making the best together

G R O U PRINA

annual report 11

11 annual report

2

Where experience meets innovation

Growth and transformation

The environment - our priority

Marine

Oil, gas and power generation

Management systems, services and processes

Infrastructure and Project financing

Transports and logisitcs

Research and development

4

8

10

18

28

40

48

56

66

Contents

2

annual report 11

3

ContentsBoard of Directors

Ugo

Gianrenzo

Angelo

Enrico

Umberto

Paolo

Paolo

SALERNO (*)

PRATI

ANSALDO

BUSCHI

DAMATO

GAGLIARDI

PIERANTONI

Chairman & CEO

Vice - Chairman

Director

Director

Director

Director

Director

Audit Board

Francesco

Giovanni

Enrico

ILLUZZI

GRAZZINI

MARESCA

Chairman

Auditor

Auditor

Supervisory Board

Gianrenzo

Claudio

Elvio

PRATI

CONSIGLIERE

BIANCONI

Chairman

Member

Member

(*) Mr Enrico Scerni resigned before the pubblication of this report

11 annual report

4

2011 was a memorable year for RINA.

We celebrated our 150th anniversary by transforming the company. Internally we swept away old divisions and created a flexible matrix structure which frees up

innovation and enables us to make the best use of our talents while improving customer service.

Externally we began a major programme of acquisitions which enhanced our competence

and increased our size by over half. We focussed our investments and growth on growing

economies, strongly increasing our footprint in Asia. And we made sure the transformation is

solidly based by trimming costs and sharpening our business processes.

Our new organisation becomes effective in 2012, and replaces the vertical divisions with specialist business lines which report through a geographical structure.

That enables us to deploy our resources more flexibly and to serve larger customers across

a wider range of services through one point of contact. More importantly, it means that our

clever and active staff can interact in ways they could not before, throwing up new ideas,

new services and new ways of serving the market needs.

Our acquisition programme widens both our skill base and our geographical outreach. Among

four companies brought into the RINA Group in 2012 the two key acquisitions were SIMTEX Srl, the leading private Romanian certification body for corporate management

systems and products and DAppolonia Group, a global engineering consultancy.

SIMTEX gives us a strong platform for growth in the expanding economies of Eastern Europe.

DAppolonias 600 highly skilled staff will boost our turnover by fifty per cent and bring us a new

network of global offices and clients and expertise in strategic consultancy, earth sciences,

civil, environmental and structural engineering, risk assessment, health and safety, chemical

and process engineering, system and transport engineering, electronics, telecommunications

and innovation engineering.

Diversification in 2011 saw us providing our first certification in the fishing and seafood areas, including the Alaskan salmon fisheries. We delivered the worlds

largest transhipment terminal to Vale, in record time and on budget. We grew into aerospace

and launched new environmental tools and services. Our power generation teams delivered

projects on time in a number of countries. We built our gas business internationally as we

Where experiencemeets innovation

annual report 11

5

Where experiencemeets innovation

became recognised as a centre of LNG handling expertise. And we substantially increased

our R&D efforts, moving beyond our traditional marine field.

All the changes and growth in 2011 were demanding on our staff, who responded with

enthusiasm. The result was turnover up by 21 per cent to Euro249m and EBITDA stable, on a like for like basis without the acquisitions, despite the poor economic

environment. That is a good result, but what is better is that we enter 2012 with a more

agile company present in more countries and delivering services in more markets than ever

before.

Environmental business surged 200 per cent, certification outside Italy was up 30 per cent and we have increased market share in almost all our

sectors.

In 2012 the change will be more visible, as the DAppolonia Group begins to contribute to

RINA, both economically and in terms of its skills and customer base.

Throughout the changes we have never lost sight of our core business, which is marine

classification and services. That is where we began and it is our heart, and in 2011 it produced

solid results despite very poor shipping markets. Its success was down to being in countries

where growth is happening and to providing shipowners with the services they need. All

the changes we have made, and are making, create a balanced group around the marine business and create more services and expertise which our traditional

marine clients can benefit from.

An exciting internal dialogue is now underway in RINA,

creating a climate for innovation and creativity. There is a

positive feeling everywhere that with our new structures

and new partners we can do more for our clients in more

places.

We enter 2012 with confidence.

Chairman and CEO

Salerno

11 annual report

6

annual report 11

7

11 group

Two key events shaped the RINA Group during 2011. Internally the group

was preparing for a major reorganisation which in 2012 will sweep away internal divisions and focus the organisation around service

delivery. Externally the group embarked on an acquisition strategy which

will see turnover rise by 50 per cent and significantly increase the range of services and expertise the RINA Group can deliver.

Both the preparation for the reorganisation and the acquisitions took place

against a background of a tough economic climate. Clients paying later and

putting pressure on margins required RINA to sharpen its processes and

cap outgoings. That was successful in ensuring that EBITDA remained at

a similar level to 2010, despite the poor environment.

A major amount of training was undertaken in 2011 to familiarise staff

at all levels with the new organisation, which went live in March 2012.

Within RINA Services, the old formal vertical divisions focussed on marine,

industry and certification have been replaced with a matrix which allows working with client-focussed teams, specific to individual clients

global needs.

Under the new structure specialist business lines report through

geographical management. Four groups, Business Solutions, Operational

Network, Regulatory Affairs, and Corporate Services will interact. The

first three, led by Leonardo Brunori, Michele Francioni and Roberto

Cazzulo respectively, are responsible for day to day client management

and operations, innovating and delivering services, development of rules

and other working instruments.

A separate strategic team was established to guide RINAs acquisition strategy and to oversee integration and extract synergies as the group grows. The first major move was late in

2011 when RINA took control of the DAppolonia Group,a global engineering consultancy headquartered in Genoa. The acquisition

Growth and transformation

8

group11

Growth and transformation

of an 80 per cent holding in DAppolonia S.p.A. significantly strengthens

RINAs global engineering consultancy and takes RINAs projected 2012

turnover to over Euro300m.

The DAppolonia Group, founded in the USA but headquartered in Genoa

since 1981, delivers engineering competencies in the field of strategic

consultancy, planning and design in various industrial sectors from a

global network of offices. The group employs over 580 multidisciplinary

staff with extensive capabilities in the earth sciences, civil, environmental

and structural engineering, risk assessment, health and safety, chemical

and process engineering, system and transport engineering, electronics,

telecommunications and innovation engineering.

RINA plans to retain and build on the DAppolonia brand name while seeking

opportunities to develop wider business in any given project through its

ability to provide expert services at more points in the chain.

In a second move RINA acquired a 70 per cent stake in SIMTEX S.r.l., the leading private Romanian certification body for corporate

management systems and products. With this move the RINA Group

consolidated its position in Eastern Europe in the certification, inspection

and training sectors. The Bucharest office has become one of the biggest

in the RINA Group today with hundreds of staff. It is a strategic centre for

the development of activities of RINA in the Balkans.

In Italy RINA took over CISQCERT S.p.A., a management certification company, and at the year end DEAM, a highly specialized company with worldwide experience in offshore and coastal engineering

and physical/biological oceanography.

Throughout the transformation internally and the acquisitions work continued

on implementing RINAs own ambitious QHSE policy, which will see the

entire group certified to BSI PAS 99206, covering quality, environmental

impact, health, and safety and later social accountability.

9

11 annual report

10

theENVIRONMENTOUR PRIORITY

annual report 11

11

theENVIRONMENTOUR PRIORITY

11 annual report

12

RINAs focus on the environment was strengthened during 2011 through the delivery of new services at both a global

and local level.

