice periods
regardingoperationalchanges• The minimum notice
periods are subject tovariation, contingent
upon the parameters
set forth in collective
bargaining agreements,
individual agreements
and statutory
requirements. Seatrium
adheres to all pertinent
local legislations.
Furthermore, we prioritise
the timely disseminationof information to ouremployees, ensuringtransparency andalignment with theirneeds. Embracing aculture of openness
and collaboration,
we firmly believe thatengaging employees inorganisational changes
yields superior outcomes.
Consequently, we
consistently exceed
minimum requirements,
striving to involve our
employees in decisionmaking processes for
optimal results.

11.10.5

N

GRI 404:
Training and
Education
2016404-1 Average
hours of training
per year per
employee• Sustainability Report
Page 80

11.10.6
11.11.4

N

404-2
Programmes
for upgrading
employee skills
and transition
assistanceprogrammes• Sustainability Report
Pages 80 – 85

11.10.7

N

Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

The average training
hours per employee by
gender for 2023 are:
• Male: 23• Female: 13404-3 Percentage • A total of 20,360
of employees
employees, representing
receiving regular
90% of our global
performance
workforce, received
and career
performance appraisals
development
and career development
reviews
reviews in 2023. Men
accounted for 91% andwomen 9%, with 0.5% of
the appraised employees
from the Senior
Management category;
5% from the Managerial
category; 26% from the
Executive category, 7.5%
from the Non-Executive
category and 61% fromthe Industrial/Generalcategory.

Y

GRI
Standard/ Other
SourceDisclosure

GRI 405:
Diversityand Equal
Opportunity
2016

405-1 Diversityof governancebodies andemployees

Location

Omission
Requirement(s)Omitted• Sustainability Report
Pages 26, 77

ReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)
11.11.5Y

There are 3 female
directors (representing30%) of Seatrium’s Board.
All 10 directors are in the
50 years and above agegroup.
Of the 96 employees at thesenior management level,• 89% are male and• 11% are female,with• 0% under 30 years old,
• 32% between 30 to 49
years old and• 68% above 50 years old.
Of the 991 employees at
the managerial level,• 86% are male and• 14% are female,with• 0.4% under 30 years old,
• 53.4% between 30 to 49
years old and• 46.2% above 50 years
old.
Of the 6,502 employees atthe executive level,• 80% are male and• 20% are female,with• 14% under 30 years old,
• 65% between 30 to 49
years old and• 21% above 50 years old.
Of the 1,669 employees at
the non-executive level,• 69% are male and• 31% are female,with• 21% under 30 years old,
• 60% between 30 to 49
years old and• 19.9% above 50 years
old.
Of the 13,489 employees
at the industrial/generallevel,• 98% are male and• 2% are female,with• 25% under 30 years old,
• 61% between 30 to 49
years old and• 14% above 50 years old.
Other indicators ofworkforce diversity are notsignificant or relevant.

121
Sustainability
Report2023

GRI 2021 STANDARDSCONTENT INDEXGRIStandard/ Other
SourceDisclosure

Location
Requirement(s)Omitted405-2 Ratio of
basic salary andremuneration of
women to men

122
Seatrium
LimitedOmissiona, b

ReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

Confidentiality This
11.11.6
Constraints
encompasses
confidential
business
information
which issensitive innature and not
be disclosed
owing toconfidentiality
constraints.

N

GRI 406:
Nondiscrimination
2016406-1 Incidents of • Zero report received
discrimination andof discrimination or
corrective actions
exploitative labour
taken
practices relating to theGroup’s operations or
suppliers (2022: 1 report
received)

11.11.7

Y

GRI 407:
Freedom of
Association
andCollective
Bargaining
2016407-1 Operations
and suppliers inwhich theright to freedomof associationand collective
bargaining may
be at risk

• The company’s
operations and supply
chain are not considered
to have significant risks
on the right to freedom of
association and collective
bargaining.

11.13.2

N

GRI 408:
Child Labor
2016408-1 Operations
and suppliers at
significant risk forincidents of childlabour• The company’s
operations and supply
chain are not considered
to have significant
risks of child, forced orcompulsory labour.

GRI 409:
Forced orCompulsory
Labour 2016409-1 Operations • The company’s
and suppliers at
operations and supply
significant risk forchain are not considered
incidents of forced
to have significant
or compulsory
risks of child, forced orlabourcompulsory labour.

