SBM Offshore Annual Report 2011 - PDF

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1.2.1 Business Model The Company generates profits from three distinct activities;; • Lease and operate of our fleet of floating production vessels on long term contracts to clients • Turnkey sale of products to clients, and • Installation, overhaul and repair services to Clients The combined profits generated from all three areas supports payment of dividend while a significant part being re-invested as equity in new leased vessels to support growth of the fleet, which is a highly capital intensive activity. Operational feedback from the FPSOs in the fleet is an important input into further development and improvement of the core competencies i.e. engineering, project management, installation and operations. 1.2.2 Organisation The Company operates through seven execution centres, each of which is managed by a Managing Director who is accountable for its performance. Its principles, rules and guidelines are clearly defined by Group Functions, and provide a clear framework for its execution activities. Managing Directors and Group Functions report to the Board of Management, individually and as members of the Executive Committee. SBM Offshore Four of the execution centres are located in Schiedam (Netherlands), Monaco (Monaco), Houston (USA) and Kuala Lumpur (Malaysia) and are responsible for Turnkey Systems activities (engineering and project management). Fleet Operations are managed by a separate execution centre in Monaco, using a decentralised organisational structure with strong emphasis on shore base operations on location. Turnkey Services activities are managed from several locations but centralised in Monaco. GustoMSC GustoMSC in Schiedam is managed as a separate business unit and operates under the GustoMSC brand. It provides proprietary designs under license and engineering support for all types of mobile units/vessels for the offshore industry, including the supply of associated equipment for the offshore industry. This is a customized selection from the SBM Offshore N.V. Annual Report 2011 4
1.2.3 Future focus SBM Offshore’s strategy is driven by a focus on core high-margin FPSO products, with growth anticipated in its lease fleet as well as in supply of FPSOs and FPSO edge technology. Through strategic and financial partnerships with IOCs, NOCs, local construction yards and financial parties, such as Mitsubishi Corporation, the Company continues to build a competitive edge that will help it secure business and growth in the coming decade. The Company also has a strong focus on technology development for FPSOs to meet the increased complexity and lifecycle of FPSO and related products. In order to maintain high service standards and expand its market leading position, the Company remains focused on research, innovation and development of its products and services and the protection of its Intellectual Property. This is a customized selection from the SBM Offshore N.V. Annual Report 2011 5
Page 2 and 3: Table of contents 1 Overview 1 1.1
Page 4 and 5: esource, through selected R&D, to m
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
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conversion, construction and integr
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3.2 SBM Offshore Lease Fleet Downlo
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March 2011 COOL LNG transfer hose c
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Turret for Shell's Prelude FLNG She
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September 2011 Dow Jones Sustainabi
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January 2012 Yme MOPUstor The Comp
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Mooring Systems The Company is the
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3.5 Corporate Governance 3.5.1 Corp
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Risk Management & In Control Statem
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Audit Committee Mr. F.J.G.M. Cremer
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Regulations concerning ownership of
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Responsibility of shareholders In a
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Repurchase of own shares The Manage
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The following information is provid
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This diagram is based on the COSO (
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3.6.10 Risk profile The risks inher
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• strict adherence to the Group M
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Crisis management The Management Sy
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covenants which was achieved in 201
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legal and tax obligations. The Comp
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3.7 HSSE 3.7.1 HSSE Introduction SB
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ISO 14001 certification for Dynamic
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SBM Offshore's 12 Life-Saving Rules
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Skills-KP database The Group HSSE t
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Onshore Operations Some of the coun
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Construction Sites Improved Environ
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Focus on Talent Management & Succes
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Workforce diversity Over the decade
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3.8.4 Employment and remuneration E
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3.8.5 Performance and career develo
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This is a customized selection from
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Anti-Corruption Policy and Complian
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• Reference lists • Organisatio
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quayside large enough to accommodat
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3.9.4 For a better future in Angola
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3.9.5 Leadership & Development Prog
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Michael Wyllie British, 1958 Chief
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• Capital expenditure in 2011 amo
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4.1.4 Order Portfolio The year-end
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In 2010 the corresponding split was
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In accordance with its stated polic
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operate contract which is classifie
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Cash flow/ Liquidities US$ million
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4.2 Financial Statements 4.2.1 Cons
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4.2.3 Consolidated statement of fin
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4.2.5 Consolidated cash flow statem
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• IFRS 1 (amendment) 'First-time
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Segment reporting Operating segment
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Property, plant and equipment Prope
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asis over its useful life, not exce
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the present value of estimated futu
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Deferred tax assets and liabilities
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Warranty provision For most Turnkey
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Dividend distribution Dividend dist
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Period ending 31 December 2011 in t
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Geographical information The classi
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Pensions and other post-employment
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2011 2010 % % Discount rate 2.75 2.
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Year End of vesting period Expiry d
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Expected departures (tranche 1/2/3)
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Note 5. Net financing costs in thou
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Note 9. Dividends paid and proposed
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- Yme and Deep Panuke platforms: th
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2010 in thousands of US$ Developmen
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Other financial assets The item 'Ot
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in thousands of US$ 2011 2010 Nomin
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2011 2010 2011 2010 2011 2010 in th
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Other reserves The other reserves c
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in thousands of US$ Original repaym
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Note 23. Provisions in thousands of
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in thousands of US$ 2011 2010 Withi
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Foreign exchange risk The Company o
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The sensitivity on equity and incom
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Liquidity risk Liquidity risk is th
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in thousands of US$ 2011 2010 Audit
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Note 34. Related party transactions
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4.2.9 Notes to the Company financia
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5. Provisions in thousands of US$ 2
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4.3 Other information 4.3.1 Appropr
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4.4 INDEPENDENT AUDITOR'S REPORT 4.
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4.5 Key figures Key figures in mill
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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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