Page 31 - Neal and Massy Holdings Annual Report 2012

29 forward focused
after having been the first company to achieve such certification
two years ago. Financial performance was above expectations. The
company recently signed a new contract for the maintenance of
bpTT’s onshore and offshore assets. Having grown its construction
management scope, the company is now able to perform all activities
associated with brown-field modifications and maintenance.
Neal & Massy Energy Services Limited (NMESL) experienced
another difficult year, particularly in the Services side of the business
where a number of projects proved to be challenging. The products
area showed a recovery from previous years, reflective of planned
and unplanned plant shutdowns that occured throughout the year
and the need to change out equipment during those shutdowns.
NMESL was successful in obtaining STOW certification, an industry
standard for Health and Safety management. NMESL and NMICL
collectively crossed the threshold of 3.5 million man-hours worked
without the occurrence of a Lost-Time Incident.
NM Insertech (Caribbean) Limited (NMICL) had a successful
year in spite of a lack of projects coming from the energy industry.
A large number of plant turnarounds during the year provided
opportunities for the supply of technical labour. Technical Sales also
had breakthroughs into areas of instrumentation for replacement
of old equipment on petrochemicals plants. NMICL was successful
in obtaining STOW certification. NMICL was involved, as one of a
number of pilot companies, with the Energy Industry Competency
Development Initiative, to implement the certification of technical
skills for its workforce.
NM Supply Chain Integrators (NMSCI) had a disappointing year.
The company was unable to attract new clients for its purchasing
and warehouse management services. Additionally, an accounting
adjustment resulted in the company posting a small loss.
Neal & Massy Energy Resources Limited (NMERL) had a very
successful year as the company benefitted from favourable oil prices.
Effective cost management continued as the company sought to
streamline its activities, resulting in delivery of a positive net profit for
the year. During the year, a milestone of one million man-hours was
achieved without a Lost-Time Incident. This, in fact, represents more
than ten years of injury-free operations. The high-risk, low-production,
Point Fortin Lease was successfully sold and the enhanced oil recovery
project in Moruga is well on the way, and is expected to yield positive
results in about one year.
A review on the performance of Demerara Oxygen Company Ltd.
(DOCOL) is discussed on page 47 of this report together with the
other companies in the Guyana group.