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Yinson is on a journey to become an ESG leader. Avetta’s real-time data and visibility platform helps identify the key opportunities to achieve its “30 by 30” goals, including how to improve the company’s approach to safety, compliance, and governance.
Yinson set out to be a leader in sustainability practices and the innovation of decarbonation solutions for the offshore production industry. In recent years, this led the company to hire a range of compliance resources and establish a sustainability department to accelerate its ESG journey.
Yinson created a new program, “30 by 30”, designed to be aligned with nine core UN Sustainable Development Goals (SDGs). It established specific, measurable, and timebound goals to achieve by 2030, with a commitment to creating a long-term, fair, equitable, and sustainable economy.
Yinson has taken a top-down approach to its ESG strategy, starting with the CEO advocating for the “30 by 30” program throughout the company alongside a clear ESG policy, and then working with suppliers to ensure tangible outcomes. The Avetta platform has been critical to capturing this data and turning it into actionable insights.
“We’ve been partnering with Yinson for over five years. They have been one of our most innovative partners, especially in ESG and sustainability compliance. They quickly moved beyond compliance into best practice risk management. Their suppliers are now seeing how this applies beyond their existing business relationship and can drive operational efficiency, reduce costs, increase competitiveness, and help them continue innovating in the market.”
– Katie Martin, Director of Sustainability and Innovation at Avetta
A key action within the “governance” pillar of the “30 by 30” ESG program is sustainable supply chain management. Yinson is committed to ensuring all third party suppliers, particularly within the supply chain, are compliant with its ESG practices and processes.
Beth Whitten, Head of Procurement at Yinson Production, explained, “We’re committed to making sure our suppliers follow our ESG policies from a compliance standpoint. We audit against that and use the Avetta platform to check that our suppliers throughout the ecosystem are actually doing what they say they’re doing. This could involve checking GHC emissions, having certain policies in place, or sanctions approaches.”
Yinson originally collaborated with Avetta to address risk management and contractor compliance. As the business grew and evolved over time, Yinson expanded its adoption of the Avetta platform globally, and added Avetta’s ESG and business risk capabilities.
Commenting on this expanding partnership and use of the platform, Whitten said, “We could build on the information that was sitting in Avetta, get our suppliers in the platform, work throughout the supply chain ecosystem to make sure the foundations were accurate, and then bring in the ESG program. We have a range of suppliers throughout the world, and we can clearly analyse their level of ESG maturity under the Avetta scoring system. This helps us understand how we can bring them along our ESG journey and help them become compliant.”
Client audits, ISO audits, and ABAC requirements are just some examples of how Yinson’s clients are referencing data to push for greater ESG compliance. Avetta has enabled Yinson to gain a holistic view of all relevant data, which can then be turned into dashboards and insights to comprehensively convey to clients a strong and evolving ESG posture.
Whitten added, “We worked with Avetta to capture our ESG goals, which tie into compliance, governance, our safety statistics and more. We wouldn’t have had this level of visibility and insight without a platform like Avetta. We previously had an internal prequalification system, but couldn’t capture the wider dataset, and we didn’t have the proprietary bandwidth to capture every aspect of ESG reporting.”
With global teams across the project and operations parts of the business, Yinson was challenged with incorporating inputs, feedback and preferences from a range of teams in different geographic locations with varying views and priorities.
“Everyone wants to feed into supplier performance and management, so we had to collaborate across the entire company. We were bringing on a sustainability team in Kuala Lumpur, had operations in Oslo, and were building Floating Production, Storage, and Offloading vessels (FPSOs) that were coming into Brazil. We had new people coming into the company with fresh ideas, and more established teams with their own inputs as well. On top of this, we had corporate requirements as part of our sustainability goals.”
– Beth Whitten, Head ofProcurement, Yinson Production
Yinson collaborated with Avetta to align, capture the necessary information to get started, and scale from there. In 2019, Yinson was looking for basic supplier prequalification information, and in 2020 the teams were having workshops with Avetta and various stakeholders across the company to agree on a way forward.
Due to complex reporting structures and specific initiatives tied to the “30 by 30” program, Yinson required custom features and workflows within the platform. This involved various stakeholders across the business, as well as engaging suppliers in the process to ensure and demonstrate accurate reporting for ISO compliance.
As part of the “30 by 30” goals, Yinson’s ESG policies are directly tied to the company’s performance to ensure accountability and oversight. There is also a wide range of external reports Yinson provides, which are enabled and streamlined through the Avetta platform.
Whitten said, “We’ve made ESG commitments to the wider market and have ensured everyone is accountable for achieving these goals by tying them to our annual KPIs across the business. It’s a major priority and it’s important that we meet these goals. Part of this process is daily data capture in the Avetta platform to understand our progress towards each goal, and where we can improve. The platform also enables us to audit our vendors, particularly Tier 1 suppliers.”
As a global company operating amid various regulatory and economic shifts across various markets, Yinson relies on Avetta to have full visibility of its supply chain compliance.
Whitten concluded, “You don’t know what will happen tomorrow. There could be a new sanctions issue and a lot of work may be required to be compliant with that. With Avetta, we have a real-time feed of data that allows us to be agile and respond quickly. Looking ahead, we’re exploring ways to further accelerate our operations to be faster, smarter, and even more aligned with our company goals of being reliable, open, adaptive, decisive and sustainable.
Yinson Production is an integrated provider of comprehensive FPSO solutions with full-spectrum capabilities in construction, operation, and asset management throughout the assets' lifecycles.
Yinson Production aspires to be an ESG leader in the energy infrastructure value chain, pioneering responsible solutions that facilitate a just energy transition for all.
Yinson aims to be carbon neutral by 2030 and net zero by 2050. Its “30 by 30” initiative aligns with nine core UN Sustainable Development Goals, and outlines its most material ESG targets to be achieved by 2030.
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