Message from our EVP & General Counsel

Strong governance is foundational to Valeura’s long-term success. It drives accountability, strengthens decision-making, and builds trust with all stakeholders — while providing the discipline to manage risk, operate responsibly and deliver consistent performance.

In 2025, we continued strengthening our governance foundations across the business.  Our governance framework — underpinned by Board oversight, clear responsibilities, executive accountability, and mandatory training on our Code of Business Conduct and Ethics and Anti-Corruption Policy — keeps transparency, integrity, and fairness embedded in how we operate. The year closed with 100% employee policy compliance and zero regulatory breaches.

Good governance is also foundational to our operational reliability and efficiency.  Across our portfolio, disciplined systems covering asset integrity, preventive maintenance, risk-based decision-making, structured change management, and lean operating practices drive reliable performance, safe execution and cost efficiency.  Our hub-based operating model and integrated logistics arrangements further strengthen coordination and resource optimisation across offshore operations.

We continue to innovate in practical, business-focused ways. In 2025, Valeura expanded its use of digital tools, analytics, and internal platforms to improve visibility, efficiency, and decision-making – leading to progress in logistics digitisation, data management, and production optimisation. A culture of continuous improvement continues to take hold: 61 improvement projects were initiated during the year, representing a combined OPEX and CAPEX value of US$13.4 million.

Cyber-resilience remains a priority for us as our digital capabilities expand. In 2025, Valeura strengthened its cybersecurity framework through enhanced monitoring, updated controls, incident response planning, and employee awareness initiatives including phishing simulations. More broadly, our enterprise risk management and crisis preparedness frameworks ensure risks are identified and managed in a structured, timely manner — supported by 577 emergency drills completed in 2025 across our offshore operations, reinforcing readiness and business continuity.

This disciplined approach extends throughout our entire supply chain. Valeura’s contractor and supplier management framework embeds ethical, environmental, safety, security, and governance expectations across the contractor lifecycle. In 2025, 100% of new contractors completed pre-qualification screening and all contractors and suppliers acknowledged the Contractor Code of Conduct.

Together, these efforts reflect a core principle at Valeura: good governance is not separate from performance. It is what enables resilience, responsible growth, and long-term value creation in a complex and evolving operating environment.

Kelvin Tang

Executive Vice President &  General Counsel