Financials​ 

400+

environmental impact assessments and Environmental and Social Due Diligence projects

120+

countries 

20+

offshore wind projects in 2023 
(for a total of more than 120 in the last 5 years)

55,000+

man/days of work at sites yearly 

Our company's presence expanded notably due to strategic moves such as the acquisition of Patrick Engineering (now RINA North America) in the USA, which increased our workforce and capabilities in the region. Organic growth was also significant in Brazil, the Middle East and India, demonstrating our ability to grow our services and teams where there's demand. Our commitment to decarbonization and sustainable energy practices drove many of our decisions and projects throughout the year. 

The primary challenge we faced during the year was in retention and recruitment, created by the heightened demand for skilled personnel in the energy sector. We addressed this by improving our onboarding processes and ensuring the rapid integration of new hires to sustain our operational momentum.

2M+

hours of engineering yearly 

1.4 M+

hours of vendor inspection 
& expediting yearly

This and the order intake were consistent, reflecting the company's operational efficiency and strong market position.

Promoting sustainability

Our business with sustainable biofuels has been expanding and we have added expertise in agriculture and biodiversity. Combined with our proficiency and experience in technology and logistics, this has enabled us to provide services to support the identification, verification, and transport of eligible resources for the creation of biofuels.

We have strong experience in LNG and have experienced much success in this area. However, we are also seeing new areas such as not only reducing but recovering methane emissions for commercial uses and reducing emissions from marginal fields. 

Ultimately, we want to promote all forms of sustainability and, during 2023, our work has included areas such as grid development, renewable resources, battery storage, CCUS, hydrogen, nuclear power, sustainable methane, and biofuels. We continue to explore all possibilities and follow developments for decarbonisation to support our clients in achieving both decarbonisation and commercial viability.

2023 also presented numerous opportunities that allowed us to enhance our operational capabilities and technological expertise. Our proactive approach to digital transformation and sustainability has led to increased efficiency in project execution and expanded our influence across global markets. Digital innovations have played a crucial role in streamlining our processes and improving service delivery, establishing RINA as a preferred partner in the energy sector for future-focused energy solutions.

Embracing 
innovation

The coming             year 

In 2024, RINA is set to continue its international expansion and enhance services in decarbonisation. We will keep looking for ways to use advances in digitalisation and AI to deliver both excellence and efficiency to our clients. 

The focus for the coming year will be on maintaining the growth trajectory and embracing technological advances in energy. RINA will keep investing in innovative projects and research aimed at the reduction of greenhouse gas emissions. Our goal is to deliver value to our clients and stakeholders and provide a broader spectrum of energy solutions, helping them transition to more sustainable operations.

PROJECTS

TIPS4PED EU Project (Turning cIties Planning actionS for Positive Energy Districts into success), Europe 
An innovative urban energy initiative

The TIPS4PED EU project, coordinated by RINA, represents a pioneering approach to urban development within the European Commission's Mission Cities framework. Awarded in 2023, the project facilitates RINA's entry into new consulting services aimed at supporting public authorities, such as municipalities, in planning actions for positive energy districts. By developing an Integrated Assessment Platform that includes technical, social, and financial tools, the project aids informed decision-making for clients aspiring to implement sustainable energy solutions in urban settings. 

The platform's tools, created through the project, will be integrated into RINA’s portfolio, enhancing its offerings in renewable energy systems and grid flexibility. This initiative not only expands RINA's service capabilities but also aligns with European goals for sustainable urban development, offering significant environmental, social, and economic benefits by transforming city planning paradigms into success stories of energy positivity.
BAMBOO EU Project (Build scAled Modular Bamboo-inspired Offshore sOlar systems), Europe 
A ground-breaking solar energy development

Coordinated by RINA, the BAMBOO EU project encapsulates a novel approach in renewable energy development, harnessing European Commission initiatives to innovate offshore energy solutions. Awarded in 2023, this project paves the way for RINA to offer new consulting services in the design and experimental application of modular offshore solar systems. 