Environmental work increased by 200 per cent in 2011. The number of projects registered or for which credits have

been issued has increased and the number of projects undergoing

Laura SeverinoSector ManagerClimate & EnvironmentRINA Group

In 2011 RINA became more than just one of the accredited bodies taking its first steps in the Greenhouse Gases Reduction Projects world. It now has a position of standing in this field and constantly growing visibility. The number of projects registered or for which credits have been issued has increased and the number of projects undergoing validation and verification too. We underwent two UNFCCC audits, both with positive outcomes, and we extended our client base significantly. Everyone in the CDM field is a newcomer, and it is an area which covers a wide range of expertise. Everyones track record is visible on the UN web site, and ours is very good, so that helps us. We are a global success in the CDM field because we bring together our abilities in team working, high level competency in the specific CDM rules and the methodologies to estimate carbon, professional skills in the economic, legal and institutional sectors, and contacts with international operators, brokers, insurers and banks. We know how to manage risks of conflict of interest and threats to independence. Our next targets are to further extend our market share, and to be ready for changes in the GHG marketplace. We can build on our CDM expertise. For instance the textile industry needs a certified carbon footprint label, and biofuel will need certification. We will develop those services.

annual report 11

13

Liu Feng CEO, Uniufa

Energy Technology Co

Uniufa specialises in the energy, environment and investment aspects of energy efficiency projects in China. Through our Energy Consulting, Carbon Asset and ESCO business units we deliver energy expertise to companies and authorities on a wide range of projects. At the moment the European carbon market is proving a challenge, as carbon prices dont encourage investors to invest in emission reduction projects and do not cover the costs of carbon asset development. But we believe that human beings need to reduce emissions and that the market is a useful tool to promote emission reduction. Even if the international carbon market is slow, China is acting and promoting energy efficiency so we have a lot of scope for our expertise in the domestic market. RINA validates CDM projects for us and will also do verification work on CDM projects. We get good professional assistance from them. RINA has helped us register numerous CDM projects including bio-gas projects and energy efficiency projects and we are looking for further cooperation with RINA. We work to tough time schedules with our clients and we find that under tough time pressure RINA always responds professionally.

At a regional level RINA extended its recognition under the EU

Emissions Trading Scheme to cover the aviation sector and grew

market share in Europe. Since February RINA has been included

validation and verification too. The biggest growth in CDM projects was in China.RINA is now recognized globally as a significant provider of CDM

services. Major new clients who signed agreements with RINA for

Kyoto services during 2011 included Bunge Emission Fund Limited

(India), Climate Corporation Emission Trading Gmbh (China), ORBEO

(France), the Word Bank (USA) and Edison Spa (Italy).

11 annual report

14

Laura MartiETS & Energy SchemesRINA Group

In 2011 our targets were to extend our recognition for Emissions Trading Scheme verification to the aviation sector and to widen our market share in other industries. We achieved both by working hard to increase our competencies in specific areas and by building on the good relationships we have with the authorities and our business partners. Trust and confidence are the key to reducing risk and we have built those with both clients and authorities. We hired aviation specific personnel and with the recognition by the Italian authorities achieved we were able to acquire a new partner in Germany and build good links with regional aircraft operators. Outside aviation there are a large number of companies which will enter the next round of ETS and they now need to be benchmarked for the allocation of free emission allowances. We were able to reach these companies and they trust RINA to provide the right services. Our brand was also important in helping us take on a lot of new companies in the food and beverage sector which have combustion levels over 20 MW. Our big effort for 2012 will be to increase knowledge of the ETS scheme verification across our European offices.

in the list of accredited verifiers for the ETS for the aviation sector without limitation.

That allowed RINA to begin working with a number of regional

airlines. In the mature industries RINA extended its footprint by

becoming the verifying body for forty new installations in the food

and beverages sector. These are included in the ETS Directive for

combustion over 20 MW.

Thirty new installations in different sectors such as production of

aluminium and manufacture of ceramic products signed up with

RINA. They must now be benchmarked under the ETS Directive in

order to allocate free allowances.

They will enter the trading scheme from 2013.

annual report 11

15

Piero SerraFinancial

Risk Manager, Meridiana fly

S.p.A.

Meridiana fly is renewing its fleet with higher performance and lower emission planes. We have now completed monitoring plans under the EU Emissions Trading Scheme for CO2 emissions. We used the certified emission reports services developed by RINA based on the approved plans and monitoring set out in the EU directives. We chose to work with RINA because of its brand awareness and because it is synonymous with extensive experience, skill and reliability. RINA met all our expectations and by sharing their experience, we have completed the monitoring plans, updated our organization and resolved many issues about the interpretation of the European Directive.

Locally RINA increased its EPD (Environmental Product Declaration) services. The EPD provides companies with a fully validated life-cycle assessment of environmental impact of a

product. An example in 2011 was bottled mineral water company

Ferrarelle S.p.A., which wanted to increase its commitment and

attention to the environment by identifying the full environmental

impacts of different sizes of glass and plastic bottles.

The EPD allows Ferrarelle to see the full impact of its product life

cycle from extraction of raw materials to final disposal. RINA was

among the first verification bodies in the world to provide EPD

services and certification and expects further growth in this area.

11 annual report

16

Closer to home, and with immediate impact for some of Europes

citizens, RINA provided Ecoblu certification to eight beaches in Italy. Four beaches in Ostia and four in Imperia

went through the Ecoblu process to achieve certification.

The Ecoblu certification scheme is a management tool providing a

systematic approach to issues connected with the environment, in

particular for beach facilities and organisations for which water is

the key element of the service provided.

Energy-environmental feasibility studies for new buildings and

requalification of existing buildings with respect to their environmental

performance kept RINA busy during 2011.

Clients seeking energy certification of buildings included Intesa

Sanpaolo, Investire Immobiliare and Generali Gestione Immobiliare.

RINA plans to further extend its Green Building Sustainability and Energy Diagnosis Services.

In the marine sector RINA began offering auditing of shipping

companies to the standards laid down by ECM under its Voluntary

Environmental Compliance Program (VECP).

The 3,800-passenger Costa Favolosa was delivered by Fincantieri.

Built to RINA class, it is the first new passenger ship to be awarded

RINAs Green Plus environmental notation. Green Plus is assigned

to vessels which adopt design solutions, equipment and operational

procedures that improve a vessels environmental performance

beyond the requirements of international conventions.

annual report 11

17

The first cargo ship to be built to Green Plus standards, the ro-ro vessel Jolly Diamante, was delivered from its yard in Korea to Italian owner Ignazio Messina. At the end

of the year seven vessels had achieved Green Plus certification.

Work has begun on adding local environmental factors such as

underwater noise, dust and visual impact to the Green Plus matrix so

that it can provide a useful tool for environmental impact reduction

for transhipment terminals and other floating installations.

The entire production of Princess and Sunseeker yachts over 24 m

length has now been upgraded to Green Plus standards.

Andrea Cogliolo

Head of Innovation and

ResearchRINA Group

We have been working hard all last year on air emissions from ships and application of the new MARPOL Annex VI requirements, especially EEDI for ro-ro passenger vessels. With the authorities, shipyards and shipowners we have suggested a way to treat these vessels fairly and that has been presented at IMO. And we have produced rules for gas-fuelled ships and put them into practice with three projects to use LNG fuel for a tug, a bulk carrier and for ro-pax ferries. We had the satisfaction of seeing the first newbuilding cruise ship delivered to Green Plus requirements, the Costa Favolosa, and also the first cargo ro-ro, the Jolly Diamante. Looking forward we will launch a suite of six different energy saving and management tools and services to help owners reduce energy use and comply with the new requirements. We are also updating our Green Plus matrix to include local environmental impacts, such as the effect of underwater noise on marine life, visual impacts, dust and local fauna. The thing that drives RINA is client communication, and a blend of firmness on standards and flexibility to understand needs and find a way to satisfy them. That is why we have so many innovative environmental services.

11 annual report

18

annual report 11

19

MARINE

11 annual report

20

Against a background of a globally difficult market for shipowners

and shipyards marine services continued to be the largest contributor

to RINAs turnover in 2011.

The classed fleet grew by 8.5 per cent to 4,375 ships totalling 33m gt and despite the slowdown in global ordering RINA closed the year with a strong order book of 425

ships totalling 3.3m gt building to RINA class.

The strong results in the marine sector were achieved by expanding

into new areas and increasing services to shipowners.

Asia showed especially strong growth with the classed fleet of

vessels owned in Asia increasing by 25 per cent. Today RINA classes 520 vessels totalling 5.9m gt for Asian owners and that

total will grow as new orders are delivered and further vessels are

transferred to RINA class.

Jae Young LeeCountry Manager Singapore and MalaysiaRINA Group

I moved from heading up the plan approval office in Shanghai to being country manager here last year. I know that the main strength I can bring to the job is technical knowledge, and the clients like that. They know we can solve problems quickly for them, drawing on our network in China and Korea for technical excellence. Our focus is to gain traction in the Malaysian market where RINA is only beginning to be known. We are opening offices, putting key staff into place and talking to the clients about the benefits of working with RINA. The ability to deliver client satisfaction with round the clock answers to technical issues really motivates me and I see the target clients respond to that. In 2012 we will have built our brand in the region and that will be our platform for expansion.

annual report 11

21

An example of moving into new areas was the entry into Bangladesh.

