SBM Offshore Annual Report 2011 - PDF

More documents

Recommendations

Info

Table of contents 1 Overview 1 1.1 Message from the CEO 1 1.2 Company Profile 3 1.3 Snapshot 2011 6 1.4 Stakeholders Information 8 1.5 Corporate Strategy 12 1.6 Corporate Management Systems & Compliance table 1.7 SBM Offshore World Map 23 2 Report of the Supervisory Board 24 2.1 Introduction and Meetings of the Supervisory Board 24 2.2 Remuneration Report 33 2.3 Information regarding the Supervisory Board members 3 Report of the Board of Management 50 3.1 Report of the Board of Management- Introduction 50 3.2 SBM Offshore Lease Fleet 56 3.3 Main Activities in Chronological Order 57 3.4 Product and Technology Development 65 3.5 Corporate Governance 68 3.6 Risk Management 81 3.7 HSSE 94 3.8 Human Resources 105 3.9 Sustainable Initiatives 115 3.10 Information regarding the Board of Management 125 4 Financial Report 2011 127 4.1 Financial Review 127 4.2 Financial Statements 140 4.3 Other information 210 4.4 INDEPENDENT AUDITOR'S REPORT 212 4.5 Key figures 214 5 Performance indicators 215 5.1 Reporting scope 215 5.2 Performance Indicators 217 5.3 GRI Index Level C 227 5.4 Notes 229 5.5 Key sustainability figures 231 20 46
1 Overview 1.1 Message from the CEO As I write, I have been with SBM Offshore for ten months, initially as Chief Operating Officer and, since January 1 st 2012, as Chief Executive. One hundred days into the role, this is an apt moment to step back from the routine detail in the annual report, and share with you my assessment of this business and the strategic path we are setting for its future. To lead SBM Offshore is one of the most exciting jobs in the industry. Through the skill of its engineers, and the Group’s capacity to maintain a constant technological edge, SBM has become synonymous with one of the energy industry’s most vital asset classes;; the floating production storage and off-loading (FPSO) vessel. The global trend in oil and, to some degree, gas production is inexorably offshore and into ever more demanding ocean regions. FPSOs, uniquely, facilitate this shift. SBM has an exceptional opportunity to capitalise on this industry trend. This then is our through-cycle strategy;; to secure the business around our primacy in FPSOs. But in the next few months we must still resolve some profound challenges. To do so we must succeed in working as one team under a single SBM identity, in an aligned organisation with strong focus on corporate discipline. The executional difficulties of the legacy Yme project, against which we have had to take several significant provisions, aptly illustrate the vital need for change. Signally, Yme is not an FPSO – a reminder of the hazards of poor diversification and divided focus. To my mind such projects equally underline the imperative for SBM in future: to focus exclusively on our core competence, the FPSO. The strategic plan that has now been established for the Group can be summarised in three common sense-steps: to work as one;; to perform;; to shape our own future. It’s worth spelling out the vital need for each step. SBM Offshore has grown tremendously in recent years, but an unintended side-effect has been the proliferation of ways of working as different teams around the Group have driven the business forward. But there is now an urgent need for organisational consistency and discipline. In particular, a severe challenge is posed by the scale and nature of risks that have emerged as the Group has helped lead our industry ever further offshore. The accelerating complexity of facilities;; the scale of investment;; the doubling and tripling of the average FPSO contract life;; the use of FPSOs as full life-of-field development systems;; all have combined to demand a Group-wide re-appraisal of organisational structure and risk. All the changes required - including the readiness to accept a single set of systems across the Group - are what we mean by “working as one”. Secondly we have set the requirement “to perform”. This is not in any way to disparage our track record. SBM has an outstanding and admirably long record of consistent delivery for clients in its core FPSO business. I am stressing that we dare not risk losing that reputation;; rather, we must enhance it. The Group must never be let down by rogue projects, and the Company as a whole must perform financially, consistently. Finally, we must “shape our own future”. Complacency is one of the dangers of industry trends being in our favour. Historically, SBM’s competitive advantages have been the quality of our engineers’ skills and our leadership in key technologies. So we must continue to recruit the best people and invest in their training. Additionally, we must identify industry-defining technologies and devote the necessary financial and human This is a customized selection from the SBM Offshore N.V. Annual Report 2011 1
Page 4 and 5: esource, through selected R&D, to m
Page 6 and 7: 1.2.1 Business Model The Company ge
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: 2 Report of the Supervisory Board 2
Page 28 and 29: All Supervisory Directors attended
Page 30 and 31: Organisation A new organisation has
Page 32 and 33: Appointment and Remuneration Commit
Page 34 and 35: 2.1.9 In conclusion The Supervisory
Page 36 and 37: Remuneration Supervisory Board The