Specifically, RINA aims to advance predictive yield modelling for offshore solar systems, incorporating comprehensive analyses of offshore dynamics including dynamic export cables. RINA is also working on strategies to recycle PV and electrical components once they're no longer in use; different layouts to export power for the 150 MW solution scale-up are also part of RINA's actions. This development will significantly enhance RINA's portfolio in solar and offshore system technologies, potentially attracting new consultancy projects and fostering long-term relationships with both existing and prospective clients.
Optimising Effective Albedo Data for Bifacial PV Systems, UK and Ireland
Reducing financial and technical risk for new BFPV plants

Starting in 2023, this detailed project is aimed at predicting the bifacial gain of real PV systems with high accuracy for small-area sites, as typically seen in the UK and Ireland. The project focuses on estimating the ground albedo, a critical environmental parameter for Bifacial PV systems, which quantifies reflected light at different times of the day. RINA's role includes creating new methodologies using advanced satellite databases for higher spatial resolution, experimenting with new onsite equipment to approximate effective albedo, and developing a combination of techniques for accurate albedo and bifacial gain estimations. The outcomes will be shared with the broader Bifacial PV industry to contribute to state-of-the-art standards.
RINNO EU project 
An augmented intelligence-enabled stimulating framework for deep energy renovation delivering occupant-centred innovations

The RINNO EU project, coordinated by RINA and funded under the Horizon 2020 framework, represents a significant stride towards the decarbonization of the European building stock, which is responsible for about 36% of the continent's CO2 emissions and 40% of its total energy consumption. Aimed at accelerating deep renovation across the EU, RINNO seeks to achieve an ambitious annual renovation rate of 3.5% by introducing cost-effective, environmentally friendly innovations. These include plug-and-play modular building solutions and renewable energy systems that not only reduce the time and cost associated with deep renovations but also promise substantial energy savings. The project is expected to yield primary energy savings of 165 GWh/year, cut electricity costs by at least 30%, and reduce CO2 emissions by approximately 40,400 tons annually. Additionally, RINNO focuses on developing new business models that adhere to circular economy principles and plans to showcase its advanced renovation strategies through extensive pilot use cases in various EU climatic zones, demonstrating the scalability and effectiveness of its solutions.
Revitalizing Campus Infrastructure: Jacksonville University's Potable Water System Upgrade, USA 
A sustainable turn-key solution

From June 2020 to January 2023, Jacksonville University in Florida undertook a significant upgrade of its aging water infrastructure, led by Patrick Engineering, now part of RINA. The project began with the installation of a new 1,000-foot water well, integrated seamlessly into the existing system and commissioned in early 2021. Subsequent enhancements included the replacement of two 50-year-old water storage tanks with modern 250,000-gallon tanks and updates to distribution pumps and related infrastructure, all while maintaining continuous water service. 

This project, a collaboration with Sustainability Partners and implemented as Infrastructure as a Service®, demonstrated a successful design-build approach, with Patrick/RINA managing all aspects from geotechnical surveys to construction and procurement, showcasing their capability to deliver comprehensive, reliable infrastructure solutions. The upgrade not only improved the quality and reliability of water distribution for the university but also enhanced the quality of life for its community.
The Integrated Development of Chandrika and GS 49 Fields, India 
Advancing offshore exploration

Scheduled from October 2023 to September 2026, RINA is working on its first full-field development project, overseeing the Pre-FEED, FEED, and PMC for the Chandrika and GS 49 fields near Kakinada, Andhra Pradesh, India. This ambitious initiative involves the development of 20 wells in Chandrika and 4 wells in the GS-49 area, with initial plans focusing on 9 and 1 wells respectively. The project features innovative offshore engineering, including a four-legged platform at CN-B and a monopod platform at GS-49, alongside both mud line and subsea completions for different wells. 

The project poses significant logistical challenges due to the tight scheduling of various project phases, from Pre-FEED completion in December 2023 to EPC awards by September 2024 and final commissioning by September 2026. Production from these fields will be routed through a series of pipelines to onshore facilities, with a complex network of subsea infrastructure designed to enhance the efficiency and safety of hydrocarbon extraction and transportation. 

