T R A N S F O R M I N G
the way marine services are delivered
Annual Report
2022
Aberdeen
Delft
Houston
AFRICA
Key | |
Office | AMERICAS |
Operational Facility |
18
Vessels operating internationally
0.28
TRCF per million hours worked
EUROPE
MIDDLE EAST
Dubai
Kuala Lumpur
AUSTRALIA
Perth
1100+
Employees across the globe
Singapore
Batam
Acknowledgement of Country
MMA Offshore acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their Elders past and present and extend this respect to all Aboriginal and Torres Strait Islander peoples today and to Indigenous peoples around the world.
Contents
About Us | 2 | |
Our Purpose | 3 | |
Our Services | 4 | |
Our Markets | 5 | |
2022 Year in Review | 6 | |
Taiwan | Chairman's Report | 8 |
Managing Director's Report | 10 | |
ASIA | Sustainability Report | 17 |
Risk | 32 | |
Board of Directors | 34 | |
Corporate Governance | 36 | |
Directors' Report | 40 | |
Auditor's Independence Declaration | 57 | |
Independent Auditor's Report | 58 | |
Directors' Declaration | 63 | |
Financial Report 2022 | 65 | |
Additional Securities Exchange Information | 110 |
New Plymouth
NEW ZEALAND
MMA Offshore Limited | Annual Report 2022 | 1 |
A pioneering marine services business.
About Us
MMA Offshore is a global provider of high-specification vessels and a comprehensive suite of marine and subsea services to the offshore energy sector, government and defence and wider maritime industries.
Our combination of high-quality vessels, specialised subsea services, strategically located onshore facilities and in-house technical marine expertise enables us to partner with our clients to deliver innovative, fit-for-purpose marine solutions.
Our head office, located in Perth, Western Australia and our regional offices in Singapore and Aberdeen, provide technical support to our vessels, subsea and project logistics operations. We also have local offices in Malaysia, Taiwan, New Zealand, Dubai, the Netherlands and the United States.
The health and safety of our employees, contractors, clients and stakeholders is core to the way we do business. We pride ourselves on the world class safety, quality and reliability of our operations underpinned by our Target 365 safety culture which strives for
"a Perfect Day, Every Day."
Our Purpose
At MMA Offshore, we have developed a vision for our organisation that clearly articulates our purpose, who we are and what motivates us.
Why we matter
We solve the most demanding
marine challenges.
What | What we | Where we |
want to be | ||
we do | believe | We want to |
We believe marine | ||
We are a | transform | |
pioneering marine | resources should be | the way marine |
services business. | developed sustainably. | services |
are delivered. |
How we'll get there
Our five principles are our lines in the sand, and guide how we think and act as an organisation every day.
Our Principles
Smarter | Do What's Right, | Think | Fail Fast | Create |
Together | Not What's Easy | Bigger | & Learn | Tomorrow |
Only by working | We have the courage to | We embrace big ideas | We back ourselves | The future we want is |
together can we solve | do the right thing, even | and challenge ourselves | to innovate and support | up to us to create. |
the biggest problems. | when it's hard. | to achieve big goals. | each other through | |
the process. |
2 | MMA Offshore Limited | Annual Report 2022 | MMA Offshore Limited | Annual Report 2022 | 3 |
Our Services
Vessel Services
As a global provider of offshore marine solutions, MMA owns and operates a fleet of 18 offshore vessels capable of servicing an extensive range of complex marine projects. With an average age of nine years, our fleet incorporates modern technology, efficient propulsion systems and proven reliability to serve a wide range of work scopes - from subsea construction and maintenance, through to ongoing production support and towing operations. MMA also maintains a global pool of over 900 highly qualified offshore personnel capable of executing the most challenging offshore projects.
Subsea Services
Combining state-of-the-art equipment and highly experienced personnel, MMA provides an extensive range of subsea services for our clients. As leading experts in the delivery of survey, engineering, commercial diving, ROV, environmental and stabilisation and manufacturing assembly and test solutions, we are capable of servicing a wide range of marine markets. By delivering our services as either an integrated end-to-end solution or as a singular service provision, we are able to complement our clients' execution preferences with our in-house project management expertise.
Project Logistics
Managing complex marine logistics work scopes for global construction projects is a key service provided by MMA. Our bespoke services can be tailored specifically to our clients' requirements and include project managing complex marine and vessel spreads, logistics to remote greenfield sites, integrated marine logistics and marine transportation services.
Solving the most demanding marine challenges.
MMA Monarch departing Singapore for a campaign off the north west coast of Australia.
Our Markets
Oil & Gas
Supporting all phases of the oil and gas lifecycle, MMA has extensive experience providing support to the oil and gas industry. Our versatile fleet of vessels combined with our world-class subsea expertise provides integrated solutions to support offshore construction activities, ongoing production support, inspection, maintenance and repair operations, decommissioning works and stabilisation requirements.
Offshore Wind
MMA is facilitating the global energy transition through our comprehensive range of marine solutions for the offshore wind industry. We provide vessel, subsea and engineered solutions for field development, construction support, inspection, maintenance and decommissioning works, as well as specialised support services for cable installation and management.
Government & Defence
MMA is a panel member on the HydroScheme Industry Partnership Program ("HIPP"), providing hydrographic survey services to the Australian Government's Department of Defence as part of an extensive program to obtain high-quality bathymetric coverage of Australia's Exclusive Economic Zone by 2050. We also deliver a range of services to government and defence contractors including survey, bathymetry, vessels, ROVs, AUVs and commercial diving services.
Coasts & Ports
MMA provides stabilisation, marine grouting and coastal erosion solutions to ports and harbours, coastlines and inland marine infrastructure. Our unique approach of combining engineering with nature seeks to deliver resilient coastal infrastructure.
Engineered Reefs
MMA's newly acquired environmental and stabilisation business, Subcon, are accomplished pioneers of engineered reef solutions, with over 30 large scale reef projects delivered globally to date. Our engineered reefs provide solutions for fisheries enhancement, reef restoration, coastal erosion control, offshore wind farm ecology, decommissioning of oil and gas structures, tourism and living harbours.
4 | MMA Offshore Limited | Annual Report 2022 | MMA Offshore Limited | Annual Report 2022 | 5 |
2022 Year in Review
Revenue | EBITDA | NPAT | ||
$283.8m | $32.3m | $33.8m | ||
LVR | ||||
EBIT | Operating Cashflow | (Net Debt to Fixed Assets) | ||
$1.3m | $15.2m | 14% |
Cash at Bank
$73.9m
NTA per Share
95c
Mermaid Cove providing production support services to Woodside facilities in Australia's north west.
6 | MMA Offshore Limited | Annual Report 2022 | Photo courtesy of Woodside. | MMA Offshore Limited | Annual Report 2022 | 7 |
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MMA Offshore Limited published this content on 25 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2022 03:37:05 UTC.