Page 38 and 39: The key principles of the RP2011 ha
Page 40 and 41: Short-term Incentive (STI) The STI
Page 42 and 43: Vesting schedule Vesting of the EPS
Page 44 and 45: Employment conditions for statutory
Page 46 and 47: Target number of performance shares
Page 48 and 49: 2.3 Information regarding the Super
Page 50 and 51: Mr. T.M.E. Ehret French, 1952 Funct
Page 52 and 53:
3 Report of the Board of Management
Page 54 and 55:
3.1.3 Risk Management The Company c
Page 56 and 57:
conversion, construction and integr
Page 58 and 59:
3.2 SBM Offshore Lease Fleet Downlo
Page 60 and 61:
March 2011 COOL LNG transfer hose c
Page 62 and 63:
Turret for Shell's Prelude FLNG She
Page 64 and 65:
September 2011 Dow Jones Sustainabi
Page 66 and 67:
January 2012 Yme MOPUstor The Comp
Page 68 and 69:
Mooring Systems The Company is the
Page 70 and 71:
3.5 Corporate Governance 3.5.1 Corp
Page 72 and 73:
Risk Management & In Control Statem
Page 74 and 75:
Audit Committee Mr. F.J.G.M. Cremer
Page 76 and 77:
Regulations concerning ownership of
Page 78 and 79:
Responsibility of shareholders In a
Page 80 and 81:
Repurchase of own shares The Manage
Page 82 and 83:
The following information is provid
Page 84 and 85:
This diagram is based on the COSO (
Page 86 and 87:
3.6.10 Risk profile The risks inher
Page 88 and 89:
• strict adherence to the Group M
Page 90 and 91:
Crisis management The Management Sy
Page 92 and 93:
covenants which was achieved in 201
Page 94 and 95:
legal and tax obligations. The Comp
Page 96 and 97:
3.7 HSSE 3.7.1 HSSE Introduction SB
Page 98 and 99:
ISO 14001 certification for Dynamic
Page 100 and 101:
SBM Offshore's 12 Life-Saving Rules
Page 102 and 103:
Skills-KP database The Group HSSE t
Page 104 and 105:
Onshore Operations Some of the coun
Page 106 and 107:
Construction Sites Improved Environ
Page 108 and 109:
Focus on Talent Management & Succes
Page 110 and 111:
Workforce diversity Over the decade
Page 112 and 113:
3.8.4 Employment and remuneration E
Page 114 and 115:
3.8.5 Performance and career develo
Page 116 and 117:
This is a customized selection from
Page 118 and 119:
Anti-Corruption Policy and Complian
Page 120 and 121:
• Reference lists • Organisatio
Page 122 and 123:
quayside large enough to accommodat
Page 124 and 125:
3.9.4 For a better future in Angola
Page 126 and 127:
3.9.5 Leadership & Development Prog
Page 128 and 129:
Michael Wyllie British, 1958 Chief
Page 130 and 131:
• Capital expenditure in 2011 amo
Page 132 and 133:
4.1.4 Order Portfolio The year-end
Page 134 and 135:
In 2010 the corresponding split was
Page 136 and 137:
In accordance with its stated polic
Page 138 and 139:
operate contract which is classifie
Page 140 and 141:
Cash flow/ Liquidities US$ million
Page 142 and 143:
4.2 Financial Statements 4.2.1 Cons
Page 144 and 145:
4.2.3 Consolidated statement of fin
Page 146 and 147:
4.2.5 Consolidated cash flow statem
Page 148 and 149:
• IFRS 1 (amendment) 'First-time
Page 150 and 151:
Segment reporting Operating segment
Page 152 and 153:
Property, plant and equipment Prope
Page 154 and 155:
asis over its useful life, not exce
Page 156 and 157:
the present value of estimated futu
Page 158 and 159:
Deferred tax assets and liabilities
Page 160 and 161:
Warranty provision For most Turnkey
Page 162 and 163:
Dividend distribution Dividend dist
Page 164 and 165:
Period ending 31 December 2011 in t
Page 166 and 167:
Geographical information The classi
Page 168 and 169:
Pensions and other post-employment
Page 170 and 171:
2011 2010 % % Discount rate 2.75 2.
Page 172 and 173:
Year End of vesting period Expiry d
Page 174 and 175:
Expected departures (tranche 1/2/3)
Page 176 and 177:
Note 5. Net financing costs in thou
Page 178 and 179:
Note 9. Dividends paid and proposed
Page 180 and 181:
- Yme and Deep Panuke platforms: th
Page 182 and 183:
2010 in thousands of US$ Developmen
Page 184 and 185:
Other financial assets The item 'Ot
Page 186 and 187:
in thousands of US$ 2011 2010 Nomin
Page 188 and 189:
2011 2010 2011 2010 2011 2010 in th
Page 190 and 191:
Other reserves The other reserves c
Page 192 and 193:
in thousands of US$ Original repaym
Page 194 and 195:
Note 23. Provisions in thousands of
Page 196 and 197:
in thousands of US$ 2011 2010 Withi
Page 198 and 199:
Foreign exchange risk The Company o
Page 200 and 201:
The sensitivity on equity and incom
Page 202 and 203:
Liquidity risk Liquidity risk is th
Page 204 and 205:
in thousands of US$ 2011 2010 Audit
Page 206 and 207:
Note 34. Related party transactions
Page 208 and 209:
4.2.9 Notes to the Company financia
Page 210 and 211:
5. Provisions in thousands of US$ 2
Page 212 and 213:
4.3 Other information 4.3.1 Appropr
Page 214 and 215:
4.4 INDEPENDENT AUDITOR'S REPORT 4.
Page 216 and 217:
4.5 Key figures Key figures in mill
Page 218 and 219:
5.1.2 Environmental Reporting Envir
Page 220 and 221:
Total Production of Hydrocarbons Of
Page 222 and 223:
HSS Accident Statistics for Dynamic
Page 224 and 225:
Regional CO2 Emissions Values expre
Page 226 and 227:
Permanent Part Time Employees Headc
Page 228 and 229:
Women Men Equality % of Women in ma
Page 230 and 231:
GRI Index Level C Vision and Strate
Page 232 and 233:
LTIFR = (LTI x 200,000)/ EH Where:
Page 234 and 235:
Powered by TCPDF (www.tcpdf.org) Ke
show all

SBM Offshore Annual Report 2011 - PDF

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?