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SBM Offshore Annual Report 2011 - PDF

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1.2.1 Business Model<br />

The Company generates profits from three distinct activities;;<br />

• Lease and operate of our fleet of floating production vessels on long term contracts to clients<br />

• Turnkey sale of products to clients, and<br />

• Installation, overhaul and repair services to Clients<br />

The combined profits generated from all three areas supports payment of dividend while a significant part being<br />

re-invested as equity in new leased vessels to support growth of the fleet, which is a highly capital intensive<br />

activity. Operational feedback from the FPSOs in the fleet is an important input into further development and<br />

improvement of the core competencies i.e. engineering, project management, installation and operations.<br />

1.2.2 Organisation<br />

The Company operates through seven execution centres, each of which is managed by a Managing Director who<br />

is accountable for its performance. Its principles, rules and guidelines are clearly defined by Group Functions, and<br />

provide a clear framework for its execution activities. Managing Directors and Group Functions report to the Board<br />

of Management, individually and as members of the Executive Committee.<br />

<strong>SBM</strong> <strong>Offshore</strong><br />

Four of the execution centres are located in Schiedam (Netherlands), Monaco (Monaco), Houston (USA) and<br />

Kuala Lumpur (Malaysia) and are responsible for Turnkey Systems activities (engineering and project<br />

management). Fleet Operations are managed by a separate execution centre in Monaco, using a decentralised<br />

organisational structure with strong emphasis on shore base operations on location. Turnkey Services activities<br />

are managed from several locations but centralised in Monaco.<br />

GustoMSC<br />

GustoMSC in Schiedam is managed as a separate business unit and operates under the GustoMSC brand. It<br />

provides proprietary designs under license and engineering support for all types of mobile units/vessels for the<br />

offshore industry, including the supply of associated equipment for the offshore industry.<br />

This is a customized selection from the <strong>SBM</strong> <strong>Offshore</strong> N.V. <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />

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