Working with local partners RINA was able to conclude contracts for over forty newbuildings at shipyards in Bangladesh

during 2011. These yards build vessels for the domestic trades

but are keen to expand internationally with RINAs expertise.

Giorgio SalettI

Area Manager India

SE Asia and AustraliaRINA Group

We made a really strong entry to the Bangladesh market last year, and now have over forty newbuildings under our class for local shipowners in local yards. We also achieved recognition from the authorities and began working with local shipowners trading internationally. In India we also achieved statutory recognition which will help us to grow there. We are involved with twenty-five oil and gas projects in India and it is our biggest certification and industry hub outside Italy, so I expect to build more marine business there too. And we had huge success in Indonesia with gas projects for the major utilities and transhipment projects for the coal trade. This expansion comes to RINA because we can deliver tailored services and added value. We can help local yards and companies to grow internationally, grow with us, and we can provide worker training and certification as added value. In 2012 we are going to expand our marine business in India and Malaysia and build further on our gas and coal business in Indonesia. One very exciting project is for coal transhipment in Australia, which is environmentally demanding but a strong entry to that market. This is an exciting region and RINA has the right people and tools to grow with the regions companies.

Investment in the Americas showed results with an 18 per cent increase in turnover in the region. There was especially strong

growth in South America, which was supported by the opening of

a new office in Chile.

11 annual report

22

Johan WedellWedellsborgDannebrog Group

Dannebrog Group owns and operates a variety of product tankers, tweendeckers and multi-purpose ships and our focus is to expand the tanker fleet. Our focus is MR product tankers but long term Dannebrog expects to get more involved in different segments of the tanker industry. As a tanker owner and technical manager our continued efforts are on safety and best management practice. Nordana is our dry cargo unit which is today divided into two divisions, the Liner division and the Project & Chartering division. It operates ro-ro liner services in the US, Med, West Africa and Latin America. Nordana Project & Chartering (NPC) has scaled down on tonnage, activities and thereby exposure to a level where we are comfortable to navigate safely through this turbulent period and position ourselves for better times. The future strategy is to resume our growth by adding further newbuildings to our fleet and long-term chartered tonnage, when market conditions allow. We class vessels with RINA and have been using RINA for years with good results, which is why when the chance arose we decided to change all our vessels from other IACS classes to RINA, so today we have all vessels under RINA class. Our relationship has worked out great and we have been very pleased with the services and assistance provided by RINA. Our benefits have clearly been only having to deal with one classification company so it is easier for all in the organization to understand the working routines.

In Europe owners moved vessels to RINA class.Finnlines put six new 3,326 lane metre ro-ro vessels into RINA class

on delivery and Greeces Technomar moved seven containerships

totalling 14,000 teu to RINA class.

Denmarks Dannebrog Rederi moved 10 general cargo vessels and

two chemical tankers to RINA.

annual report 11

23

Petros Pappas Chairman

US-listed Star Bulk Carriers Corp

Our company is presently managing 15 dry bulk carriers, 7 capes and 8 supramax, of an average age of less than ten years. Our intention is to take advantage of the dire situation the dry market presently faces in order to further expand and modernise our fleet and create value for our shareholders. Starbulk SA uses ship classification services on ten ships classed with RINA, ISM and ISPS services for the whole fleet and consulting services such as plan and manual approvals and studies on a case by case basis. We appreciate the fact that RINA is very close to the shipowners needs whenever required and shows real concern, care and sense of urgency on daily problem-solving matters. We also noticed the very good record RINA enjoys as a class society and as RO/RSO with flag authorities and vetting companies such as Rightship. The relationship has worked out very well. We have an excellent co-operation, get quick response to our queries and in general we have very good results on all performance indicators. Starbulk works together with RINA in order to enhance safety and pollution prevention.

Interesting new deliveries to RINA class included the last of a series of twenty-nine post panamax bulk carriers built at New

Yangzijan yard for a consortium of Italian owners led by Giuseppe

Bottiglieri.

The same owner also took delivery of a 175,000 dwt bulker from

New Times Shipbuilding. Amongst a number of tankers delivered

DAmico group took delivery of the 158,000 dwt vessels Mare

Picenum and Mare Siculum.

11 annual report

24

Giuseppe BottiglieriPresident and CEO Giuseppe Bottiglieri Shipping Company S.p.A.

We are a family owned company, established in 1850 and in 2011, with 344 employees, we carried more than 7m tonnes of dry cargoes and 2m tonnes of petroleum products. We recently took delivery of a 176,000 dwt capesize bulker and ten innovative new design 93,500 dwt post-panamax bulk carriers from Chinese yards. They have proved to be extremely competitive and able to carry 19,000 tonnes more than the traditional panamax, giving our charterers a commercial advantage. With this fleet increase our company, which already owns four modern double hull product chemical tankers, reaches a total of 15 modern vessels. All our vessels fly the Italian flag and are classed by RINA, whose extremely professional cooperation was essential in the construction of this innovative new design post-panamax bulker series. We chose RINA for its high reputation, its transparent quality and its strict technical and safety standards which are a warranty of a safe, legal and environmentally-friendly sea transport. Working with RINA has proved to be a profitable relationship. Our entire fleet was built with their assistance, cooperation and supervision and their engineers have always been able to work together with our surveyors in the shipyards.

Cruise ship deliveries included the super luxury Seabourn Quest,

built at T Mariotti for Seabourn Cruise Line and the 3,800-passenger

Costa Favolosa built by Fincantieri.

It is the first new passenger ship in the world to be awarded RINAs Green Plus environmental notation.

The Jolly Diamante, the first of four very large cargo ro-ro vessels

building for Ignazio Messina in Korea was delivered and became the

first new cargo vessel to have Green Plus certification.

During the year work continued on the conversion of the FPSO

Firenze, the FSRU OLT Livorno and an FSO for the Rospo Mare

field for Edison.

annual report 11

25

During 2011 RINA developed a number of new services and rules to help owners and to assist development of new

technologies. These included new rules for CNG transportation,

rules for FLNG and FPSOs and rules for gas-fuelled ships.

Three significant projects were under development for the use of

LNG as a fuel, for a tug, a bulk carrier and passenger vessels.

Reacting to the loss of vessels in the nickel-ore trades RINA

worked with owners and yards to devise a set of standards for

newbuilding or conversion of bulk carriers to allow them to carry

fine ores safely at any moisture content. The new notation is aimed

at vessels carrying IMSBC group A cargoes which may have actual

moisture contents above the transportable moisture limit.

RINAs excellent track record in port state control and expertise

with passenger vessels was recognised by the US Coast Guard which authorised RINA to conduct plan review, approval and surveys for US-flagged cargo and passenger vessels.

In the yacht sector RINA classed 1,250 yachts and now has 250 newbuilding yacht projects under class.

Green Plus certification was awarded to two major new yachts

from Italian yards and extended to cover the production of the

Princess and Sunseeker yachts in the UK. A new dedicated yacht

office was opened in Antibes, to be closer to key clients and yards

and a dedicated yacht team was set up in Greece. Among the

new clients gained were Monte Carlo Yachts, part of the Beneteau

11 annual report

26

Spyridon ZolotasCountry Manager, GreeceRINA Group

RINAs 150 year celebration here in Piraeus pleased me because the quality of the guests who attended our party on Hellas Liberty shows how RINA is well regarded in Greece. Shipping is having a tough time but we still advanced in 2011. Here in Greece we established a dedicated yacht team and they have built a good client base quickly. The Greek-owned and RINA-class fleet was significantly renewed, as older units were sold or went to scrap and newer vessels joined the fleet. And we were able to move to new offices which give us the space to expand and provide new services. One of those will be an extension of training activities in 2012. We do in-house training for shipowners, now we will also provide open courses in our training centre covering a wide range of activity. Skill transfer is a key part of our job, it really benefits shipowners. They know that RINA is fast, friendly and focused on their needs and they value our top PSC rating. That is why we are the leaders in ro-pax class here in Greece, a very big sector. Looking ahead, Im going to widen RINAs services in Greece and expand into new areas, and also bring other services to our shipping clients.

