Bumi Armada : 27th AGM Minutes

BUMI ARMADA BERHAD

Registration No: 199501041194 (370398-X)

Minutes of the Twenty-Seventh Annual General Meeting ("27th AGM" or "AGM") of Bumi

Armada Berhad ("BAB" or "Company")

held at 3.30 p.m. on Thursday, 25 May 2023 at Angola Room, Level 7, Menara Perak,

24 Jalan Perak, 50450 Kuala Lumpur, Malaysia (Broadcast venue)

Directors present at Broadcast Venue

1. YAM Tunku Ali Redhauddin ibni Tuanku Muhriz (Chairman of Board of Directors, Chairperson of Nomination & Corporate Governance Committee)
   Independent Non-Executive Director
2. Mr Uthaya Kumar K Vivekananda (Chairperson of Audit Committee and Risk Management Committee)
   Independent Non-Executive Director
3. YM Raja Tan Sri Dato' Seri Arshad bin Raja Tun Uda
   Independent Non-Executive Director
4. Mr Chan Chee Beng Non-IndependentNon-Executive Director
5. Ms Maureen Toh Siew Guat Non-IndependentNon-Executive Director
6. Mr Rohan a/l Rajan Rajasooria Non-IndependentNon-Executive Director
7. Mr Gary Neal Christenson
   Executive Director/Chief Executive Officer ("CEO")

Directors present using remote platform

1. Ms Alexandra Elisabeth Johanna Maria Schaapveld (Chairperson of Remuneration Committee) Senior Independent Non-Executive Director
2. YM Tunku Alizakri Raja Muhammad Alias Independent Non-Executive Director

Joint Company Secretary present at Broadcast Venue

Ms Shamsul Shahrina Mohd Hussein

Minutes of the Twenty-Seventh Annual General Meeting

In Attendance at Broadcast Venue

1. Mr Luke Christopher Targett, Chief Financial Officer
2. BAB Management Team
3. Poll Administrator: Boardroom Share Registrars Sdn Bhd
4. Independent Scrutineer: Sky Corporate Services Sdn Bhd

In Attendance using Remote Platform

1. Representatives from external auditors, PricewaterhouseCoopers PLT ("PwC"): Ms Gan Wee Fong and Mr Nataraj Veeramani
2. Shareholders Present: As per the attendance details [Total: 653 representing 38,682,551 ordinary shares ("BAB Shares")]
3. Proxies Present: As per the attendance details [Total: 295 representing 4,311,650,744 BAB Shares including the Chairman who has been nominated as proxy in respect of 1,114,493,609 BAB Shares]

Item Title / Discussion

1. Chairman
2. Tunku Ali Redhauddin ibni Tuanku Muhriz, the Chairman of the Board of Directors ("Board") of the Company ("Chairman"), presided over the 27th AGM. The Chairman welcomed and thanked all shareholders for participating in the live streaming of the 27th AGM of BAB remotely from various locations.
3. The Chairman explained that in line with the Guidance on the conduct of General Meetings for Listed Issuers issued by the Securities Commission Malaysia, the Board decided that the 27th AGM should be held virtually without physical attendance by shareholders and proxies. The Chairman reminded that no audio or video recordings were allowed for the live streamed AGM as participation at the AGM was restricted to shareholders, valid proxies and authorised representatives of corporate shareholders.
4. The Chairman emphasised that whilst all efforts had been taken to ensure a smooth live streaming, the quality of the broadcast might be affected by the participants' own internet bandwidth connection and stability.
5. The Chairman proceeded to introduce the Board members and Senior Management who were present at the broadcast venue namely, Raja Tan Sri Dato' Seri Arshad bin Raja Tun Uda
   (Independent Non-Executive Director), Mr Uthaya Kumar Vivekananda (Independent Non-Executive Director), Ms Maureen Toh Siew Guat (Non-IndependentNon-Executive Director), Mr Chan Chee Beng (Non-IndependentNon-Executive Director), Mr Rohan a/l Rajan Rajasooria (Non-IndependentNon-Executive Director), Mr Gary Neal Christenson ("Mr Christenson") (Executive Director and Chief

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Minutes of the Twenty-Seventh Annual General Meeting

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Executive Officer), Mr Luke C. Targett ("Mr Targett") (Chief Financial Officer) and Ms Shamsul Shahrina Mohd Hussein (Joint Company Secretary). The Chairman continued to introduce the other Board members who were participating in the AGM via video conferencing from their respective locations namely, Ms Alexandra Elisabeth Johanna Maria Schaapveld (Senior Independent Non- Executive Director) who joined from Amsterdam, The Netherlands and Tunku Alizakri bin Raja Muhammad Alias ("Tunku Alizakri") (Independent Non-Executive Director) who joined from Kuala Lumpur and the representatives from PwC, Ms Gan Wee Fong and Mr Nataraj Veeramani.

