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Before selecting the M.A.R.S facility, Teekay conducted a competitive tender process involving several recycling facilities that met our stringent yard requirements.
Additionally, Teekay engaged DNV to carry out an independent assessment of the facility against the requirements of the EU Ship Recycling Regulation and the Hong Kong Convention.
M.A.R.S. has the necessary permits and sub-contracts in place to manage all hazardous materials, including naturally occurring radioactive material (NORM), which may be encountered on board FPSOs during the recycling process.
The Petrojarl Banff berthed at the M.A.R.S. facility in May 2021.
Detailed mapping was performed to identify the location of all potentially hazardous materials and substances onboard, and intensive cleaning of the installation was completed by qualified contractors to make it ready for recycling.
To ensure our standards are met, Teekay had permanent representative onsite from May to December actively engage with M.A.R.S and monitor health, safety, and environmental performance during the recycling process.
To date, recycling has progressed in full compliance with all requirements, and since January continue to visit the facility each month to monitor performance and adherence to Teekay’s standards.
Green recycling of the Petrojarl Banff FPSO at M.A.R.S. Europe in Denmark SUPPLY CHAIN MANAGEMENT As a company that firmly believes in good ethical practices and doing business with integrity, it is important for Teekay to conduct the necessary due diligence to ensure we work with like-minded companies and in a manner ...
In support of these beliefs, we set a goal of directing at least our contracted suppliers.
During with 82% of spending directed to contracted suppliers.
In recent years, our procedures relating to vendor onboarding and evaluation were updated to incorporate our automated third-party due diligence system, Securimate, which allows us to screen for business ethics compliance risks, such as sanctions, bribery, and human rights violations.
Since the launch of this system, approximately have been successfully approved.
In addition, our vendor performance group conducts periodic re-evaluations of suppliers and during re-evaluations.
The target was to audit ten suppliers each year with a particular focus on sustainability, supply chain control, and compliance with appropriate legislation.
TEEKAY We manage cybersecurity risks by focusing on the cornerstones of People, Process, and Technology, and the application of best practices to each.
These pillars define the core of our cybersecurity program.
To further enhance our cybersecurity program, Teekay adopted the National Institute of Standards and Technology (NIST) framework that helps us incorporate best practices to manage risk.
Teekay has implemented a “defense in depth” approach to ensure we are not relying on any single mitigation of an identified risk.
The goal of this program is to reduce risks at the last line of defense, through education and awareness, which includes regular phishing exercises, and an in-house cybersecurity newsletter.
In addition, this past year, we engaged a third-party to conduct a comprehensive and advanced cyber risk assessment and penetration test, and conducted cyber response exercises for both vessels and shore.
In awareness program and roll out new solutions in our cyber security roadmap.
We benefit in many ways from the communities in which we live and work, and we consider it our responsibility to help strengthen and give back to our communities.
We partner with charitable organizations that embody Teekay’s SPIRIT values and we encourage our employees to become directly involved.
All shore employees are provided with up to three paid volunteering days each year to support local community and charitable activities.
Needs attention Teekay’s Ambition: Personal Safety Uphold our core value—Safety First.
and therefore results may differ from those presented elsewhere in this report.
Teekay LNG fleet, and shuttle tanker vessels that were formerly part of the Teekay Offshore fleet.
Data does not include Teekay Corporation’s FPSO units, which are all managed by a third party.
Tankers SASB Disclosures, ESG Performance Data, Teekay LNG SASB Disclosures.
Teekay Tankers SASB Disclosures, ESG Performance Data, Teekay LNG SASB Disclosures.
102-5 Ownership and legal form About Teekay 102-6 Markets served About Teekay 102-7 Scale of the organization ESG Performance Data.
Teekay Corporation has entered into a Collective Bargaining Agreement with the Philippine Seafarers’ Union, an affiliate of the International Transport Workers’ Federation (or ITF), and a Special Agreement with ITF London, which cover substantially all the officers and seafarers that operate our Bahamian-flagged vessel...
We are also party to collective bargaining agreements with various Australian maritime unions that cover officers and seafarers employed through our Australian operations.
Emissions 305-2 Energy indirect (Scope 2) emissions Not reported.
Based on SASB definition of very serious marine casualties.
Sum of fatalities, permanent total disabilities, permanent partial disabilities, and lost workday cases per unit of exposure hours.
• Persons not from high-income countries in leadership at sea.
Based on SASB definition of reportable marine casualties.
All permanent, active seafarers employed by Teekay, not including contractors or riding crew.
Sum of lost time injuries, restricted work cases, and medical treatment cases per unit of exposure hours.
Percentage of leadership positions (Manager, Director, Vice President, and Executive) held by women.
The GRI Standards are the world’s most widely used sustainability reporting standard.
Recommended disclosures of the Taskforce on Climate-related Financial Disclosures (TCFD) are included.
Tidewater has been committed to building a sustainable enterprise that helps meet our stakeholders needs in a safe, responsible, socially sensitive, and profitable way.
environment for our personnel and generating returns to our investors.
Processes and policies implemented in reduce exposure and the spread of the virus remained in place.
Our team’s commitment to these processes and policies, as well as ensuring access to vaccines for all of our seafarers while travel restrictions continued to ease, helped the company maintain its strong safety performance.
We will continue our constant commitment to the health and safety of our employees as we strive to achieve our ultimate objective of zero harm.
is Important to Us When it comes to addressing climate and our related impacts and opportunities, the pace of change remains one of our biggest challenges, as it is for the broader energy industry.
We are responsible for the full lifecycle of our vessels, including the building, owning, operating, and recycling at the end of life.
We actively manage climate change risks through this lifecycle, including greenhouse gas (GHG) emissions.
