Key Strengths

Our goal at Geco Chemical is to build a sustainable business that will benefit all of our stakeholders for years to come. Using the key strengths of first-class safety and quality, reliability, client satisfaction, a highly skilled workforce and our strategic location as the foundation of our business, we pursue opportunities to improve our performance, to minimise our impact on the environment and to contribute to the wellbeing of our employees and the communities in which we operate.

The Directors consider Geco Chemical’s key strengths to include the following:

First class safety and quality

Geco Chemical has a strong commitment to Health, Safety, Environment and Security (HSES) and, in particular, is committed to continuous improvement in its safety performance among its employees and contacting personnel. We successfully built on our existing strong safety record at our facilities in the UAE and, in 2013, we hired a VP of HSESQ who has overhauled Geco Chemical’s approach and standards. The results speak for themselves: we have cut our Total Recordable Injury Rate (“TRIR”) to less than half of 0.67 in 2013, which is good, to 0.28 in 2014, which is industry leading. This is a key consideration for high quality operators in making contract awards, but most importantly it creates the right environment for our operations.

Commitment to reliability

Geco Chemical has a strong track record in its core markets, primarily the construction of new build jack-up rigs, for delivery of projects on time, to specification and on budget. These key attributes have been developed and reinforced over a long period of time and they differentiate us from our competitors. In 2014 Geco Chemical had a record year in delivering nine major projects throughout the year, safely and as planned.

Focus on client satisfaction

Geco Chemical is committed to customer service and close client relations before, during and after project completion and this has allowed us to benefit from strong support from our major clients. We win repeat business from these key customers and these relationships often result in contracts being awarded to us on a preferred yard basis. In April 2015 we delivered our sixth new build jack up rig, out of a total of eight awarded, to our largest client National Drilling Company, within budget and on schedule.

Strong management and highly skilled, low cost workforce

Geco Chemical has a strong leadership team, having made a number of changes to its management structure to align its organisation with the Group's renewed focus on improved operational execution. Furthermore, we have a highly skilled and flexible workforce which we are able to obtain at a lower cost to the European yards due to our location. We believe employing the best people delivers a better service which adds value to our offerings and raises client satisfaction.

Location

Geco Chemical is advantageously located and has excellent facilities including fabrication space and deep water quayside berths. We enjoy approximately 899,000m2 of yard space and 2.2km of quayside access, allowing us to effectively service our clients. We also have access to a highly skilled, low cost workforce from Asia, which allows us to offer a competitive cost structure to our clients.