At the outcome of the Pre-FEED, the development considers 6 and 1 wells for the development with complete subsea infrastructure and onshore facilities upgrades. RINA's role as the lead in this development not only shows its capabilities in managing large-scale, multi-location projects but also reinforces its strategic position in leveraging global execution centres from Malaysia to the UK. 
Petrobras Gas & Energy Assets Project , Brazil  
A strategic expansion

From February 2023 to February 2026, RINA has embarked on an extensive engineering services project for Petrobras, one of the world's largest oil companies, to elevate the infrastructure of Brazil's critical gas and energy assets. This pivotal project spans across various states in Brazil, including Rio Grande do Sul and São Paulo, and involves a multitude of engineering disciplines to enhance operational efficiency and capacity expansion across 13 thermoelectric plants, 5 gas treatment plants, and 3 LNG regasification terminals. 

The project's scope includes conceptual, basic, and detailed design, alongside the purchasing process and CAPEX & OPEX estimation. With a $1.7 billion investment outlined in Petrobras's 2024-28 Strategic Plan for Gas and Energy Area improvements, RINA's role is crucial in supporting the expansion and operational efficiency of facilities that collectively contribute 5.2 GW of energy generation, 35 million m³/d of LNG transfer capacity, and 86.2 million m³/d of gas processing capacity. 

The project is a significant opportunity for RINA to deepen its engagement in Brazil's energy sector and reinforces its capability to manage complex multi-disciplinary projects in diverse locations.
 
Baleine Phase II Project, Ivory Coast 
Pioneering sustainability

Starting in June 2023 with an estimated completion in Q4 2024, the Baleine Phase II project is one of the largest hydrocarbon fields in Cote d’Ivoire, West Africa. Managed by Altera Infrastructure A/S, Norway, this project involves critical enhancements including the conversion and life-extension of the FPSO Voyager Spirit and FSO Nordic Brasilia, with Dubai Dry-dock World, UAE, handling the modifications. Targeting first oil by December 2024, the project will substantially boost Cote d’Ivoire's economy through increased oil exports and use of associated gas for domestic electricity, providing essential jobs and export revenues. 

RINA is providing Third-Party Inspection and Expediting Services globally, ensuring timely and defect-free delivery of over 80 key equipment packages essential for the fast-track completion of the vessel conversions. The project is of particular significance as it positions the Baleine field to be Africa’s first net-zero emissions project in scope 1 and 2 emissions, aligning with sustainable development goals.
SSLNG Parnaíba Project IV, Brazil 
Expanding natural gas operations

From March 2023 to August 2024 the SSLNG Parnaíba Project IV, situated in the remote locations of Santo Antônio dos Lopes and Imperatriz in Maranhão, Northeast Brazil, involves the construction of a natural gas reliquefaction plant. The plant is crucial for the natural gas operations by one of Brazil's largest private operators, which supplies power across five states. 

The project has two phases: Phase 01 focuses on Vendor Inspection, Pre-Shipment Inspection, and Expediting for the manufacturing of essential equipment. Phase 02 encompasses Site Construction Supervision, which includes Assembly, Welding, Painting, Coating, Pre-Operational, Commissioning Specialties, and general QAQC Management. 

The project addresses the logistical complexities of coordinating equipment and goods sourced globally and ensuring top-quality assembly in a challenging remote location. It highlights RINA's capacity to manage and ensure quality across extensive supply chains and diverse operational activities.
RINA and Saipem, Worldwide 
Global Quality Assurance Partnership

From February 2023 to January 2026, RINA has entered into a strategic frame agreement to provide worldwide quality assurance and quality control services to Saipem project teams. The partnership demonstrates RINA's capability in supporting high standards of quality through the mobilization of highly qualified personnel across global locations. The agreement adds to RINA’s reputation for quality assurance and control services and leverages its worldwide presence to meet Saipem’s project needs effectively. 
PRE-SALT Projects for Subsea7, Brazil 
Advancing offshore excellence