We take all challenges and opportunities into consideration as we look to achieve substantial reductions in our carbon footprint, and this includes the carbon impacts associated with building new vessels.
Tidewater’s current fleet is young, efficient, and specifically configured to suit the needs of our clients around the world.
This includes ensuring that the vessels are prepared to efficiently use the fuel provided by our clients, where it is supplied.
In additional vessel with hybrid power and two vessels with shore power capabilities.
This battery and shore power technology has consistently demonstrated its effectiveness in reducing emissions, and where the commercial and port infrastructure environment can support these types of upgrades, we intend to continue its implementation.
Investments in data capture, analysis and reporting systems continued throughout 2021.
These systems are providing us with the information necessary to make data-driven decisions about our operations, investments, and all aspects of the business, in similar fashion to our financial analysis process.
a clear roadmap of how these targets will be achieved.
Part of Our Culture With the broadest operating footprint in the offshore support vessel (OSV) industry globally, we have one of the most diverse teams in the industry.
We thrive on the wide-ranging perspectives our people contribute to the company and are dedicated to protecting and developing this strength.
On April completed the acquisition of Swire Pacific Offshore, a leading global owner of 50 OSVs with a significant presence in West Africa, Southeast Asia and the Middle East.
vessels to our fleet, provides for meaningful synergy opportunities, maintains balance sheet strength and liquidity, and better positions Tidewater to increase earnings and free cash flow generation from the improving offshore supply vessel market.
This report sets out how we are continuing to respond to key sustainability challenges and opportunities.
Achieving the objectives we have set for ourselves cannot be done alone.
Tidewater will be the global leader in the offshore industry by providing unmatched support and exceptional local service to our customers in the most cost-efficient manner possible utilizing the safest, most highly skilled workforce.
Our Mission Tidewater is dedicated to supporting our customers globally with the highest level of service using our best assets: our people and our vessels.
We will deliver these services with the highest level of operational performance to ensure safety for our people, compliance with all laws and regulations, and respect for the environment and local communities in which we work.
Tidewater provides offshore marine support and transportation services to the global offshore energy industry through the operation of one of the largest and most diverse fleets of specialized vessels in the world.
of the four areas (human rights, labour, environment and anti-corruption).
https://www.tdw.com/about-tidewater/the-tidewater-story/ We disclose material risks to our business, including climate change.
As we discussed in our cover again in this report, we have been working to develop accurate, transparent, and verifiable data associated with our carbon footprint, so that when specific targets are set, we have the basis to present a credible plan to achieve these targets.
In we plan to increase engagement with our supply chain to ensure alignment with all ESG topics, not limited to Scope 3 emissions alone.
We believe these initiatives are important for our business and all of our stakeholders, and we expect that they will position us to better support enhanced disclosures when they are confirmed and communicated.
We will monitor the development of these proposed rules and act to enhance our disclosures to continually provide our stakeholders with improved transparency on our business impacts.
TCFD CDP Tidewater continues to closely monitor the European Union’s (EU) work on Sustainable Finance and the EU Taxonomy regulation, which is intended to provide companies, investors, and policymakers with appropriate definitions for which economic activities can be considered environmentally sustainable.
We plan to further investigate and analyze how our operations might align with the final EU Taxonomy criteria.
We will also assess how the taxonomy framework may be used for internal risk management, financial planning, and strategy processes.
We will provide additional information in our 2022 report, along with public disclosures as necessary.
In financial risks by following the Task Force on Climate-related Financial Disclosure (TCFD) recommendations.
The review covered how we approach these risks and opportunities from a governance, strategy and risk management perspective, including the metrics and targets we use.
A summary of the outcomes of this review is available in the appendix.
In and GHG performance to the CDP, a non-profit charity that runs the global disclosure system for investors, companies, cities, states and regions, to manage their environmental impacts.
For our inaugural submission, our report received a score of a C, which is in line with the overall marine transport sector.
We intend to complete a full independent gap analysis in objective of improving this score.
Throughout 2021, the company continued to invest in and implement a broad ecosystem of digital tools, from data capture and analysis to reporting systems.
These tools provide our team with consistent, verifiable data that provides them with the necessary insights to make data-driven decisions that help us operate more efficiently, determine areas for improvement and highlight processes and procedures that are furthering our objectives.
Ensuring we have developed complete baselines in all focus areas is a critical step.
As the company sets targets for the end of the decade and beyond, it is important that we implement systems that can provide the transparency needed to demonstrate our progress to all stakeholders and allow for independent validation.
Technology and digitalization are at the top of the agenda to increase efficiency and foster a culture of innovation, enabling constant progress towards a more sustainable enterprise.
For example, in commenced the implementation of a digital sustainability data capture, analysis and reporting tool that will centralize E, S and G information and allow for targetsetting and progress measurement.
In topics that are material to our business in alignment with GRI’s materiality principle.
Topics that have a significant environmental, social, or economic impact, and those important to our stakeholders, are considered material.
In this new standard, “impact” has been clarified to refer to the effect an organization has on the economy, the environment, and/or society, which can indicate its contribution to sustainable development, either negatively or positively.
It does not refer to an effect upon an organization.
In to reassess our material topics using the 2021 standard, including a refreshed stakeholder engagement process.
Automated procurement, maintenance, and repair system 1312 CLIMATE AND EMISSIONS Climate change and air emissions are shaping the course of the maritime industry and will continue to do so going forward.
Growing awareness, increasing customer expectations, and the likelihood of regulation make this a very important topic for Tidewater.
As a business, we also see the critical role we can play in addressing our impact on climate change through the credible reduction of our greenhouse gas (GHG) emissions.
market-based In 2020, we developed and reported a baseline for our GHG emissions.

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