Group, Balk Shipyard in the Netherlands and the Horizon shipyard

in Taiwan. New rules have been developed for the mast and rigging

of sailing yachts.An exciting new contract in the yacht sector is the supervision and

classification of the Dream Symphony, a 140 m sailing yacht to be

built in Turkey and outfitted in the Netherlands for a Russian owner.

During 2011 RINA developed a new certification system for

manning agencies to certify compliance with the IMO Maritime

Labour Convention and a certification process to assess training

based on Intertankos TOTS Guidelines.

Demands for increased port security led ports in Italy to turn to RINA for assistance with port security plans.

annual report 11

27

The OLT Livorno offshore LNG plant and all its associated pipelines

and shore installations will be covered by a security plan based on

a study carried out by RINA.

Tourist ports such as Porto Cervo also turned to RINA for support

with security planning, crisis management and emergency drills.

During 2011 220 maritime security officers were trained and training

for Port Security Officers working in Italian ports continued, with

more than 300 now certified. In the warship sector a new set of RINAMIL Rules were published. The changes point to rules

for merchant ships for those aspects where no specific military

standard is required. This cuts costs without impairing the quality

and performance of the ship. New service notations have been

introduced for the classification of amphibious warfare ships (LPD/

LHD) and for Mine Countermeasure Vessels (MCMVs).

The RINA Rules for the classification of Fast Patrol Vessels are being updated and should be ready in 2012. During

2011 RINA completed classing the second fleet tanker for the

Indian Navy and the first ASW Corvette for the UAE Navy. Work

was on-going on the FREMM frigate series, the MCM series for the

Finnish Navy, a series of OPVs for the Turkish Navy and a large

number of fast patrol vessels.

RINAs latest warship project is the classification of an 8,800 tonne

LPD for the Algerian Navy to be built by Fincantieri.

RINA-subsidiary Projenia completed the electrical design of the

combat systems interconnections for the series of FREMM frigates

now building at Fincantieri for the Italian Navy.

11 annual report

28

OIL GAS and POWERGENERATION

annual report 11

29

OIL GAS and POWERGENERATION

11 annual report

30

Global energy markets diverged in 2011. Offshore energy projects

raced ahead, and the LNG market grew quickly as did development in new areas such as Central Asia.

But power generation installations in Europe were hit by the economic

crisis.

Against that background RINA maintained its revenues in power

generation and increased its outreach into LNG, offshore energy

and new areas of oil and gas exploitation.

For US-based SUDA RINA delivered a feasibility study for an

LNG FSRU to be installed off West Ghana for the West Africa Power Pool and under a contract from Foster Wheeler Iberia

RINA delivered a feasibility study for the side-by-side transfer of

LNG between LNG carriers and an FSRU planned to be installed

in Uruguay.

Two big new projects in Indonesia were developed in 2011 and began work in early 2012.

One was for PT PLN, the national power utility, to provide project

management support for the worlds first marine CNG (Compressed Natural Gas) project.

The project, which is expected to deliver the first gas in August

2013, is to transport between 3 and 6 million standard cubic feet

per day of CNG between two Indonesia islands, Gresik and Lombok.

annual report 11

31

Dino CervettoTechnical

Services ManagerRINA Group

I was very happy last year to be able to get the new rules for Floating Liquid Natural Gas and Compressed Natural Gas completed and published. Clients need clear standards to work to and we delivered them, and that in turn has led to new contracts. We are at the cutting edge of offshore LNG development and last year we used our Technical Qualification Certification to approve the marine loading arms made by FMC Technologies for the transfer of LNG. Its a world first for such a complex system, and we will soon have the worlds first CNG transport project too. We can be first because we are quick to react to clients needs, quick to understand them and quick to grasp opportunities. Our experience with offshore gas projects close to Italy gives us a platform for development. Shipping takes time to digest new ideas but we can help move things on with technical qualification. That smooths the progress of new ways of doing things.

The gas will provide peak shaving to a power plant in Lombok.

In the initial phase RINA will deliver the feasibility study, then FEED

and project management support during the tendering phase.

The second Indonesian gas project is to deliver concept selection,

FEED, and support during the negotiation with potential shipyards

and during the EPC contract for a new floating LNG FSRU terminal

in South Sumatra, Indonesia. RINA has been appointed by PGAS, a subsidiary of PGN, the Indonesian public company in

charge of gas distribution.

New contracts in Indonesia also included an FPSO conversion and

MODU cooperation with Pertamina, the state oil company.

11 annual report

32

On-going work in offshore LNG included long term contracts on the Adriatic LNG terminal, supervision of the conversion

of the OLT Livorno offshore FLNG terminal and authority engineering

for the Falconara FSRU.

Daniel PlizgaOffshoreProgrammeManagerFMC technologies SA

FMC technologies SA, based in France, is a worldwide leader in loading system solutions. It has developed loading arms for the transfer of all types of products, including LPG and LNG. It has delivered more than 400 LNG loading arms alone. It has also developed a Targeting system, which allows the loading arms to connect dynamically in harsh operating conditions. Over a period of several years, FMC has used innovative design techniques to meet the requirements of offshore application, with successful RINA qualification and classification. As the LNG market has developed, and with it the scope for FLNG applications, FMC has developed a number of new solutions. These include an Articulated Tandem Offshore Loader (ATOL) system, which is currently being certified to EN 1474 standard. FMC has worked successfully with RINA on a number of projects, including the OLT Livorno FSRU project. We are now very pleased to be working with them in connection with ATOL qualification. We have found RINA to be very professional, with the ability, experience and expertise to understand complex systems in offshore applications. The relationship between FMC and RINA is very good and very constructive, and we look forward to working together on other projects.

annual report 11

33

GiancarloCogliatiManaging Director, api nva energia S.r.l.

api nva energia is an Italian company founded in 2006 to coordinate the gas and electricity business management activities within the api holding group. It mainly operates in the power generation sector, with a strong focus on the construction and management of renewable energy plants. It manages an extensive portfolio of projects in different phases of development for a total capacity of 1,400 MW. Of this, about 900 MW involves new wind plants. The remainder are new photovoltaic and biomass plants. Current projects include authorization for the realization of an offshore LNG regasification terminal and a project for the construction of a 580 MW gas-fired CCGT power plant, at the Falconara Marittima industrial site. api nva energia has worked with RINA for several years, with positive and successful results. We share common goals and values. Projects on which we have worked together include meteo-marine and logistic studies, seakeeping and operational simulations, offshore and onshore safety assessments and risk analyses, engineering technical assistance and works supervision within the Falconara refinery.

Expansion in the offshore sector in India was especially strong,

with turnover tripling during 2011, and RINA is now involved with

over 80 offshore installations there.

A new office was opened in Turkmenistan to develop oil and gas services in the Caspian Sea area and to build on

cooperation with Dragon Oil Turkmenistan Ltd.

During 2011 RINA carried out design appraisal, inspection and expediting and site supervision on and offshore during the

assembly and installation of eleven platforms in the Caspian Sea.

11 annual report

34

Working for Snam Rete Gas RINA was awarded the monitoring

of the production of a 34,000 m SAWH pipeline at the Corinth

Pipe Work pipe mill in Greece.

Cooperation with the Japanese EPC contractor Chiyoda

continued with support for the QC materials and equipment

inspection of the supplies intended for the PNG LNG Project

a new gas project being championed by ExxonMobil to exploit

large gas reserves in the southern and western highlands of

Papua New Guinea.

ENEL awarded RINA the Basic and Feed Project for the Carbon

Capture and Storage Plant to be installed in the future Porto

Tolle Power Plant.

This is a challenging project that will capture the CO2 from the plant, treat it in a separate unit and then inject the dehydrated

gas into a well in the Adriatic Sea.

Edison awarded RINA the contract for the engineering study

and certification of the life extension of the installations in the

Vega field.

ENI continued to be a key client for RINA during 2011, with

widely diversified services including specialised studies for the

integrity of structures subject to corrosion, evaluation of the

plants in Zubair, Iraq and engineering studies for the development

annual report 11

35

of subsea projects in deep waters.RINA was contracted for warranty and QC during the complete

renewal of the FPSO Xicomba to be installed in Angolan waters.

ENI entrusted RINA with a three-year contract for drilling materials

technical surveillance for all ENI companies.

RINA supported ENI in choosing and applying control techniques

with automatic ultrasound instead of radiography with a consistent

saving in terms of time and costs and a benefit in terms of

environment.

