2005 Annual Report - SBM Offshore

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FPSO Capixaba at anchorage off Singapore prior to sail away for Brazil
5 Contents SBM Offshore Corporate Mission 1 Corporate Profile 3 Contents 5 Snapshot 2005 6 Highlights 2005 7 Expectations 2006 7 Shareholder information 8 Report of the Supervisory Board 9 Introduction 9 The year 2005 9 Remuneration Report 14 Information regarding the Supervisory Board 15 Business Drivers and Competitive Position 16 Balance of Lease Periods 17 Report of the Board of Management 18 Introduction 18 Group Activities 2005 19 Corporate Governance 30 Human Resources 32 Corporate Social Responsibility 35 Health Safety and Protection of the Environment 36 Research and Development 37 Risk and Control 41 The Company’s Future 46 Financial Review 52 Financial Statements 2005 61 Consolidated income statement 62 Consolidated balance sheet 63 Consolidated statement of changes in equity 64 Consolidated cash flow statement 65 Notes to the consolidated financial statements 66 Company balance sheet 97 Notes to the Company financial statements 98 Other Information 102 Appropriation of profit 102 Auditors’ report 103 Key figures 104
Page 2 and 3: SBM Offshore N.V. Schiedam (The Net
Page 4 and 5: SBM Offshore operates from three ma
Page 8 and 9: Snapshot 2005 Item (US$ mln.) 2005
Page 10 and 11: Shareholder information Share listi
Page 12 and 13: FPSO Capixaba at the outfitting qua
Page 14 and 15: Report of the Supervisory Board and
Page 16 and 17: Report of the Supervisory Board Rem
Page 18 and 19: Business Drivers and Competitive Po
Page 20 and 21: Report of the Board of Management I
Page 22 and 23: Report of the Board of Management c
Page 24 and 25: Report of the Board of Management T
Page 28 and 29: Report of the Board of Management c
Page 32 and 33: Report of the Board of Management C
Page 36 and 37: Report of the Board of Management A
Page 38 and 39: Report of the Board of Management P
Page 40 and 41: Report of the Board of Management i
Page 42 and 43: Report of the Board of Management I
Page 44 and 45: Report of the Board of Management i
Page 46 and 47: Report of the Board of Management t
Page 50 and 51: Report of the Board of Management t
Page 52 and 53: Report of the Board of Management C
Page 54 and 55: Financial Review Highlights The con
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Financial Review 7000 6000 5000 400
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Financial Review 250.0 200.0 150.0
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Financial Review Cash flow/liquidit
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Financial Statements 2005
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Consolidated balance sheet at 31 De
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Consolidated cash flow statement Fo
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entities are eliminated to the exte
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An asset’s carrying amount is wri
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Reorganisation The provision for re
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Year ended 31 December 2004 (in US$
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Information on the nature of expens
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The major categories of plan assets
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Information with respect to the opt
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8. Result after tax from The Compan
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Property, plant and equipment at ye
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17. Income tax receivable Apart fro
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The interest bearing loans and borr
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27. Financial instruments For a det
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Included in the figures above are t
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Long term loans As of the transitio
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The reconciliation of the net profi
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Company balance sheet at 31 Decembe
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1. Property, plant The movement in
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7. Other current liabilities 2005 2
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Auditors’ report Introduction We
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SBM Offshore N.V. Postal address P.
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2005 Annual Report - SBM Offshore

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