Since October 2020, RINA has been integral in the ongoing development of Brazil's Pre-Salt production blocks, focusing on Vendor Inspection & Expediting (VI&E), Quality Assurance & Quality Control (QAQC), and Site Supervision for Subsea7. These complex projects involve high-tech equipment and engineering for offshore pipelines and FPSOs in Rio de Janeiro, ensuring compliance with stringent safety and local regulations. RINA's involvement has not only reinforced its status as a premier provider of engineering and QAQC services in Brazil's oil and gas sector but also significantly strengthened its strategic presence in the global market.
BP Tortue Phase 1 Update 
Progressing Offshore Excellence

Since 2018, RINA has been contracted by BP Mauritania Investments SARL for services for its Tortue Phase I project. RINA plays an integral role in the project, overseeing critical tasks such as construction surveillance and equipment vendor surveillance. Notably, in 2023, the project advanced with the launch of FPSO and FLNG vessels from China and Singapore, and the completion of a crucial breakwater in Dakar, protecting the FLNG terminal against Atlantic swells. As 2024 approaches, the focus shifts to completing the Subsea Production Systems in Scotland. Despite challenges from the COVID-19 pandemic, RINA has excelled, enhancing its partnership with BP and bolstering its presence in Mauritania.
Technical Support for NWFE-EP in Egypt 
Enhancing energy infrastructure

Since its launch at COP27 in July 2022, the Technical Support Unit (TSU) of the Nexus Water-Food-Energy Programme’s Energy Pillar (NWFE-EP) has been integral in supporting Egypt's transition towards sustainable energy. Tasked with a minimum five-year commitment, the TSU facilitates the implementation of NWFE-EP initiatives, including the preparation of Terms of Reference for technical assistance, overseeing ongoing assignments, and ensuring effective coordination with partners. The project aims to replace 5 GW of outdated oil and gas power capacity with 10 GW of new renewable energy, including enhancements to grid infrastructure and energy storage systems. This initiative is backed by over USD 500 million in support from various development partners, highlighting its significance and scale. 

RINA's involvement is crucial for providing specialized expertise and oversight in project management, renewable energy solutions, and environmental sustainability. This role enhances RINA's visibility in large-scale international projects and demonstrates the strategic advantage it delivers in facilitating sustainable development and energy transitions globally. 
SNTGN TRANSGAZ SA (Transgaz) Gas Network Transformation, Romania 
Strategic Decarbonization

From December 2022 to November 2023, RINA played a pivotal role in crafting a decarbonization strategy for Romania's Transgaz gas network. RINA supported the European Investment Bank (EIB) in helping Transgaz to efficiently decarbonise its business activities and to strengthen its resilience to climate change, considering best practices and national and international climate policies and regulations. 

RINA's expertise facilitated the integration of energy efficiency and renewable sources, as well as the introduction of cutting-edge hydrogen technologies and the setting of achievable decarbonization targets, considering technical feasibility and local context. This project marks RINA’s significant involvement with international financial institutions in driving the decarbonization of energy-intensive sectors. Through this collaboration, RINA supported Transgaz in identifying both immediate and long-term greenhouse gas reduction strategies, backed by a detailed cost-benefit analysis.
Papua LNG Project, Papua New Guinea
Environmental and Social Governance

In 2023 RINA was appointed as independent Lenders Environmental and Social Consultant for the financing of the Papua LNG project in PNG. The Papua LNG Project is planned to export 5.6 million tons per year of LNG + condensate from greenfield upstream / midstream facilities and brownfield development of new electrical trains located within property of the existing PNG LNG facility in Caution Bay near Port Moresby, in which it has reserved up to 2 Mt/y additional capacity. The liquefaction facility will receive treated gas (treated at the Central Processing Facility – CPF) from the Elk and Antelope discoveries (Upstream component) via a ~320 km long onshore/offshore pipeline. The activities have consisted of a preliminary environmental and social due diligence to benchmark the Project, against IFC performance standards, equator principles and other lender standards.
Pillswood Battery Energy Storage Projects 1 and 2, UK 
Supporting energy storage developements

From June 2021 to August 2023, RINA served as the Owner’s Engineering and technical advisor for the Pillswood Battery Energy Storage System (BESS) projects in Yorkshire, UK. Each facility boasts a 50MW/100MWh capacity, contributing significantly to the UK's energy storage capabilities. RINA's involvement encompassed comprehensive services from initial documentation review and engineering requirements setup, through tender selection, contract negotiations, and overseeing procurement and construction activities. This included addressing specific challenges such as complex civil engineering adjustments due to the flood plain location, which required elevating equipment two meters above ground. 

