7
MTQ CORPORATION LIMITED
PEOPLE AND SAFETY
The Group recorded another year of good safety
performance. Minimal incidents were noted and
an improved culture of safety reporting in all parts
of the Group have helped. That said, it only takes
one failing to undermine many successes. We have
strengthened our resources notably in the Middle East
and want to develop a reputation as an employer that
does not compromise worker safety. Education and
training remain important areas of emphasis. Neptune
achieving 5-6 years of zero incidents in several business
units is a great achievement.
It has been a sobering year re employment in the oil
and gas industry, particularly in upstream drilling and
exploration. Job losses at all levels have occurred
and are continuing. Our own headcount numbers
reflect a 10% reduction though most have been due
to natural attrition. This trend will continue. Bonuses
and increments have been curtailed and even base
salaries have not been spared as companies grapple
with the need to address utilization and readjust to a
world with crude oil and gas prices are poised to stay
well below recent highs for some time. We are taking
the opportunity to make sure we address training of
our workforce in this downturn while also assessing
individual contract renewals. Specifically in Singapore,
we are taking the patient route in preserving core
competence in manpower. Ours is a structurally
challenging sector given the decline in population.
With government measures to restrict the growth of
foreign workers in Singapore set to remain, the Group
has to balance utilization with availability when the
industry recovers. We embrace re-employment and
are keen to enhance the working lives of our employees
where we can.
Our strategy in Bahrain remains to source local
candidates and train them at our facility while
augmenting overall numbers by recruitment from
overseas for experienced and managerial positions.
Another year of experience has been chalked up by our
workforce, which augurs well. We continue to tap on
the Group resources while building the Bahrain team
for the future.
The total staff strength for the Group is about 1,138,
broken down by geographical segments as follows:
Country
Headcount as at
31 March 2016
Headcount as at
31 March 2015
Singapore
247
276
Bahrain
132
130
Australia and UK
418
505
Indonesia
341
364
1,138
1,275
THE CHALLENGE AHEAD
There is growing realization that global growth and by
extension, global demand for energywill remainmuted.
This should mean that while oil prices will recover, it
may not recover the dizzy heights of pre-2015 soon.
In the meantime, our businesses will focus on the
opportunities available, raising utilization, developing
new capabilities, preserving cash and working closely
with customers, employees and all stakeholders. We
will watch our cost base carefully. Our management
team and workforce are experienced professionals.
As a leadership team, the Board takes a long term view
and the Group will continue to focus on the interests of
all shareholders so that we can emerge stronger into
better markets.
GROUP CEO’S
STATEMENT