Y

11.12.2

Y

WORKPLACE SAFETY & HEALTHGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 94 – 101• Material Issues

11.9.1UN SDG 3,
8, 9, 17N

GRI 403:
Occupational
Health and
Safety 2018403-1
Occupational
health and safety
management
system• Sustainability Report
Pages 94 – 99

11.9.2

N

403-2 Hazard
identification, risk
management,
and incident
investigation• Sustainability Report
Pages 95 – 96, 97, 99

11.9.3N403-3
Occupational
health services• Sustainability Report
Page 98

11.9.4N403-4 Worker
participation,
consultation, andcommunication
on occupational
health and safety• Sustainability Report
Page 9611.9.5

N403-5 Worker
training on
occupational
health and safety• Sustainability Report
Page 97

11.9.6

N

403-6 Promotionof worker health• Sustainability Report
Page 98

11.9.7N

GRI
Standard/ Other
SourceDisclosure

Location

Omission
Requirement(s)OmittedReasonExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

403-7 Prevention
and mitigationof occupational
health andsafety impacts
directly linked
by business
relationships• Sustainability Report
Pages 94 – 95
• Supplier Code of
Conduct
https://seatrium.
com/assets/code-ofconduct/851.5%20
FRM1%20Supplier%20
Code%20of%20
Conduct_Seatrium%20
declaration_FINAL_
CAA120923.pdf

11.9.8N403-8 Workers
covered by an
occupational
health and safety
management
system• Sustainability Report
Page 9611.9.9N403-9 Workrelated injuries• Sustainability Report
Page 95

11.9.10N

Seatrium’s Health,
Safety and Environment(HSE) integrated
management systemcovers all employees
and contractors, totalling
more than 30,000
workers.

Seatrium reports on
safety rates in alignment
with Singapore
Ministry of Manpower’s
industry benchmarking
metrics (e.g. WIR) andInternational Associationof Oil & Gas Producers
Standards (e.g. LTIR,
TRIR, FAR).
403-10 Workrelated ill health123• There were no fatalities
resulting from workrelated ill-health andrecordable work-related
ill-health cases for ourworkers and sub-contract
workers.

11.9.11N

COMMUNITY ENGAGEMENTGRI 3:
Material
Topics 2021

3-3 Managementof material topics• Sustainability Report
Pages 11, 102 - 107• Material Issues

11.15.1

GRI 413:
Local
Communities
2016413-1 Operations
with local
community
engagement,
impactassessments,
and development
programmes• Sustainability Report
Pages 102 – 107

11.15.2

Seatrium has also
engaged the local
community in USA where
employees of Seatrium
AmEELS volunteered in
HEB’s Annual Feast of
Sharing at Brownsville,
Texas, United States.
In Indonesia. ouremployees from PT
SMOE had volunteeredin Assyaamil Orphanage
Foundation where they
helped to distribute basic
necessities and provide
materials to repair theroof of the orphanage.
Relevant local community
engagement activities
were conducted by all
operating units during
the course of business.
(2022: 100%)

UN SDG 3,
4, 8, 9, 17NY

Sustainability
Report2023

GRI 2021 STANDARDSCONTENT INDEXGRIStandard/ Other
SourceDisclosure

GRI 413:
Local
Communities
2016413-2 Operations
with significant
actual andpotential negative
impacts on local
communities

Location

Omission
Requirement(s)Omitteda, b

ReasonN/AExplanation

GRI Sector Aligned
ExternallyStandard
Frameworks Assured
Ref. No.
UN(Y/N)
Sustainable
Development
Goals (SDG)

Seatrium’s
11.15.3
shipyards are
situated awayfrom local
communities.
Hence, actualand potential
negative
impact oncommunities
is assessed tobe negligible.

N

Topics in the applicable GRI Sector Standards determined as not material
Topic

Explanation

GRI 11: Oil and Gas Sector 2021
Air emissions

Seatrium’s operations do not emit a material amount of air emissions from our products and services.

Biodiversity

Not relevant because Seatrium’s shipyard is a designated space and hence we do not operate in areas with highconservation values and we do not charter or operate the ships.

Closure and rehabilitation

Seatrium is not currently active in the oil extraction field and we do not operate assets that are exposed to risks ofclosure and rehabilitation.

124

Asset integrity and critical incident
management

Not applicable to our business because we do not operate the assets we build and repair.

Seatrium
LimitedLand and resource rights

Our business does not require us to work with vulnerable groups or to negotiate land rights.

Rights of indigenous peoples

Seatrium does not operate in areas adjacent to indigenous communities, so no violation of their rights has been
noted or reported.

Conflict and security

Seatrium’s main operation is in Singapore where the risk of political and social unrest is low.

Payments to governments

Seatrium aligns our reporting on tax and economic performance with the Group.