These projects have marked a notable achievement in the UK, with Pillswood being the largest connected BESS facility as of October 2023. RINA's role not only demonstrated its expertise in BESS projects but also solidified its ability to support clients through complex, high-stake projects, reinforcing a growing confidence in tackling ambitious energy storage developments. 
The Seabass and Dorada Offshore Wind Farms, Italy 
Sustainable Energy Expansion:Pioneering green energy solutions in the Mediterranean

Initiated in 2022 and set to conclude by 2024, the two Seabass and Dorada offshore wind farms projects represent a significant step towards Italy's sustainable energy goals. Located in the Mediterranean regions of Apulia and Latium, these projects, managed by Helios Energy, aim to decarbonize electricity production using advanced floating offshore wind technology which not only exceeds the power generation of traditional onshore wind farms but also promises substantial reductions in greenhouse gas emissions. 
RINA effort includes detailed environmental analyses and the integration of diverse expertise and technologies for the definitive design, such as wind turbines, anchoring, mooring, electrical design and offshore substations. These projects are vital for RINA’s development in offshore wind expertise and offer clients robust, multidisciplinary support, demonstrating the eco nomic and environmental viability of sustainable investments.
Advancing Renewable Energy: The Manha II 500MW Solar PV Project, Oman  
Pioneering Large-Scale Solar Initiatives

The Manha II 500MW Solar PV Project, started in March 2023 with an anticipated completion in December 2024, represents a significant milestone in Oman's renewable energy landscape. Located in the Manha region of Oman, this project stands as one of the first large-capacity solar initiatives in the country, highlighting Oman’s ambition to become a global hub for green hydrogen and renewable energy investments. 

The project encompasses comprehensive Owner's Engineering tasks including EPC bid evaluations, contract reviews, design assessments, and technical assistance during testing and commissioning. Facing challenges like extreme weather conditions and the integration of new technologies, RINA is providing a broad spectrum of expertise from electrical, civil, and mechanical disciplines to ensure robust and innovative solutions are applied. As the largest Solar PV project under RINA’s guidance as Owner’s Engineer, it strengthens RINA's portfolio in the renewable energies market, especially with the ongoing development of Green Hydrogen projects in the region. The proximity of RINA’s Indian office to key stakeholders in Singapore, China, and Oman facilitates swift project coordination and economic benefits due to experienced resources familiar with Middle Eastern projects.
50 MW Solar PV UK OE Project, Suffolk, UK
Supporting complex solar installations

Ongoing since 2022, RINA serves as the technical advisor for this construction-phase project involving a large ground-mounted bifacial PV plant using tracker technology. The project required urgent mobilisation, and RINA supported various phases from pre-construction development to construction support. Services include drafting technical schedules, tender evaluation, contract negotiation, and on-site construction management. RINA's involvement ensures comprehensive oversight and support throughout the project lifecycle, enhancing client capacity in handling complex solar installations.
Co-located Solar PV and BESS UK OE Project, Lincolnshire, UK
Managing integrated renewable energy projects

Starting in 2023 and still ongoing, this project encompasses engineering and consultancy support for pre-construction, construction, and commissioning phases of a co-located Solar PV and BESS project. This large-scale initiative aims to generate enough electricity to power over 100,000 homes. RINA's role includes preliminary technical advisory services, management of contract tendering processes, and extensive site management and supervision activities during construction and commissioning phases. This project is pivotal for demonstrating RINA’s capacity in managing large, integrated renewable energy projects.
Solar PV UK OE Portfolio
Supporting multiple simultaneous solar projects

Launched in 2023 and ongoing, this project involves engineering and consultancy support across five simultaneous solar PV projects totalling 291.47 MWp. RINA's role includes technical support during contract negotiations, design checks, management of client interactions, and overall project supervision. The scale and simultaneous development of these projects highlight RINA’s capabilities in managing extensive renewable energy portfolios, further establishing its leadership in the sector.