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MOL announces restructuring measures

MOL announced that it will restructure the organization effective October 1, as follows:

 Establishment of Offshore Technical Division
MOL will establish the Offshore Technical Division to strengthen its offshore business, which the company positions as a business field to concentrate allocation of management resources, in the management plan “Rolling Plan 2020.” The new division will be united with the business division under the “One MOL” approach, as a technical group specializing in the offshore business, unbound by conventional ideas of ocean transport, and offer customers various innovative solutions based on technical specialities. In addition, the new division aims to build stress-free relationships with customers to create and propose beneficial technical innovations, while moving ahead with projects driven by views and voices of customers.

The new division was established on the back of offshore business, which is a technology driven field, showing remarkable day-by-day technological innovations that will carry the
business and the business model forward. MOL has broadly and proactively developed its
offshore business, starting from petroleum (FPSO Note 1), subsea support vessel Note 2
operation, LNG (FSRU Note 3), FSU Note 4, to Powerships, Renewable energy-related (SEP Note 5 for offshore wind power generation), SOVs, and so on Note 6.

Establishment of the Offshore Technical Division enables MOL to gain the a competitive
advantage by further accumulating and developing human resources and know-how, and the company will contribute to worldwide economic growth and global environmental protection.

(Note 1) FPSO: Floating Production, Storage & Offloading System
(Note 2) Subsea support vessel: Specially designed to support the installation, maintenance, and management of facilities
and equipment for development of offshore oil fields
(Note 3) FSRU: Floating Storage and Regasification Unit
(Note 4) FSU: Floating Storage Unit
(Note 5) SEP: Self-Elevating Platform
(Note 6) SOV: Service Operation Vessel