We are able to better understand the level of ESG compliance of our suppliers. This would not have been possible without the Avetta team continually working with us.
Oil & Energy
Yinson Production is the offshore production unit of the leading global energy infrastructure and technology company, Yinson Holdings Berhad, which has businesses in offshore production, renewables, green technologies, and offshore marine operations. The client has a presence across 10 global locations and employs over 1,000 resources. They specialize in providing integrated leasing services for Floating, Production, Storage, and Offloading (“FPSO”) and Floating, Storage, and Offloading (“FSO”) units, with an order book of $22.3 billion until 2048, as of February 2023. With the aim to improve global access to stable and affordable electricity, the client designs, constructs and operates industry-leading production assets for the offshore oil and gas industry.
Aligning with the group's climate goals, Yinson Production plans to become carbon neutral by 2030 and net zero by 2050, and in that quest, the client has come up with an innovative Zero Emissions FPSO concept. Encompassing innovative solutions like closed flaring systems, hydrocarbon blanketing, carbon capture, utilization and storage, and direct air capture, this is a robust concept to tackle carbon emissions.
We're excited to see many of our suppliers completing the ESG forms, and through this platforms, it gives us a head start in trying to understand where our suppliers are in terms of ESG matters. Understanding and using this information will be vital for us in reaching our long-term ESG goals.
Head of Procurement-Projects
PARTNERSHIP WITH AVETTA
The client has been working closely with Avetta for over two years and has been using the ESG offering since April 2022. Avetta has helped the client streamline their supplier compliance and insurance verification process by introducing automation.
Avetta transformed the manual verification process into a Refinitiv background check on suppliers to determine the presence of sanctions, which has been instrumental in helping the client realize their ESG goals. Recently, Avetta's domain expertise, industry connections, and insights have driven the client's efforts and initiatives focused on making the corporation net zero and carbon neutral in the near future. The years of partnership and collaboration with Avetta have helped the client retain their position as an industry leader as well as explore new opportunities.
The partnership with Avetta has enabled the client to experience the following benefits:
Improved ESG Compliance
Since the client started utilizing Avetta's ESG offering, 223 suppliers have received the ESG form and 172 have completed it, presenting a completion rate of 77%. Avetta's ESG evaluation has determined 125 out of the 223 suppliers to be in the medium or high tier, with 80 in the high tier. The client has expressed interest in other Avetta offerings such as Avetta One, a workforce management and business risk determination solution.
Enhanced Supplier Compliance Trend
Over the last three years, Avetta has enabled a massive increase in supplier compliance by adding new suppliers and constantly implementing improvements in unison with the client.
Avetta has increased visibility by introducing ESG dashboards with comprehensive information on the rate of carbon emissions.