Review of performance for 2022

Outlook We are anticipating more stable demand and a more regular investment flow from customers. In the energy sector, we expect continuous investment into the oil and gas sector alongside larger investments into nearshore, fixed bottom wind projects. Floating wind project pilots are continuing and developing new technology to enable the industry. Markets will remain competitive and investment in technology will be essential to maintain our advantage as competitors team up to accelerate their digital presence and embrace automation capabilities. The need for clean energy and the pressure to protect the natural and built environment are both rising up the agenda for the private and public sector. While this plays to our proven strengths, it is also attracting new players keen to win business, even at low margins. Having the right mix of capacity and capability to meet the demands of the market will be a key challenge. Another ongoing challenge is the so-called ‘war’ on talent, which we can only win by continuing to provide our people with the right rewards in all senses of the word – from excellent remuneration and development opportunities to the prospect of exciting, purposeful work. While some of these areas still need to be addressed, we believe they will be worth the effort because the opportunities that lie ahead to support the energy transition are substantial. Ultimately, our success will be defined by our ability to develop and progress technology to take on the challenges that matter and create efficiencies for our customers. Strong support and improved customer engagement in the US Gulf of Mexico region has led to us being awarded a number of contracts for offshore systems. In 2022, we secured orders for 5 (Independent Remote Monitoring Systems (IRMS) Gen 3 systems. Similarly, we won a competitive bid to replace the Integrated Marine Monitoring System (IMMS) on the Floating Production Unit (FPU) Salamanca, which is set for refurbishment and redeployment. (Right) 15