EXMAR report 2023

Projects The Shipping team at EXMAR Shipmanagement successful brought six LPG vessels with dual-fuel LPG engines into service in 2023. Knowledge of the dual-fuel technology generated valuable insights for the development of the ammonia-powered ship engines. The Shipping department was also responsible for managing five drydocks for its vessels under management. In addition, the new drydock software was used for the first time, improving efficiency. After the deployment of EEMSHAVEN FSRU, EXMAR Shipmanagement is faced with increasingly challenging terminal operations in 2023. It was responsible for operating and servicing the regasification unit in Groningen on behalf of Gasunie. EXMAR Shipmanagement also piloted another project: the conversion ahead of deployment of TANGO FLNG and EXCALIBUR FSU in Marine XII block off the coast of the Republic of Congo. Three million person hours were invested in the rollout of this Eni project without a single accident, which is proof of the thorough approach and partnership with the other departments. The O&M team in Singapore guided the whole project to successful completion. This affiliation will be strengthened in strategic areas going forward. The entry of SNAM as a new partner in ECOS JV means that EXMAR Shipmanagement no longer has a majority holding in the operation of FSRU TOSCANA, a floating storage and regasification unit off the coast of Livorno, Italy. And one last thing: EXMAR Shipmanagement’s West African expertise ensured it was able to extend its contract with TOTAL for the operation, service and crew management of the LPG floating storage and offshore unit NKOSSA2 off the coast of Angola and the accommodation barges WARIBOKO and NUNCE. Bexco Bexco is a manufacturer of precision engineered synthetic ropes for the Offshore Energy and Marine markets. The company is headquartered in Hamme, Belgium and operates two factories in Belgium, employing more than 140 people. Its focus is on niche segments within the chosen markets with high added value rope solutions. Continuous product development to respond to customer demand for specific offshore and marine applications is key. 2023 has proven to be an excellent year for Bexco, driven by high demand in the Offshore Energy markets. Offshore Wind was an important contributor in 2023 to Bexco’s turnover and profitability growth. The company is a market leader in the supply of Synthetic Sling solutions to installation companies of fixed seabed windmills. It’s expertise and its location in the centre of Europe, close to the world’s largest offshore operators, makes Bexco a unique provider of Heavy Lift slings. Bexco supplies slings for offshore wind projects throughout the world, such as • Hollandse Kust West Alpha / North (Netherlands) • South Fork OWF (United States of America) • Hai Long OWF (Taiwan) • Arcadis Ost OWF (Germany) • Moray West OWF (United Kingdom) • Vineyard OWF (United states of America) • Changfang and Xidao OWF (Taiwan) • Yeu-Noirmoutier OWF (France) • Doggerbank OWF (United Kingdom) The demand for the supply of Polyester Moorings ropes for “permanent mooring “ of Oil & Gas platforms picked up considerably in 2023. It is expected that this will continue throughout the next couple of years. The energy transition is moving ahead, but slower than anticipated, and the need for new deepwater developments seems pertinent. Next to the developments in Deepwater O&G, Bexco is anticipating a growing demand for mooring ropes for Floating Wind projects in the years ahead, with the first commercial wind farms taking shape in Europe and Asia later in the decade. The company is at the forefront of developing advanced mooring rope solutions for shallow water Floating Wind, in close collaboration with the different stakeholders. In Europe, leading demonstrator projects such as Floatgen, France and Demosath, Spain are using Bexco mooring ropes for its station keeping. In 2023 Bexco proudly contributed to the Eni Tango project in Congo with the supply of a revolutionary semi-permanent ship to ship mooring solution. The installation of the mooring ropes has meanwhile been successfully completed. The marine segment saw solid growth in 2023 both for Container vessels and Cruise vessels. More newbuilds will be delivered in 2024 and 2025 which should lead to further steady demand for mooring ropes. Also in the port towing segment, Bexco has been able to grow its market share in 2023. The outlook for 2024 remains very positive with a solid portfolio of Deep Water Mooring projects and Lifting Sling orders. 46 SUPPORTING SERVICES