CH OFFSHORE LTD. ANNUAL

Risk Management

– 60 – – 61 – CH Offshore Ltd. Annual Report 2024 Provision 9.2(a) and 9.2(b) of the Code The Board has received written assurance from the CEO and the FC as well as the relevant Key Management Personnel that: (a) The financial records of the Group have been properly maintained and the financial statements for FY2024 give a true and fair view of the Group’s operations and finances; and (b) The risk management systems (including sustainability risks and any sanctions-related risks) and internal controls (including material financial, operational, compliance and information technology controls) are adequate and effective. The Board also confirmed that there has been no material change in its risk of being subject to any sanctions-related law or regulation. Based on the risk management and internal controls established and maintained by the Group, work performed by the internal and external auditors and reviews performed by Management and the Board Committees and the written assurance received from the CEO and the FC as well as the relevant Key Management Personnel, the Board, with the concurrence of the ARMC, is of the opinion that the Group’s risk management systems (including sustainability risks and sanctions-related risks) and internal controls, which the Group considers relevant and material to its business and operations, are adequate and effective to address financial, operational, compliance and information technology controls. The Board noted that the system of risk management and internal controls established by the Group provides reasonable, but not absolute, assurance that the Group will not be adversely affected by any event that can be reasonably foreseen as it strives to achieve its business objectives. In this regard, the Board also notes that no system of risk management and internal controls can provide absolute assurance against the occurrence of material errors, poor judgement in decision making, human error, losses, fraud or other irregularities. The Board is updated quarterly on the Group’s financial position and performance with explanations for significant variances in financial performance. The Board is also provided with quarterly updates on key business and operational activities, including sustainability and workplace safety and health related matters. As part of the risk management process, general IT controls and cyber security me