2011 Annual Report - SBM Offshore

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time, and cost. 3.4.3 Offshore LNG The Company has been pioneering the development of LNG FPSOs for a number of years. This new technology is now gaining wide acceptance, and the first FLNG project was sanctioned in 2011. During 2011 the Company completed a full Front End Engineering Design (FEED) study for a complex FLNG project in Brazil, working in conjunction with our partners Chiyoda and DSME. SBM Offshore is currently completing a pre-FEED on a second FLNG project, jointly with Linde Engineering and our client PTTEP. In the future, SBM Offshore will focus mainly on FLNG projects where it can add most value by acting as a main contractor, as it does successfully for the FPSO market. Hence, the primary focus will be on medium sized FLNG projects, up to 2.0 million tonnes per annum capacity, where SBM Offshore can play a leading role in the project. For the larger FLNG projects, typically 2.5 mtpa and above, SBM will normally not accept a role of main contractor, and will target a lesser scope of work and a risk profile more compatible with its size. Floating LNG Systems Over the past six years the Company has developed the COOL hose and its complete COOL system has now been fully qualified by two Classification societies. The COOL hose is the first fully qualified floating LNG hose for cryogenic service, and has already been proposed for use on one FLNG project The Company received a “Spotlight on New Technology” award at OTC 2011 for this product. This was one of the two such awards received by SBM Offshore in 2011, which is an outstanding achievement in which we take great pride. LNG Transfer Systems Over the past six years the Company has developed the COOL hose and its complete COOLsystem has now been fully qualified by two classification societies. The COOL hose is the first fully qualified floating LNG hose for cryogenic service. It has already been proposed for use on one FLNG project. The Company received a “Spotlight on New Technology” award at OTC 2011 for this product - one of two awards received by SBM Offshore in 2011 - an outstanding achievement in which it takes great pride. 3.4.4 Arctic Technology The Company has considerable experience of Arctic production, including the Okha FSO offshore Sakhalin Island, which it operated for 10 years. As interest in production systems for Arctic locations increases, the Company has performed several studies into mooring systems suitable for ice-prone locations, as well as hull design for Arctic climates when subject to ice loads. This work will continue into 2012, to prepare for an emerging market in this region. This is a customized selection from the SBM Offshore N.V. Annual Report 2011 34
3.5 Corporate Governance 3.5.1 Corporate Governance Structure SBM Offshore N.V. is a limited liability company (“Naamloze Vennootschap”) incorporated under the laws of The Netherlands with its statutory seat in Rotterdam and listed on the Amsterdam NYSE Euronext exchange. The Company has a two tier board, a Supervisory Board and a Management Board. Each Board has its specific role and task regulated by the Corporate Governance Code, laws, the articles of association and the Supervisory and Management Board rules. When applicable, the Company will submit major changes in the corporate governance structure of the Company and in the compliance of the Company with the Corporate Governance Code (CGC) to the General Meeting of Shareholders under a separate agenda item. 3.5.2 Dutch Corporate Governance Code In this section of the Annual Report, the Company reports on compliance with the Code. SBM Offshore complies with all applicable principles and best practices provisions. 3.5.3 Management Board The Management Board consists of two statutory directors, the Chief Executive Officer (CEO), Mr. A.J. Mace and the Chief Financial Officer (CFO), Mr. M.A.S. Miles. Mr. A.J. Mace has stepped down as CEO of the Company on 31 December 2011. Mr. B.Y.R. Chabas has been appointed to the Management Board at an Extraordinary General Meeting of Shareholders held on 14 December 2011 and has succeeded Mr. A.J. Mace as CEO effective 1 January 2012. The statutory directors and non-statutory directors form together the Board of Management. In the year under review the non-statutory directors were the Chief Operating Officer (COO), Mr. B.Y.R. Chabas, the Chief Technology Officer (CTO), Mr. M.W.J. Wyllie and the Chief Commercial Officer (CCO), Mr. J-P.R.L. Laurès. Effective 1 January 2012, Mr. J-P.R.L. Laurès has been appointed as COO of the Company. Duties of the Management Board The Company is managed by the Management Board, under the supervision of the Supervisory Board. Each year the Management Board presents to the Supervisory Board, the operational and financial objectives of the Company, the strategy designed to achieve the objectives and the parameters applicable in relation to the strategy. The Operating Plan 2012 which includes the budget has been discussed and approved in the Supervisory Board Meeting of 20 December 2011 and a special session was dedicated to the Company’s strategic plan 2012-2016 on the same day. This is a customized selection from the SBM Offshore N.V. Annual Report 2011 35
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 18 and 19: The Company only enters partnership
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 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
Page 68 and 69: The Employee Share Ownership Plan,
Page 70 and 71: White Collar Staff Training is base
Page 72 and 73: 3.9 Sustainable Initiatives 3.9.1 C
Page 74 and 75: 3.9.2 Supply Chain in Focus SBM Off
Page 76 and 77: 3.9.3 Local content In a number of
Page 78 and 79: Equatorial Guinea A very motivated
Page 80 and 81: the building process, an SBM team a
Page 84 and 85: 5.1.2 Environmental Reporting Envir
Page 86 and 87:
Total Production of Hydrocarbons Of
Page 88 and 89:
HSS Accident Statistics for Dynamic
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Regional CO2 Emissions Values expre
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Permanent Part Time Employees Headc
Page 94 and 95:
Women Men Equality % of Women in ma
Page 96 and 97:
GRI Index Level C Vision and Strate
Page 98 and 99:
LTIFR = (LTI x 200,000)/ EH Where:
Page 100 and 101:
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