EXMAR report 2023

December 31, 2023 December 31, 2022 PROPORTIONATE CONSOLIDATION - SUPPORTING SERVICES (IN MILLIONS OF USD) Revenue 71.1 31.0 EBITDA -3.6 -3.1 Adjusted EBITDA -3.6 -6.6 Operating result (EBIT) -6.1 -4.4 Consolidated result after tax 12.7 7.1 Financial debts 13.6 7.9 EXMAR Shipmanagement EXMAR Shipmanagement provides high-quality vessel management and related services to owners of offshore energy-industry facilities and shipowners active in seagoing transport of LNG, LPG, ammonia and other gasses. It is well placed to meet the current and existing seagoing gas transport needs, with an officer and rating retention well above industry norms and unique expertise in regasification, liquefaction and cryogenic transshipment at sea. In the past, human and technical resources were often deployed ad hoc, but last year the focus shifted to more of a project-based approach. The EXMAR Shipmanagement teams were closely involved in the development of ammonia-powered EXMAR vessels, the implementation of the EU ETS directive and the installation of EEMSHAVEN FSRU and TANGO FLNG. People From an operational perspective, EXMAR Shipmanage- ment had a strong year. The Lost Time Injury Frequency and Total Reportable Cases figures remained low, at the same level as 2022, which were the lowest figures ever reported. This confirms the downward trend of the last few years. The number of near-accident reports also increased, which points to the increasingly successful integration of the safety culture on board. Office audits by classification agencies once more failed to identify a single non-compliance last year, and the results of the SIRE and CDI inspections on board the managed fleet were better than the industry standards. Launched in 2022, the digital shipmanagement project continued in 2023. The goal continues to be to offer owners and customers more convenient access to digital data, help them analyse historical operational data and chart fleet performance. EXMAR Shipmanagement set out its Crew Vision in 2022 in response to the growing fleet and well-filled order book and the wish to maintain our high retention rate. This structured crew welfare vision was implemented in 2023. Along with better planning and coordination between the various departments, this helps drive up operational efficiency. The 90.5% officer retention rate and 95% rating retention rate in a highly competitive labour market for experienced gas tanker and floating gas facility crews put EXMAR Shipmanagement in a strong position to expand its portfolio of managed vessels. Regulations The implementation of the EU ETS directive was a challenge for the industry throughout the year. EXMAR Shipmanagement’s Environmental Committee took a lead and support role in that in quarterly meetings with owners (including emission permit applications). EXMAR Shipmanagement helped various owners adapt and equip their vessels with Shaft Power Limitation systems to ensure they operate in line with the IMO’s EEXI and CII performance ratings. A scrubber was also installed on the KAPELLEN, one of the LPG vessels. The installation went completely to plan and on time. Safety The EXMAR Shipmanagement teams were closely involved from day one in the HAZOP (Hazard and Operability) meetings for the construction of two ammonia-powered vessels ordered by EXMAR. The focus here was on the health and safety of the crew on board. All risks and precautionary measures were clearly identified in consultation with the other departments at the shipping company, drawing on many years’ experience in ammonia transport. SUPPORTING SERVICES 45