Our wholly owned subsidiary, GasLog LNG Services, exclusively handles the technical management of our fleet including plan approval for new ship orders, supervision of ship construction and planning and supervision of drydockings, as well as technical operations, crewing, training, maintenance, regulatory and classification compliance and health, safety, security and environmental, or “HSSE”, management and reporting. At GasLog LNG Services, discipline, pride and reputation have all helped shape our company's long-standing philosophy.
Gaslog LNG never rests on its laurels. A policy of continuous improvement is integrated into every aspect of the operations of GasLog LNG Services. GasLog LNG Services provides a full range of ship management services. Both ashore and on our vessels our employees are supported by world-class management practices, as well as state-of-the-art technologies in communications and marine safety. We work hard to forge strategic, long-term alliances with our clients, not only to meet their existing needs but also to enable them to explore new opportunities to grow their business.
Safety at GasLog is the number one priority for our onshore and offshore employees. At GasLog, we take safety extremely seriously and in 2014, we reached 12 million man hours without a lost time incident (LTI). During the construction of our vessels, we have built over 20 ships without an incident.
GasLog has an exceptional record of reliability, both in the construction of our newbuildings and post-delivery on the water. We have successfully delivered over 20 vessels, with virtually all of these deliveries coming on or ahead of time and all on budget. Our “on-the-water” fleet experienced 100% utilization (i.e. no downtime for repairs or maintenance) every year from 2010 to 2013. Most of our vessels have experienced 100% utilization since their delivery.
At GasLog, we are constantly innovating, striving to build the LNG carrier of tomorrow. We work in tandem with the shipyards and key suppliers to ensure we have the most modern, efficient vessels for our customers. To illustrate this point, in 2014, we exercised four options for our 2017 newbuildings to be fitted with the new low-pressure two stroke propulsion (LP2S) propulsion technology, which we believe will lead to savings in capital and operational expenditures for GasLog and will lead to significant fuel and efficiency savings for our customers