Site supervision and engineering support for Saipem increased during 2011, in addition to a lot of vendor

inspection work.

Two new activities for this key client were Social Accountability for

the Saipem Group in India, China and Singapore and Marine Survey

activities for goods handled at Saipem Paris.

In cooperation with Saipem Infrastructures RINA began studies for

the sizing of ENI logistic bases. A feasibility study to determine the

positioning of a new LNG plant in Mozambique was undertaken.

11 annual report

36

AndreaSciacchitanoSector Manager EnergyInternational Development RINA Group

During 2011 the key focus of our team was on cross-selling new services to existing customers. Saipem has a diversified business with needs at many levels. A lot of our business with Saipem was in Vendor Inspection while Engineering Services were a negligible contributor. In 2011 we changed that as overall volumes grew, and Site Supervision and Engineering grew strongly as a share of the total. The key contributors were the extension of our services of loose gear periodical verification on the Saipem fleet and the start-up of a cooperation with Saipem Infrastructures for logistic simulations. For sure, flexibility of our staff was the key to our success. People in our team go beyond their duties to reach common goals. For example, our resident coordinators in Saipem, dealing with Vendor Inspection, created a network of contacts in Saipem which resulted in the successful deal with Saipem Infrastructures for Engineering activities. Looking ahead I want to expand RINAs services with foreign customers, but I also have another key target. That is to ensure our teams abroad are part of an organization in which common values and shared knowledge will allow us to work as a unique team around the world.

RINAs engineering subsidiary Projenia provided services to Saipem for verification of compliance with Italian laws on retail fuel

stations and the design of works needed.

Projenia also assessed the designs of flare steel structures for

two refineries in Thailand and India for Paradip and undertook the

structural design of subsea modules for the Australian Gorgon JV

on behalf of Nuovo Pignone.

annual report 11

37

During 2011 Projenia completed the contract for the procurement

assistance and construction management services for the renewal

of the crude oil handling system at the Falconara Refinery on behalf

of API.

ENI awarded Projenia the framework agreement covering

multidisciplinary engineering services for pipelines located in the

North/West HUB and North/East HUB in Italy.

In 2011 Projenia also started working with Terminale GNL Adriatico,

the company that built and manages the Adriatic LNG Terminal.

In the power generation field RINA completed owners engineer

services for IREN Energia for the 400 MW cogeneration plant at Torino Nord.

In addition to power the plant delivers 220 MW of district heating

and has been completed on schedule with RINA supervision.

E.ON Produzione S.p.A. awarded RINA the owner engineer services

contract for Trapani Gas Turbine Power Plant, an open cycle turbo

gas power plant, fuelled by natural gas with a total net power of

169.4 MW.

The environmental requalification project and plant upgrading will bring the plant up to date with the best

technology and improve its output and environmental impact.

RINA delivered new services to nuclear power plants including

nuclear qualification for temperature and flow elements for the

Mochovce Nuclear Power Plant Project.

11 annual report

38

MauroGiuntoli

Sector Manager, Power Generation RINA Group

Last year we managed to exceed our budget in power generation despite the economic situation, so that was good. One big project we completed was the owner engineering for the cogeneration power plant at Torino Nord, for IREN. There was no EPC contractor so we had to work with thirteen contractors to control and supervise construction and commissioning. We worked with DAppolonia on that one, and completed on time and budget. Owner engineer services are important, complex and high value covering a wide range of services and controls over contractors, right through to performance tests. Clients come to us because we have a track record and a name for reliability. Looking forward we are reaching out of Italy. In our home market there is a crunch and we are widening market share to maintain revenues. But outside Italy we can work with key customers such as Ansaldo Energia on power plants in growth areas like North Africa and Turkey. We supply local services in countries which are building power stations. A good example is two new combined cycle plants in Algeria, RINA is providing a full team and full quality control of the project.

Alberto Barbieri

Head of Engineering

Services, E.ON Produzione S.p.A.

Italy

E.ON operates a number of power plants in Italy. In the current markets we are keen to maintain our existing fleet to the highest standards. And of course we want to improve efficiency and reduce emissions. That is why we chose to upgrade our Trapani open cycle gas turbine power plant. A complete upgrade involves new and more powerful turbines, emission reduction technology, new generators, transformers, switchgear and automation. We will then meet all new standards and we have to do it in a tight time frame with completion by the middle of 2013. RINA has helped us with planning and risk management and is also providing engineering support, especially for the automation and electrical part. We had worked with RINA before, so we know them and we are sure that they will actively help us in meeting our tight deadlines.

annual report 11

39

At the beginning of the year, Projenia was awarded the contract for

the multidisciplinary detail design of a Natural Gas Fired GT Open

Cycle Power plant located in Cairo, Egypt for the Cairo Electricity

Production Company.

It was the first time that Ansaldo Energia had awarded a

multidisciplinary engineering contract to anyone.

Work continued on the Mochovce Nuclear power plant Unit 3 in

Slovakia where Projenia is delivering the mechanical detail design

of the nuclear island and the design of smaller piping for Enel

Ingegneria and Innovazione.

In Algeria Projenia also cooperated with Ansaldo Energia on the

multidisciplinary detail design of two Natural Gas Fired GT Open

Cycle Power plants (2x275 MW). The Ain Djasser II and Labreg

power plants will be built for Sonelgaz.

Projenia also worked with Alstom on the civil, structural and

architectural design of the 835 MW Tzafit power plant in Israel.

In 2012 Projenia will work with RINA and DAppolonia to provide

engineering activities building on the Conceptual Design or

Feasibility Study with the aim of defining the EPC contract.

Projenia will also put its efforts into improving the multidisciplinary

integrated design system.

11 annual report

40

SYSTEMS

and PROCESSES

MANAGEMENT

SERVICES

annual report 11

41

SYSTEMS

and PROCESSES

MANAGEMENT

SERVICES

11 annual report

42

RINA showed strong growth in its core market of management

system certification.

Internationalisation continued with a 50 per cent growth in certification business outside Italy.

The number of firms certified grew strongly following the acquisition

of Italian management system certification company Cisqcert

Spa and the acquisition at the year end of 70 per cent of Romanian certification company SIMTEX Srl Organismul de

Certificare.

There was also strong growth in the fields of occupational health

and safety certification and food and agriculture certification.

An interesting new client for RINA certification was the Italian Air

Force.

RINA will certify all the Air Forces maintenance bodies, covering 17 sites and 7,000 personnel to ISO 9001.

RINA is also certifying Alitalias maintenance systems to the ISO

9001and EN 9110 Standards.

The EU Commission awarded a RINA consortia a four year contract

to provide occupational health and safety audits to BS OHSAS

18001 for all premises and staff of the EU Commission in Brussels

and Luxembourg.

Shell Italia also turned to RINA for BS OHSAS 18001 certification, as did Virgin Active Italia for its seventeen

annual report 11

43

Achille Tonani

General Manager, Health & Food,

RINA Group

In 2011 we worked hard to maintain our leadership in SA8000 social accountability auditing with a special focus on the Indian Subcontinent, Europe and North Africa. We grew our international network adding new social auditors in Asia, North Africa and Eastern Europe. And we expanded to deliver a structured approach to code of conduct audits, achieving the first pilot audits with Unilever in India. Working with our marine colleagues we developed the schemes manning agencies and shipowners will need to comply with the Maritime Labour Convention when it comes into force and certified two manning agencies in Romania ahead of the implementation. We also worked on auditing marine training to industry standards, such as TOTS. Our key differentiators are the way we dialogue with the clients and that being smaller than the very big competitors we can answer more quickly. For the future we expect our pilot certification of ISO 28000 security management systems will lead to full accreditation in 2012. We also plan to expand our code of conduct and social accountability auditing into new sectors such as jewellery and food and expand our international network.

During 2011 RINA improved its compliance tools and included

environmental assessment in its tools for monitoring companies for their performance under Italian law.

gym complexes and staff and the Monte dei Paschi di Siena for

three banks.

In Rome RINA worked with the public transport provider ATAC to

deliver ISO 9001, ISO 14001 and SA 8000 certification. ATAC is working towards BS OHSAS 18001 certification for 2012.