1. The Chairman welcomed the newly appointed Directors of the Company, Mr Rohan a/l Rajan Rajasooria, Non-IndependentNon-Executive Director ("NINED") ("Mr Rohan"), who was appointed on 23 November 2022 and Raja Tan Sri Dato' Seri Arshad bin Raja Tun Uda, Independent Non- Executive Director ("INED") ("Raja Tan Sri Arshad"), who was appointed on 20 April 2023 and invited them to introduce themselves.
2. Mr Rohan introduced himself to the shareholders and outlined his 25 years' experience in financial management and operational roles. He is currently the Group Treasurer of Usaha Tegas Group and has worked on financing structures over the last 14 years in a variety of industries and serves on several boards of companies which Usaha Tegas has interests in. He hoped that his knowledge and experience would complement those of the other Board members, and he looked forward to continuing his service on the BAB Board, subject to the shareholders' approval.
3. Raja Tan Sri Arshad introduced himself to the shareholders and highlighted his 33 years of experience with PwC Malaysia, 18 of which he served as Executive Chairman. He was Chairman of the PwC Asia 7 Leadership team for the last 2 years of his career at PwC. He was also formerly a director of Maxis Berhad and Khazanah Nasional Berhad. He hoped that his knowledge and experience would complement those of the other Board members, and he looked forward to serving on the BAB Board again, subject to the shareholders' approval.
4. The Chairman stated that he had been advised by the Joint Company Secretary that the quorum for the AGM, in accordance with Rule 91 of the Company's Constitution, was 3 members present in person or by proxy or in the case of corporations, members present by the representatives appointed pursuant to the provisions of the Constitution and entitled to vote, when the AGM proceeded to business.
5. The Chairman then proceeded to inform the shareholders that the total number of valid proxy forms received within the stipulated time was 295 appointing 359 proxies and representing a total of 4,311,650,744 BAB Shares out of which 197 holders of 1,114,493,609 BAB Shares had appointed the Chairman of the Meeting to be their proxies. The Chairman then declared that the requisite quorum

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Minutes of the Twenty-Seventh Annual General Meeting

Item Title / Discussion

for the AGM was present.

1. Safety Moment
2. The Chairman informed the AGM that as part of the Company's continuing efforts to promote a strong safety culture, a safety moment would be conducted before the start of each Board and Board Committee meetings.
3. He then invited Mr Gary Leong, Vice President, Health, Safety and Environment to present a short video presentation on how the Company maintains safety at its operations sites.

1. Remarks from the Chairman on the Company's Performance for financial year ending 31 December 2022 ("FY 2022")
2. The Chairman highlighted the key events of 2022 and the impact on the Company's business. Despite the impact of Covid-19, the Company achieved continued improvement in all aspects of the business in FY 2022, resulting in an increased full-year profit attributable to the Company's owners of RM732.4 million. This was also BAB's highest full-year net profit since its listing on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Malaysia") more than a decade ago in 2011.
3. BAB continues to place a great deal of attention in improving the Group's safety culture but disappointingly 2 Lost Time Injury ("LTI") cases were reported during the year. BAB has increased leadership vessel visits and embedded an additional senior safety expert on its vessels to reinforce its safety culture and resultant behaviours. BAB continues to put safety as its utmost priority to safeguard its people while protecting its assets and environment.

1. Presentation by the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO")
2. Mr Christenson presented an overview of the operational highlights of the Company for FY 2022, summarised below:-
3. 1. HSSEQ Safety First
   2. • Safety is Bumi Armada's priority as it wants everyone to go home safe every day.
        Unfortunately, there were 2 LTIs reported in 2022. A senior safety expert was hired to ensure safety and also strengthen the safety culture on all BAB's vessels.
      • BAB being a multinational company, has 800 staff from Angola to Russia and from the North Sea to the Java Sea. Management worked hard to keep the different cultures and people engaged to be part of the Bumi culture. It will continue to do the same if it

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Minutes of the Twenty-Seventh Annual General Meeting

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expanded into any new region.

1. • BAB had been included in the FTSE4GOOD Index in December 2022. It also received the Shell Malaysia Safety Award 2022 - Upstream category and ASEAN Corporate Governance Scorecard award in 2021.
2. Sustainability
3. • A new Sustainability Vice President has joined who has implemented the integrated Sustainability program.
   • Flare, Fuel and Power Management on FPSOs- 2.5% reduction of GHG emission (>10%).
   • Integration of green technology in current and new projects.
   • Development of carbon capture and storage projects.
   • Commitment to UN Sustainability Development Goals.
   • Net Zero Carbon by 2050.
4. Operations
5. • All operations performed well throughout 2022 with high performance efficiency.
   • Armada Sterling V, which is a partially owned FPSO, was anchored at location and ready for "First Oil".
   • It is the end of an era for the Offshore Support Vessels ("OSV") division, since the last vessel was sold on 19 May 2023. Management recorded special thanks to the OSV team for many years of service and a great effort right up to the very end.
   • Subsea - Grayfer project completion 1H 2023. Multiple projects were expected to be tendered in second half of 2023 through to 2024. In the meantime, the Subsea team would be merged into Operations for greater performance and cost efficiency.
6. Outlook 2023
7. • Decreased debt and equity available for the Oil & Gas sector including FPSOs because of green restrictions on many of the banks.
   • High volatility in the supply chain due to the roll over from Covid-19, creating delays and price increases.
   • Inflation risk for debt and operating costs.
   • High oil and gas prices near and midterm.
   • Strong growth in the energy transition business.
   • Increased demand in the floating solutions market for FPSO, FSRU and FLNG.
   • Increase demand for green technology.
   • Increased debt and equity available for green technology.
8. Strategy 2023
9. • Safety - to lead from the start to the end.
   • Focus on operational excellence.
   • Control costs and continue to reduce debt.
   • Growth in core areas - FPSOs, countries, capabilities, clients, partners and green

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