Review of performance for 2022

Our operating performance | Asset Monitoring and Sustainment Market context A combination of higher energy prices, national energy security concerns and the need to maintain ageing infrastructure, created a strong market context for our Asset Sustainment service lines in our core energy and resources markets. Asset operator CAPEX spending has expanded, alongside positive negotiations on rates that impact O&M spending. A notable shift in the pace of global renewable energy projects, particularly offshore wind, has led to a strong pipeline of emerging opportunities across an integrated set of BMT service lines. Our reputation as trusted advisor for ports, coastal and offshore infrastructure has allowed us to directly support our customers in solving new energy challenges, positioning BMT for future growth as the decarbonised energy system evolves. Performance Following a challenging 2-3yr period across our global Infrastructure and asset sustainment service lines, Global performance is improving. Multiple structural integrity assessment and refurbishment projects were undertaken in Australia, as well as the design and implementation of monitoring programmes in a variety of challenging environments and spatial scales. This involved using satellite imagery, drone and photographic data and images, field assessments and chemical monitoring to deliver valuable customer insight. New integrity advisory services for offshore fixed bottom wind turbines were seeded in the US through a new relationship with market leader Orsted. We were also able to leverage our structural expertise in Canada to support work in feasibility studies for ammonia and hydrogen alternative fuel pipelines, which have the potential to play a significant role in the net-zero emissions roadmap. We have led technically in our field through supporting BP to develop structural and Metocean components of their digital twin, co-authoring and delivering a paper at OMAE in Hamburg in June 2022. This development has led to a deeper relationship with BP and their asset team, as well new opportunities with other operators. We also delivered key thought leadership at the International Pipeline Conference in Calgary, Canada and other important industry events throughout the reporting period. Strategy and organisation A strong focus continued on organic growth in core markets. We added to both the US and Canada teams in response to increased customer demand. As customer expectations and challenges are changing, we too are changing, and aligning capability to future customer need. During the reporting period, we worked with the Institute of Public Works Engineers Australasia and regional councils to publish a guide that will help asset owners and managers to build greater resilience to the effects of climate change. The changing and growing demand for our work created the need to develop new services. In the energy sector, these included storage tank vapour assessments, gas dispersion analysis, surge pressure assessment and plant/facility integrity assessment and remediation. We provide high-value independent engineering and design services to customers in the energy sector (including oil and gas and renewables), coastal infrastructure (including ports, terminals and marinas) and mining and machinery. ‘About 90% of deep-water floating oil and gas production assets in the US Gulf of Mexico now contain our marine monitoring systems.’ BMT Group | A platform for growth 12