11 annual report

44

Luciana De Mori Head of Internal Audit, Acegas Aps

AcegasAps is a listed company and the major multi-utility group in the North East of Italy. We manage and distribute water, electricity and gas resources, collect and treat refuse, and provide services like street lighting, heating management, total facility management and environmental management. Our main area of operations is around Trieste and Padova but we are progressively expanding our operations in Italy and into Eastern Europe. We are strengthening our group corporate governance and improving internal controls to ensure compliance with Decree 231, which governs anti bribery in Italy. RINA has supported us in risk assessment and gap analysis and setting up the anti-fraud control scheme for our group as well as auditing the health and safety of our work. We chose RINA because they had a concrete proposal backed by the right competences. We developed a professional and realistic relationship which was built on the open availability and expertise of RINA team, and that led to a good mutual understanding and harmony. This encouraged active involvement and co-operation between our internal functions and companies.

International expansion continued and in 2011 RINA was pleased

to issue its first ISO 9001 certificate in South Korea following an audit of two organisations belonging to the Dongnam

Precision Ind. Group, a leading manufacturer of mechanical parts

for marine and offshore plants.

Services to seafood producers and fisheries were expanded in 2011 with certification to Friend of the Sea standards of the

Pacific salmon fishing and processing industry in Alaska and Canada.

Greek canned tuna processing and aquaculture of sea bass and

annual report 11

45

Andrea Devoti

Commercial Manager Istituto

Tecnologie Avanzate SrlRINA Group

Our expertise in process control for private label products allowed ITA to develop its agrifood services in Italy in 2011. We invested in new laboratory equipment so we could deliver sensory testing, lab testing and audit and inspections to supermarkets and producers. New rules on labelling, health and sanitation create increasing demand for our services. Labelling conformity is a big issue where we can help, as are outsourcing services, microbiological and chemical testing, sensory and consumer testing, and conformity audit of supermarket suppliers. Outside the food area we saw increased demand for risk assessment for Legionella disease. ITA provides consulting and testing for air and water treatment systems in hotels and hospitals. We have built a strong brand name in our markets and being part of the RINA Group helps us. Our new laboratory and testing services has been a great success, with over 350 products tested last year. We work closely with Agroqualit and between us we see a strong increase in demand for auditing. Between ITA and Agroqualit, the RINA Group is able to offer services at every step of every food chain. We can deliver at every stage from the materials through production, monitoring, consumer testing and certification. What is most important is that our technical competence and personal approach allows us to tailor those services to exactly what the producers need. Everyone has to eat every day, and they care more about what they eat, so it is a good business to be in.

sea bream and Turkish collection of clams were certified.

In 2011 RINA has also gained applicant status for the Marine

Stewardship Council Certification for Fishery and Chain of Custody

Standards, after the successful documentation and Head Office

accreditation audit performed by ASI (Accreditation Services International).

11 annual report

46

Gianlucadi VenanzoGeneral ManagerDespar Servizi

Despar Servizis main focus is on developing food and non-food private label products for the Despar brand to provide our customers with high quality grocery goods at a competitive price. Our mission for the future is to keep expanding the product range to provide the solutions for our customers needs, and affirm ourselves as leaders in quality and price. We are collaborating with ITA for the legal certification of the packaging of the majority of our products. ITA provides highly qualified support, a strongly collaborative approach and is a serious and helpful partner for Despar. We chose the RINA Group for the deep knowledge in its fields of expertise, its long history of reliability, and its flexibility in meeting the clients needs in time. Working with RINA has been critical for our success. In RINA we have a serious partner which helps us in quality control, can guide us in screening our suppliers and improving over time the quality of our products.

RINA widened its scope to provide certification services in countries

which are US-influenced by receiving accreditation from ANAB

(ANSI-ASQ National Accreditation Board) to issue certificates for

quality, environmental, occupational health and safety, food safety

and information security management systems.

All companies which deal with the UK will now have to comply with

the UK Bribery Act 2010.

RINA has begun to deliver a series of services to help companies

perform risk assessment and gap analysis on their own systems and on third parties to ensure compliance.

annual report 11

47

Francisco Sedeo

Manager of San Paulo Certification

BrazilRINA Group

We saw two strong growth areas in Brazil in 2011. These were in certification of integrated management systems and inspection services for lifting equipment. Oil and gas growth here will bring a lot more work in certification and verification for offshore development. The success of RINA in Brazil last year was due to a strongly motivated team and a high level of client satisfaction. We really work hard to be there for the clients and deliver what they need quickly. We plan to build on this base in 2012 by diversifying our inspection activities and moving more into container inspections, industry certification and of course the oil and gas sector. We will begin to deliver audits for local certification schemes and we also plan to expand more into the south of Brazil. This is a big country with a lot of potential.

RINA was accredited to provide conformity assessment under the

ATEX Directive, which covers equipment, devices, components and protective systems intended for use in potentially

explosive atmospheres.

11 annual report

48

INFRASTRUCTUREand PROJECT

FINANCING

annual report 11

49

INFRASTRUCTUREand PROJECT

FINANCING

11 annual report

50

During 2011 RINA was awarded 125 new contracts for project verification of infrastructure, with half coming from the public sector and half from industry.

One major new project is the project verification for the site of the

Expo Milano 2015. At 110 hectares the site will be the largest park

in Europe, located northwest of Milan. The verification covers all of

the infrastructure.

SergioCatalanoHead of the Investire Immobiliare Asset Management team

Investire Immobiliare SGR is a leading Italian real estate fund management company. Currently, we have assets under management totalling about 4 billion Euros, much of it involving office buildings throughout Italy. Our mission is to manage, rent and then sell off our assets, in accordance with the business plan of each fund, in agreement with our investors. We work with the RINA Infrastructures & Building Department. They are our main advisors for the energy performance certification of all our buildings in Italy. We chose RINA because it is a leading Italian company which is known and respected throughout the world as a reliable and independent adviser. RINA is able to represent us anywhere in Italy, and always produces results of exceptional quality, on time and in an understanding and professional manner.

A major project completed in 2011 was the verification of the plans

for the bridge over the Messina Straits.

The bridge will break all current world records for suspension

bridges.

annual report 11

51

Manuela di Marino

Business Development

Manager, Infrastructure &

Real EstateRINA Group

We did a lot of interesting jobs last year, but the one which pleased me most was the design verification of a big underground parking extension and refurbishment for Saba Italia under the Villa Borghese park in Rome. It is a beautiful and famous park in a central area of a busy city, they have to work without harming the park and they also have to keep the existing parking in operation during the works. We won the bid on a competitive tender having demonstrated our technical competence. My background is as an environmental engineer and I found the project fascinating and complex. It was really satisfying to see it all work out as planned and going ahead successfully. Our challenge now in 2012 is to grow the business internationally. We have proven competence and we are known in Italy for our availability and reliability. We never forget we are a service company. Now we have to spread that message to big projects in other countries.

The plans for the 3,300 m long and 60 m wide bridge took a team

of forty experts from RINA six months to validate.

Preliminary project verification of the new Hospital Galliera in Genoa

was also completed.

Work in hand includes project verification for the works concerning the High Speed/High Capacity Treviglio-Brescia

railway, project verification for the works of modernization of the

SS640 in Porto Empedocle and technical control activities for

assurance purposes of line 5 of the Milan Subway.

Although there has been a slowdown in new private infrastructure

projects new regulations on public contracts in Italy will create more

demand for RINAs services during 2012.

11 annual report

52

Giovanni CenturielliCEOSaba Italia S.p.A.

The core business of Saba Italia, part of Spains international Saba Infraestructuras Group, is the management of its national network of parking structures in 21 cities with 30,000 parking spaces. Saba Italia is currently involved in the design, construction and management of the refurbished and expanded Villa Borghese underground parking facility in Rome. It has signed a contract for the 50-year concession on this unique 114 million euro self-financing project, and is preparing the necessary documentation for the international building tender. Our technical staff will be closely involved in the bidding process, the evaluation of tenders and the construction process over the coming years. RINA has been contracted to carry out validation of the project, agreeing the suitability of estimates and evaluating the efficiency of the mechanical and electrical installations in respect of energy consumption and running costs. RINA Checks co-operation and availability was an important asset in carrying out a complex validation operation in a concentrated period of time. And its analytical capability contributed to an overall improvement in the integrity of a complex building project involving an existing 1,800-car parking structure which needs to continue operating during the projects 36-month construction period.

annual report 11

53

Demand from banks and investors for technical and market advisory support on project financing tripled in 2011.

