Increased investment in acquiring vessels for the Offshore Support Vessel ("OSV") business, aimed at meeting customer demand for offshore exploration and production drilling both domestically and internationally, as well as the acquisition of large crude oil tankers to provide long-term services to expanding domestic refineries, has led to significant revenue growth in both business segments. Notably, the OSV business has experienced rapid expansion, substantially mitigating the impact of external fluctuations on the Company's other business segments in 2025.
The Petroleum and Chemical Tanker ("PCT") business, a stable and core revenue source, was affected by unrest along the Thai - Cambodian border, resulting in the suspension of refined oil transportation services to Cambodia in late 2025. In response, the Company revised its operational plans and shipping routes to address the evolving situation and reallocated vessels to serve international petrochemical transportation clients. As part of its long-term strategy, the Company is gradually investing in the construction of new vessels with higher deadweight tonnage ("DWT"). These vessels are designed to maximize efficiency, accommodate specific shipping routes and geographical conditions, and achieve significant energy cost savings. They will replace older vessels that have reached the end of their service life and support market expansion both domestically and in neighboring countries. The first three new vessels are scheduled for completion in 2026.
The Floating Storage Unit (FSU) business, which represents an additional driver of the Company's growth, a 2025 business policy has been established that prioritizes collaboration with reliable customers not exposed to risks associated with US sanctions. The policy mandates comprehensive risk assessments based on Know Your Customer (KYC) principles and requires close cooperation with insurance companies and international sanctions enforcement agencies to verify the origin and accuracy of cargoes prior to transportation or storage on Company vessels. These measures are intended to mitigate potential risks to sustainable growth and safeguard stakeholders' long-term interests.
In line with this business principle, the Company is prepared to invest in additional FSU vessels to address anticipated customer demand in this segment.
The Company demonstrates financial discipline through efficient working capital management across all operations. This strategy involves rigorous evaluation and oversight of investment project risks to secure planned returns, alongside fostering accountability for cash flow. These measures have resulted in a strong financial position and have maintained the confidence of both domestic and international financial institutions. Robust cash flow and effective management enabled the repurchase of 280 million ordinary shares by the end of 2025 and supported consistent dividend payments. As a result, the Company was included in the SET High Dividend 30 (SETHD), which recognizes securities with high and stable dividend yields on the Stock Exchange of Thailand.
Alongside its business success, the Company continues to prioritize sustainable development within the framework of Environment, Social and Governance ("ESG"). It has set clear goals to achieve carbon neutrality by 2030 and net-zero greenhouse gas emissions by 2050, while ensuring efficient operations and resource utilization with environmental considerations in all aspects. This includes designing high-efficiency new vessels and utilizing hybrid propulsion systems to reduce energy consumption and continuously decrease carbon dioxide emissions. Due to its commitment to good governance and rigorous environmental initiatives, the Company has received an AA ESG Rating, has been certified by the Thai Private Sector Anti-Corruption Coalition (CAC) for the second consecutive year, and is projected to achieve a 5-star corporate governance rating in 2025.
The Company will continue to accelerate its expansion into international markets and increase investment in businesses with high customer demand both domestically and internationally. Concurrently, the Company plans to enhance its management structure and human resource capabilities to effectively manage the anticipated growth in international operations. Revenue is projected to increase from 2026 onwards, driven by six offshore exploration and production support vessels commencing service under long-term contracts in 2025 and contributing full-year revenue in 2026. In addition, three new, highly efficient oil and petrochemical tankers will enter service in 2026, replacing older vessels and those previously leased.
On behalf of the board of directors, I thank our shareholders, customers, business partners, financial institutions, and all stakeholders for their continued support. I also thank our management team and employees for their dedication and professionalism, which have driven our success in 2025 and established a strong foundation for ongoing, stable, and sustainable growth.