Public policy

The Group’s Code of Conduct states that we are politically neutral and we do not contribute funds or nonmonetary supporting, including lobbying, to any political party, politician, elected official, or candidate for public
office in any country or jurisdiction.

SUSTAINABILITY ACCOUNTING STANDARDSBOARD (SASB) CONTENT INDEX
Industrial Machinery & Goods
Topic

Code

Accounting Measure

Category

Unit

Disclosure

Energy Management

RT-IG130a.1(1) Total energy
consumed

Quantitative

Gigajoules (GJ)

1.90 million GJ(2) Percentage gridelectricity

Percentage (%)

44.21%(3) Percentage
renewable

Percentage (%)

9.47%

Rate

1.36
*The rate has been calculated as
per million man-hours worked(2) Fatality rate

Number0(3) Near Miss Frequency
Rate

Rate

0.19
*The rate has been calculated as
per million man-hours worked

Gallons per
1,000-tonne miles

N/A

Health and Safety

Fuel Economy& Emissions In UsePhase

Materials
Sourcing

RT-IG320a.1(1) Total recordable
incidence rate

Quantitative

RT-IG410a.1

Sales-weighted fleet fuelefficiency for medium
and heavy vehicles

RT-IG410a.2

Sales-weighted fuelefficiency for non-road
equipment

Gallon per hour

RT-IG410a.3

Sales-weighted fuelefficiency for stationary
generators

Watts per gallon

RT-IG410a.4

Sales-weighted
emissions of :(1) oxides of nitrogen(NOx) and (2) particulatematter (PM) for :(a) marine diesel engines(b) locomotive diesel
engines, (c) on-road
medium- and heavy-duty
engines, and (d) otheroffroad diesel engines

Gram per kilowatthour

RT-IG440a.1

Description of the
management of risks
associated with the useof critical materials

Quantitative

Sales of land transport, non-road
equipment, stationary generatorsand engines are not part of ourbusiness.

125
Sustainability
Report2023

Discussion andAnalysis

Gallons per 1,000
tonne-miles

To mitigate reputational andregulatory risks of critical materials,
national and international
environmental and public healthrequirements – including thosefrom the International Maritime
Organisation, Montreal Protocol
provisions and Singapore’s National
Environment Agency – are adhered
to in our sourcing of key materials.
Equipment, materials and resources
which are greener and have a lower
carbon footprint are preferred in
anticipation of these risks.
To prevent concentration ofrisk in any one geographicalregion, Seatrium has diversified
procurement channels for key
materials. These channels areclosely monitored to proactively
identify and mitigate supply chain
risks. The Group has also enteredstrategic sourcing arrangementswith keys suppliers to secure
essential supplies and undisrupted
services – such as waste treatment,
freight forwarding, logistics andmaintenance services for its
operations.

Remanufacturing
Design andServices

RT-IG440b.1

Revenue fromremanufactured products
and remanufacturingservices

Quantitative

ReportingCurrency

N/A
The end-of-life segment (e.g.
scrapping or dismantling of vessels)
is not core to our business.

INDEPENDENT PRACTITIONER’S LIMITEDASSURANCE REPORTINDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT ON
SUSTAINABILITY INFORMATION OF SEATRIUM LIMITED
Attention to the Board of Directors of Seatrium Limited
We have been engaged by Seatrium Limited (“the Company”) to undertake a limited assurance engagement in respectof the selected sustainability information from the 2023 Sustainability Report of the Company described below for theyear ended 31 December 2023 (“the Identified Sustainability Information”).
Identified Sustainability Information
The respective Identified Sustainability Information for the year ended 31 December 2023 is set out below:

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Seatrium
Limited

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

GRI 205-2: Communication and training about anti-corruption policies and procedures
GRI 206-1: Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices
GRI 301-1: Materials used by weight or volume
GRI 302-1: Energy consumption within the organization
GRI 303-3: Water withdrawal
GRI 305-1: Direct (Scope 1) GHG emissions
GRI 305-2: Energy indirect (Scope 2) GHG emissions
GRI 306-3: Waste generated
GRI 401-1: New employees hires and employee turnover
GRI 404-3: Percentage of employees receiving regular performance and career development reviews
GRI 405-1: Diversity of governance bodies and employees
GRI 406-1: Incidents of discrimination and corrective actions taken
GRI 408-1: Operations and suppliers at significant risk for incidents of child labor
GRI 409-1: Operations and suppliers at significant risk for incidents of forced or compulsory labor
GRI 413-1: Operations with local community engagement, impact assessments, and development programs