2011 was a significant year for financial investments in renewable energy, especially PV plants that benefited from the incentives of the feed-in-tariff.

RINA supported credit institutions in technical verifications and due diligence of investment proposals and in the

banking qualification of more than 25 PV modules and inverter

producers located worldwide, in order to guarantee the reliability of

the components during the life of the plant for the banks.

Other renewable energy projects including mini-hydroelectric plants and biogas plants were assessed and RINA

enlarged its advisory activity in the renewable sector outside

Italy, cooperating with foreign banks and investors and analysing

investments abroad, especially in East Europe.

The liberalization of the concession of gas distribution in Italy is an

important business opportunity for RINA which strengthened its

leading role in technical and market support for banks in analysing

gas networks. RINA took a leading role in the assessment of investment projects for gas networks in Sardinia and in the

province of Novara.

11 annual report

54

Through RINA Value, RINA provides consultancy, technical

assistance and evaluation services to public institutions under

the framework of EU Structural Funds (RDF and ESF) and other national and regional development programs

(FEASR and FEP).

In 2011 RINA Value provided support to seven Italian regions,

also supporting the implementation of the monitoring system of

the framework agreements financed by the National Fund for

Development and Cohesion (FAS).

RINA Value is expanding its services to cover energy management systems, procurement support in defining vendor rating systems and business process re-engineering

and integration services.

Demand for technical assistance to public institutions in charge of the

management of development programmes looks set to grow.

In 2011 RINAs work with international funding institutions focussed on a series of projects led by the African Development Bank, the Asian Development Bank, the

Congolese Hydrocarbon Ministry and the European Union.

Projects included support to infrastructures of SME in Algeria,

support to SME in Tunisia financed by the Italian Ministry of Foreign

annual report 11

55

Paolo FacchiniSector ManagerDonorsRINA Group

A big achievement last year was getting our first project in Ghana. We are targeting growth in Africa where we are recognised as a reliable partner. We are providing technical assistance to the Ministry of Trade and Industry in Ghana, setting standards for export which will facilitate trade. Another first last year was to be awarded a project funded by the Italian Ministry of Foreign Affairs. For them we are supporting Tunisian business in the South Sahara. RINA is a multi-disciplinary company with a global footprint and is now of sufficient size to be seen as a solid partner in international assistance. We still have a name as a shipping business, but the concept is gradually enlarging, and our ability to work in a lot of languages and understand local concerns is a real help. In 2012 we will begin to see the benefit of working with DAppolonia. In addition, we are also confident to be awarded some work in SE Asia and in the Crimea.

Affairs, site supervision and QA/QC of the project to remove about

50 wrecks from the Nouadhibou Bay in Mauritania and renewal of

the project of assistance to SME in Kosovo.

RINA also won a project of assistance to the Ministry of Trade and

Industry in Ghana.

11 annual report

56

TRANSPORTand LOGISTICS

annual report 11

57

TRANSPORTand LOGISTICS

11 annual report

58

RINAs increasing capabilities in the railway safety and technical assessment fields were in strong demand internationally

during 2011.

The Railway Certification Laboratory, set up in 2011 as a certification test and pre-test laboratory for products

to be used in the interoperability of the trans-European high-speed

and conventional rail systems was very busy.

A lot of work went into the organisation and execution of the on

track tests of the new AGV high speed train delivered by Alstom to Nuovo Trasporto Viaggiatori, leading at the beginning of

2012 to the authorisation for starting commercial operation.

Jos MariaCerrutoTechnical Manager RailwaysRINA Group

Reaching out internationally to increase our railway certification work was very satisfying for our team in 2011. The railway business is opening up globally, with foreign companies coming in to Italy and us reaching out to other countries. We were working for railways or railway equipment manufacturers in Croatia, Spain, Belgium, Portugal, France, Germany, Switzerland, Austria, USA, China, Turkey and Poland in addition to Italy. Being chosen to work for the Spanish firm CAF was particularly satisfying for me. Having the tools in our new laboratory is important, but we get the business more because of our strong focus on the clients needs than anything else. Its that commitment to service which makes the difference for railway companies who respect our technical competence and want quick but certain results.

annual report 11

59

New clients included the Wegh Group, an Italian railway equipment

manufacturer which entrusted RINA with independent assessments on the tests performed on concrete sleepers for the Italian railways.

Ferrovie Nord, an Italian infrastructure manager, used RINA for

analysis of rail welding cracks.

Roberto Vitali

Head of Sales and Business

Development (France, Spain, Portugal, North

America, South & Central America) for Ansaldo STS

Ansaldo STS is a leading player in the international railway transportation sector, with an annual turnover of approximately Euro1.2 billion. It has a long-standing relationship with RINA, with whom it has worked closely on a variety of projects. Most recently, RINA certified to CENELEC standards EN 50126 and 50129 the innovative catenary-free TRAMWAVE technology developed by Ansaldo STS as an alternative to traditional overhead line-powered tram systems. The TRAMWAVE solution is an aesthetically pleasing and energy-efficient method of operating tram systems, which uses power generated beneath the vehicle rather than through overhead wires. In Naples, 600 m of TRAMWAVE infrastructure has already been installed in Poggioreale in an extension of the existing tram system network. It is anticipated that TRAMWAVE will be installed in a number of other cities. Working with RINA on this project was a very good experience. The engineers from Ansaldo STS and RINA formed a joint working group which produced a very successful and efficient solution to a complex project, and we were very satisfied with the professionalism, expertise and responsiveness of RINA.

11 annual report

60

In Turkey Durmazlar, a Turkish tram manufacturer, turned to RINA

for independent safety assessments and EMC tests against international standards on the trams for the city of

Bursa.

In China Zhuzhou CSR Times Electric, a Chinese railway equipment

manufacturer, used RINAs expertise for conformity tests against the European Subset 085 on the BTM Antenna.

Burcin AkBusinessDevelopmentManagerTurkeyRINA Group

We worked hard in 2011 to build our brand in the local market, especially with the governmental railway authority and local municipalities who have light rail system projects. That paid off with the appointment as Independent Safety Assessor by rolling stock manufacturer Durmazlar for the light rail project in Bursa Municipality. It is a project that has really got the attention of the government, which is great for us. The project is on-going and now we are approaching the online test stage for the first trainset. RINAs extensive experience and technical know-how convinced Durmazlar they could trust us. We also helped them lower costs. It is a good example of going Glocal combining our global rail experience with our local knowledge in Turkey. There are big plans for rail upgrades and new rail projects in Turkey so we expect business to grow here. Rail is getting big here, in five years time Turkey could have the third longest high speed network in Europe, so there is a lot of business to come. DAppolonia Turkey, which provides engineering services to metro projects in Turkey, will help us to provide a comprehensive and complete service to Turkish railway market needs. With DAppolonia we will be able to provide support at all stages of the project life cycle from design to the commissioning.

annual report 11

61

Other major rail work included independent safety assessment

and testing authority for the ETR563 train on behalf of Spanish

train manufacturer CAF and support for the train homologation in

Slovenia.

The European Railway Agency tasked RINA with ERTMS/ETCS system requirements specifications updating

and review, in partnership with other European laboratories CEDEX

(Spain), DLR (Germany), MULTITEL (Belgium) and INECO (Spain).

Mario DArienzo

Safety and Validation

Manager Italy and Med area

Bombardier Transportation

Italy S.p.A.

Bombardier Italia works every day to offer innovative products and services in accordance with the highest standards of safety, quality, reliability and socio-environmental sustainability. Our railway signalling department is expanding its activities in East Europe, where we have already achieved important results. Among these, the most significant involves a project in Croatia which concerns the installation of the first Level 1 ETCS/ERTMS system by Bombardier. This is an excellent result particularly because we achieved this in one of the countries where we are endeavouring to become leader. Working with us on this project is the RINA Group, with which we have been working for some years and which has proved itself as a reliable and skilled partner, in addition to providing leverage in a new country. We believe that our synergies will grow as we work together and we can strengthen and consolidate our presence in these markets and succeed in new challenges.

11 annual report

62

RINAs services for the correct use and active and passive safety

and security of cargo units in the intermodal field were in strong

demand in 2011.

Although container shipping companies were in financial crisis

relations with strong clients including MSC, Grimaldi, Messina, Tarros

and emerging companies including Innofreight, SOGECO and Beacon

gave RINA second place globally in the new container inspection market, and it was the market leader in Italy.

