Annual Report 2010 - SBM Offshore

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Remuneration Key management personnel and Supervisory Board of the Company The remuneration of key management personnel of the Company, including pension costs and performance related bonuses, amounted to US$ 12.2 million (2009: US$ 12.2 million). The performance-related part of the remuneration, comprising both STI and LTI components, equals 47% (2009: 37%). The total remuneration and associated costs of the Managing Directors and other key management personnel (non-statutory directors and management of the main subsidiaries) can be specified as follows: in thousands of US$ Salary, burden and emoluments Bonus Pension costs IFRS 2 costs of share based payments Financial Review / Financial Statements 2010 2010 2009 Total Total A.J. Mace 788 473 88 193 1,542 2,642 M.A.S. Miles 659 382 50 138 1,229 1,139 D. Keller (to 15 May 2008) - - - (221) (221) (141) Other key management personnel 4,088 2,544 773 2,264 9,669 8,554 Total remuneration 5,535 3,399 911 2,374 12,219 12,194 The bonus is performance related in respect of the previous year, based on Economic Profit. There are no guarantees or obligations towards or on behalf of the Board of Management. Share Option Plan The Share Option Plan, which was terminated in 2008, has been replaced by Performance Shares and Restricted Shares schemes. Options were granted at market value, a three year vesting period, and a subsequent two year exercise period. Currently two years of vested and exercisable options are outstanding, and one year of option grants with vesting in 2011. SBM Offshore – Annual Report 2010 135
Financial Review / Financial Statements 2010 During the financial year 2010, no share options were issued (2009: nil ). The number of outstanding options for both 31 December 2010 and 31 December 2009 can be summarised as follows: Year Number at 1 January 2010 Granted in 2010 Exercised in 2010 Forfeited / expired in 2010 Number at 31 December 2010 Exercise price in € Exercisable 2005 1,632,000 1,328,153 303,847 - 12.86 - 2006 1,369,000 1,369,000 19.05 1,369,000 2007 1,665,000 (130,000) 28,000 1,507,000 25.91 1,507,000 2008 1,605,100 70,000 1,535,100 25.82 - Total 6,271,100 (130,000) 1,328,153 401,847 4,411,100 2,876,000 Weighted average exercise price in € 20.99 25.91 12.86 16.03 23.75 Average price at exercise in € 13.74 Year Number at 1 January 2009 Granted in 2009 Exercised in 2009 Forfeited / expired in 2009 Number at 31 December 2009 Exercise price in € Exercisable 2004 568,400 - 568,400 - - 9.49 2005 1,668,000 - 36,000 - 1,632,000 12.86 1,632,000 2006 1,527,000 (130,000) - 28,000 1,369,000 19.05 1,369,000 2007 1,749,000 - - 84,000 1,665,000 25.91 - 2008 1,693,100 - - 88,000 1,605,100 25.82 - Total 7,205,500 (130,000) 604,400 200,000 6,271,100 3,001,000 Weighted average exercise price in € 20.12 19.05 9.69 24.91 20.99 Average price at exercise in € 12.32 Instruments granted in 2010 with respect to the year 2007 is a negative movement which reflects the non-vesting of performance related stock options as included under the LTI with original exercise price (same for 2009 with respect to the year 2006). The remaining average contractual life of the outstanding options as at 31 December 2010 is 1.42 years (2009: 1.92 years). 136 SBM Offshore – Annual Report 2010
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Annual Report 2010
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Financial Review / Financial Statem
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1 2 Overview 11 Message from the CE
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Semi-Submersible Drilling Rig Tensi
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Deck view of the FPSO Espirito Sant
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I am pleased to report that the Com
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In addition to these main centres,
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Highlights 2010 Financial • Turno
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Shareholders As the shares are bein
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Corporate Strategy In line with the
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Lease and Operate The lease and ope
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World Map of SBM Offshore Project E
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Report of Board of Management Repor
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Report of Board of Management Compo
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Report of Board of Management requi
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Report of Board of Management In co
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Report of Board of Management Remun
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Report of Board of Management Secti
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Report of Board of Management was a
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Report of Board of Management Actua
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Report of Board of Management With
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Report of Board of Management Infor
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Disconnectable Turret of the FPSO O
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Introduction The relatively high oi
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Turnkey Systems A major highlight o
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Top: Deep Panuke Production Field C
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Report of the Board of Management 0
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At the start of 2010, the Company o
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SBM Offshore employees on board an
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contract will be based on a product
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Semi-Submersible Drilling Rigs The
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Semi-Submersible drilling rig 'Delb
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Top: SBM Services repairing the Sof
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y a large buoyant structure when di
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For smaller gas-supply rates, the C
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Corporate Governance Corporate Gove
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If either the GM or the Supervisory
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Appointment and Remuneration Commit
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of the Supervisory Board are meant
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Notice to convene a meeting The not
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Routine inspection on the Yme MOPUs
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Annual Report 2010 - SBM Offshore

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