Our assurance engagement was with respect to the year ended 31 December 2023. We have not performed any
procedures with respect to (i) earlier periods and (ii) any other elements included in the Company’s 2023 Sustainability
Report, and in the annual report, website and other publications, and therefore do not express any conclusion thereon.
Reporting Criteria
The Identified Sustainability Information has been assessed against the Global Reporting Initiative (“GRI”) Sustainability
Reporting Standards 2021 (“the Reporting Criteria”).
Management’s Responsibility for the Identified Sustainability Information
Management of the Company is responsible for the preparation of the Identified Sustainability Information inaccordance with the Reporting Criteria. The responsibility includes designing, implementing and maintaining internal
control relevant to the preparation of Identified Sustainability Information that is free from material misstatement,
whether due to fraud or error.
Practitioner’s Independence and Quality Management
We have complied with the independence and other ethical requirements of the Accounting and Corporate Regulatory
Authority (ACRA) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA
Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care,confidentiality and professional behaviour.
Our firm applies Singapore Standard on Quality Management 1 which requires the firm to design, implement and operatea system of quality management including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.

Practitioner’s Responsibility
Our responsibility is to express a limited assurance conclusion on the Identified Sustainability Information based on theprocedures we have performed and the evidence we have obtained. We performed our limited assurance engagement inaccordance with Singapore Standard on Assurance Engagements 3000 (Revised) – Assurance Engagements other than
Audits or Reviews of Historical Financial Information and, in respect of the greenhouse gas emissions included in the
Identified Sustainability Information, Singapore Standards on Assurance Engagements 3410 – Assurance Engagementson Greenhouse Gas Statements (collectively, the “Standards”). These Standards require that we plan and perform ourwork to form the conclusion about whether the Identified Sustainability Information is free from material misstatement.
The extent of our procedures depends on our professional judgment and our assessment of the engagement risk.
A limited assurance engagement involves assessing the suitability in the circumstances of the Company’s use of
the Reporting Criteria as the basis for the preparation of the Identified Sustainability Information, assessing the risks
of material misstatement of the Identified Sustainability Information whether due to fraud or error, responding to theassessed risks as necessary in the circumstances, and evaluating the overall presentation of the Identified Sustainability
Information. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement
in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures
performed in response to the assessed risks.
The procedures selected included inquiries, observation of processes performed, inspection of documents, analyticalprocedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconcilingwith underlying records. Given the circumstances of the engagement, we also performed the following:
•
•
•

•

interviewed management and personnel in Compliance, Legal, Operations, Supply Chain, Human Resources andSustainability in relation to the Identified Sustainability Information;
obtained an understanding of how the Identified Sustainability Information is gathered, collated and aggregatedinternally;
performed limited substantive testing, on a selective basis, of the Identified Sustainability Information (i) to verify
the assumptions, estimations and computations made in relation to the Identified Sustainability Information; and (ii)to check that data had been appropriately measured, recorded, collated and reported, to the extent we considerednecessary and appropriate to provide sufficient evidence for our conclusion; andassessed the disclosure and presentation of the Identified Sustainability Information.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent
than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance
engagement been performed. Accordingly, we do not express a reasonable assurance opinion about whether theCompany’s Identified Sustainability Information has been prepared, in all material respects, in accordance with theReporting Criteria.
Inherent Limitations
In designing these procedures, we considered the system of internal controls in relation to the Identified Sustainability
Information and reliance has been placed on internal controls where appropriate. Because of the inherent limitations in
any accounting and internal control system, errors and irregularities may nevertheless occur and not be detected.
The absence of a commonly used generally accepted reporting framework or a significant body of established practiceon which to draw to evaluate and measure subject matter allows for different, but acceptable, measurement techniquesthat can affect comparability between entities.
The quantification of the greenhouse gas emissions data underlying the Identified Sustainability Information is subject
to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values
needed to combine emissions of different gases, and the estimation uncertainty from the measurement and calculation
processes used to quantify emissions within the bounds of existing scientific knowledge. This can affect the ability todraw meaningful comparison of the Company’s greenhouse gas emissions over time.

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Sustainability
Report2023

INDEPENDENT PRACTITIONER’S LIMITEDASSURANCE REPORT
Conclusion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention thatcauses us to believe that the Identified Sustainability Information for the year ended 31 December 2023 is not prepared,in all material respects, in accordance with the Reporting Criteria.
Purpose and Restriction on Distribution and Use
This report, including our conclusion, has been prepared solely for the Company in accordance with the letter ofengagement between us. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company for our work or this report.

Yours faithfully

PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore
27 March 2024

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SEATRIUM LIMITED
Company Registration No: 196300098Z

80 Tuas South BoulevardSingapore 637051