A new company, Rina Intermodal Srl, will focus on intermodal, bimodal and special units and the companies using them including

offshore, nuclear and mobile units.

It will deliver certification of cargo units and components and spare

parts and qualification of the companies managing and maintaining

cargo units.

In the Mediterranean RINA completed a study on coal logistics covering all ENEL and ENDESA power plants and assets.

The study defines a roadmap of synergies between the power

generation assets of the two companies.

RINA subsidiary Logmarin had a successful year.

It customised a commercial software programme to facilitate

annual report 11

63

supply chain simulation and using its knowledge of logistics was able to complete several important projects on behalf of major shippers.

Working for EGAT (Electricity Generating Authority of Thailand)

Logmarin developed a feasibility study to identify the best possible

solutions for the coal supply chain from source to the river port of

Krabi power station.

For Sinclair Knight Mertz Logmarin developed a feasibility study

for the Frieda River Project in Papua New Guinea to evaluate

technically and commercially logistic solutions for export of copper

concentrate and import of fuel and general cargo.

Marubeni and Kepco won a tender to build, own and operate a

coal-fired plant in Vietnam based on the supply chain envisaged by

Logmarin.

In Indonesia Logmarin was awarded the design, project management and construction, and supervision at shipyard for the floating terminal which has joined Pt Mitra Bahtera

Segarasatis fleet of coal trans-shipping vessels.

The Floating Terminal Princesse Chloe is the most efficient coal loading terminal in Indonesia.

A key new contract in 2011 was from Brazils Vale SA. Logmarins

assistance has enabled Vale to convert the Ore Fabrica, a former

VLCC, into the worlds largest transhipment

11 annual report

64

Rob ThatcherGeneral Manager - Ports, Mitchell Group Australia

We are developing a multi-user coal export port on the east coast of Australia using barging and transhipping, which we call the Fitzroy Terminal Project. Logmarin has undertaken the preliminary design studies and simulation of a 22Mtpa coal barging and transhipping operation and is progressing to deliver the detailed design, finalisation of simulations and construction supervision of the system. We chose Logmarin to advise on this project because Logmarins experience and exposure to the 200+Mtpa Indonesian coal barging and transhipping industry made them an obvious choice. Logmarin brings together the best of European design confidence with experience in delivering economical transhipment solutions. They performed beyond our expectations in a very professional matter to bring high standard European technology and environmental expertise to the project with their alliance with Liebherr and Bedeschi.

vessel.

It is in operation at a site in Subic Bay, the Philippines, where it

provides a platform for the transhipment of iron ore cargoes from Vales 400,000 dwt valemax ore carriers into capesize vessels

for on carriage to markets in Asia.

Logmarin has assisted Australias Mitchell Group with designing

its coal supply chain from source to ship loading for the Fitzroy

Terminal Project, in Queensland.

Aimed at a total 22m tonne annual capacity the project has to conform

to the highest possible environmental standards.

Kinder Morgan in the USA appointed Logmarin to conduct an

economic and technical preliminary analysis to review the feasibility

and benefits for KMBT and its clients of a floating terminal to

supplement their existing terminals in the US Gulf.

annual report 11

65

FrancescaBonsignore

Project Manager, Logmarin

RINA Group

There is no doubt that in 2011 the most exciting project for Logmarin, and for me personally, was the transhipment terminal for Vale. Everything about the project was big, the client, the vessels, the tonnages. As project manager I had to think big and implement quickly. It was a huge project, but we delivered it on time I was really happy. Now Im working on the complex environmental challenges of the Australian Mitchell Fitzroy Terminal Project. That is very demanding and needs both a respect for the environment and local concerns and a clear view of how things can be done efficiently. I think clients come to Logmarin because we are a consultancy boutique and our most attractive quality is the attention we can give the client. Every client and project is different and we have no standard solutions. We say that we dont compete with other logistics advisors, we compete with the clients bottlenecks. We grew very fast in 2011 so in 2012 I hope to consolidate our team. One strong new facet of our solutions going forward is going to be respect for the local environment. That is clearly becoming more important, especially in places like Australia.

11 annual report

66

RESEARCHand DEVELOPMENT

annual report 11

67

RESEARCHand DEVELOPMENT

11 annual report

68

RINA increased its investment in research and development in

2011.

There was a major expansion in the number of projects initiated

and also the number of partners RINA works with.

There were also firsts in new non-marine areas, with the first railway project and a project on building.

At the year-end there were eleven live R&D projects and a further thirteen approved and funded which will begin in

2012.

A major new project Sustainable Cruise begun in 2011 was with Costa Cruises and equipment manufacturers

to investigate new ways to handle garbage on cruise ships. It will

take the form of a technical feasibility study in respect of onboard

garbage prevention, recovery and recycling.

The study will focus on packaging, biodegradable waste and paper,

examining the potential for onboard energy-saving initiatives and

improving the means of waste disposal ashore.

The intention is to develop guidelines on waste management and to

extract value from the efficient treatment of biodegradable waste.

RINA is currently nearing completion of a three-year, EU co-funded

R&D project on (Marine Inspection Robotic Assistant Systems)

MINOAS.

annual report 11

69

The project is designed to produce an integrated system to support

operators carrying out ship inspections.Part of the project includes the development of a small, remote-

controlled, four-rotor helicopter which is able to carry out overall

surveys within the cargo holds of ships, taking photographs and

videos which can be used to establish the overall status of the hold.

Also under development is a remote-controlled light, climbing crawler

which, using magnetic wheels, is capable of quickly climbing the

steel plate inside the cargo hold and carrying out a close-up, video-

tape survey of the condition of the structure.

Another part of the project involves the development of a heavy

crawler equipped with an arm for carrying out ultrasonic thickness

measurements (UTM).

The use of remote-controlled technology has a number of advantages for the shipping industry. One of the

most important benefits it brings is an improvement in safety.

By introducing such innovative surveying techniques, RINA will

be able to limit the number of potentially dangerous duties which

surveyors are required to undertake.

There is also a significant potential reduction in costs and time.

The first railway sector project, OPENCOSS, is an EU-funded project to develop a common framework and methodology

for safety assessment in the railway, automotive and aeronautic

markets.

11 annual report

70

Mario DoglianiHead of Corporate ResearchRINA Group

The project that most excited me last year was COSTA, which is about CO2, Ship Transport emissions Abatement by LNG, green shipping and ICT. It is exciting because it tackles ship emissions right across the Mediterranean basin. Under this project we can develop a master plan for introducing LNG as a ships fuel in the Mediterranean, Black Sea and Iberian coast areas. It is EU-backed with a lot of government and industry partners, and RINA is the co-coordinator. We are a good choice for that role as we have the technical competence, we know how all the members work, we know what commercial companies need and we have the ability to liaise between all the parties, mediate and build bridges so we find the way to a commonly beneficial outcome. Our role is both as a catalyst and a lubricant in big projects, and we have all the people and skills to do that well.

An exciting project which will commence in 2012 is the development

of unmanned marine vehicles. A minimum manned vehicle for commercial use will be developed and a military

unmanned version will follow.

A major project links all the regional authorities in the Tyrrhenian Sea

area and seeks to promote innovation in the yachting sector. RINA

is specifically examining the recycling of yachts and yacht materials and standards for marinas across the area.

Also in the yacht sector RINA is working on single-window

communication system between yachts and ports, similar to the

SISTEMA system it is helping develop for ships.

annual report 11

71

There is a lot of work planned on communication to speed traffic

and cargo flows, both from the ship to shore interface and with a

new project which will improve communication for trucks and rail

entering ports from the shore side.

And in a new area for RINA a joint project with local authorities and

companies will develop regional clusters in the buildings industry in

Abruzzo.

The COSTA project links all the key Mediterranean area countries in

a major project to develop a secure LNG fuel network and propose

other ways to reduce emissions from seaborne trade in the area.

IPTM is the government agency responsible for ports and shipping in Portugal. That is an important job because Portugal depends heavily on its seaborne trade. There is a lot we need to do to make our ports more efficient and to improve exports. We are working on our port facilities and on our logistics chains, these are key parts of our economy. The MIELE project brings together a lot of international partners and is going to improve interoperability along the multi-modal chains. I have no doubt it will do a lot to lubricate our trade and make vessel port calls more efficient. RINA has been an excellent partner in the project, really fantastic, and it is very interesting to see that other