The result of the Company has been heavily impacted by provisions taken on two jack-up type production platforms (MOPU) which are still under construction.

A significant amount of effort is being committed towards these projects to achieve production as soon as reasonably possible, but also towards the ongoing litigation and arbitration cases to recover from our clients part of the cost overruns incurred. These platforms are not Floating Production Storage and Offloading (FPSO) systems and are no longer part of the product line.

The other major projects currently under construction are all FPSOs or turret mooring systems which are part of the core product line. Our lease fleet of FPSOs, which we supply but also operate for our clients, are producing as expected with high uptime performances. Our 140 years of cumulative operational experience is unrivalled and one of the areas in which the Company wishes to extend its activities.

The strategy is to refocus the product line on core FPSO products and associated services. We believe this strategy combined with improving execution standards and project risk profiles will deliver superior financial returns.

To achieve these goals we have entered into a transition period in which the organisation structure, risk management, product line and key issues regarding responsibility, accountability and conflict resolution are being aligned for the future. In support of this process we have rebranded the identity and redefined the essence of the Company and promises towards all our stakeholders.

Our road map can be summarised in three common sense steps: to work as one; to perform; to shape our own future.