2011 Annual Report - SBM Offshore

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The Company only enters partnerships in order to improve its chances of securing new business and to add value to its performance in the long run. One example of this kind of partnership is the long-term agreement with Mitsubishi Corporation, signed early in 2011. SBM Offshore and Mitsubishi will jointly pursue FPSO lease and operate projects worldwide as equity partners. Turnkey Systems The Company is a leader in the supply of FPSOs, complex turret mooring systems and associated services and products. The Company maintains an inventory of high quality hulls ready for conversion. It allows for a more reliable cost and time estimate for bids which creates competitive advantage. The Company continues to improve execution performance in its Turnkey Systems segment by focusing on robust procedures, improving project management and enhancing project controls. It has improved levels of expertise and efficiency across its engineering and project management resources, which have now reached an annual capacity of more than 3 million man-hours. FLNG expertise The Company is consolidating its FLNG expertise at one execution centre in Schiedam. In the future, for large FLNG units it will focus on developing edge technologies for turrets and offloading systems as well as providing unmatched offshore operational expertise. With regards to medium-sized FLNG units, the Company will continue to focus on design, construction and operation of complete FPSO units. GustoMSC The Company’s execution centre GustoMSC in Schiedam provides designs and supplies components for systems related to exploration and construction activities. Its strategy focuses on growing this aspect of its business by continuing to develop proprietary designs and by supplying specialized components for drilling units, offshore cranes and wind turbine installation vessels. Turnkey Services Turnkey Services comprises offshore contracting, the supply of CALM buoys and other mooring systems, after sales services (including overhauls) and the supply of spare parts. The Company therefore has the in house competence and offshore means to install its own products in shallow and deepwater regions. The Normand Installer is the Company’s third generation installation vessel. It is owned through a joint venture with Solstad. The vessel is used to install products supplied by the Company for the lease fleet or on a turnkey basis - but it also works for third parties. The vessel is now able to install flexible pipe, which makes it more versatile and marketable. The Normand Installer also gives the Company an important edge - allowing it to accurately estimate costs associated with installation up to two or three years beyond contract award. The Company’s second installation vessel, The Dynamic Installer, is used to install CALM Buoys and for other shallow This is a customized selection from the SBM Offshore N.V. Annual Report 2011 16
water work, including services. A new multi-purpose vessel is currently being constructed. On completion it will undertake DSV, ROVSV and construction work as well as deepwater mooring installation. The vessel is under construction in Singapore, with operational delivery planned for 2013. In the years ahead the Company plans to grow its offshore activities, maintaining its market position as a leading supplier of CALM buoys, swivels and services and to expand the supply of spare parts, engineering and inspection services to third parties and clients. 1.5.4 Corporate Sustainability Objectives The Company is committed to conducting business in a sustainable way over the long-term - by developing close relationships with local people, communities and businesses in host countries and by safeguarding the natural environment. It also aims to utilize the best available technologies to reduce Greenhouse Gas (GHG) emissions, whilst developing renewable energy solutions for the offshore and marine industry. The Company’s strategy is to focus on areas of its operations where it can make a sustainable impact on the supply chain. With this in mind, it has included four sustainability-related objectives in its Strategic Plan: • Minimise the Company’s carbon footprint • Maintain high standards for Health, Safety, Security and Human Resources • Serve communities through local content • Develop and promote environmentally friendly technology The Company has identified additional areas in which it can have an impact on sustainable business development and set appropriate objectives. These will provide a clear focus for future sustainability initiatives and sustainability reporting. These objectives are explained below. Host Country Sustainability As a matter of policy, the Company has always recruited employees locally in all areas of its operation and is committed to further investment in infrastructure, local training and personnel and development centres. In recent years, Governments in host countries have demanded higher levels of local content during construction of SBM Offshore products. The Company aims to meet these demands by subcontracting work at a local level or investing to develop local fabrication facilities, as it has done in Angola and Brazil. This is a customized selection from the SBM Offshore N.V. Annual Report 2011 17
Page 2 and 3: Table of contents 1 Overview 1 1.1
Page 4 and 5: esource, through selected R&D, to m
Page 6 and 7: Business Model The Company generate
Page 8 and 9: 1.3 Snapshot 2011 (US$ mln.) 2011 2
Page 10 and 11: 1.4 Stakeholders Information 1.4.1
Page 12 and 13: 1.4.5 Investor Relations The Compan
Page 14 and 15: 1.5 Corporate Strategy 1.5.1 Introd
Page 16 and 17: 1.5.2 Vision, promises and values V
Page 20 and 21: Supply Chain In line with its Code
Page 22 and 23: 1.6 Corporate Management Systems &
Page 24 and 25: Status updates for the implementati
Page 26 and 27: This is a customized selection from
Page 28 and 29: organisation has been implemented w
Page 30 and 31: 3.1.6 Local Content Brazil In Brazi
Page 32 and 33: New contracts During 2011 the Compa
Page 34 and 35: 3.4 Product and Technology Developm
Page 36 and 37: time, and cost. 3.4.3 Offshore LNG
Page 38 and 39: Appointment of a Managing Director
Page 40 and 41: Loans or guarantees No loans or gua
Page 42 and 43: In case a binding proposal is made,
Page 44 and 45: 3.5.5 Shareholders Share capital At
Page 46 and 47: Dividend The Management Board is au
Page 48 and 49: former notary and presently a lawye
Page 52 and 53: Onshore Operations In addition to t
Page 54 and 55: voluntary basis in Brazil for Occup
Page 56 and 57: Permit-to-Work (Carros) Safety is a
Page 58 and 59: Although unhappy with the increases
Page 60 and 61: 2012. The primary emissions from th
Page 62 and 63: 3.8 Human Resources 3.8.1 Introduct
Page 64 and 65: The total headcount is based on all
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The Employee Share Ownership Plan,
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White Collar Staff Training is base
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3.9 Sustainable Initiatives 3.9.1 C
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3.9.2 Supply Chain in Focus SBM Off
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3.9.3 Local content In a number of
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Equatorial Guinea A very motivated
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the building process, an SBM team a
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This is a customized selection from
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5.1.2 Environmental Reporting Envir
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Total Production of Hydrocarbons Of
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HSS Accident Statistics for Dynamic
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Regional CO2 Emissions Values expre
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Permanent Part Time Employees Headc
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Women Men Equality % of Women in ma
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GRI Index Level C Vision and Strate
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LTIFR = (LTI x 200,000)/ EH Where:
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2011 Annual Report - SBM Offshore

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