Annual Report 2010 - SBM Offshore

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Report of the Board of Management 006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 03/11 06/08 07/12 (1) 11/08 12/09 (3) 05/08 05/12 06/11 04/12 04/14 5 05/13 05/06 04/10 (2) 12/07 12/22 01/08 01/16 01/31 07/08 06/23 12/08 06/23 12/08 04/10 (2) 04/22 07/09 07/14 Initial Lease period Confirmed Extension Contractual Extension Option 01/12 01/27 01/32 07/12 (1) 07/30 04/13 04/33 /11 /16 /24 /11 /19 /31 /06 11/16 06/11 07/11 06/09 06/12 12/10 12/13 05/15 05/20 SBM Offshore – Annual Report 2010 55
Report of the Board of Management Operating Activities 2010 Lease and Operate Activities The Year at a Glance Month Unit Client Activity January Kuito FPSO Cabinda Gulf Oil Company Ltd. Lease and operate contract extended by one year to 26 January 2011. Since year-end the contract was extended until 31 March 2011. February FPSO Capixaba Petrobras Completion of conversion works in Singapore; re-deployment at the new Cachalote field offshore Brazil. May FPSO Capixaba Petrobras First oil achieved; unit is under a twelve-year lease and operate contract. 56 SBM Offshore – Annual Report 2010 FPSO Serpentina Mobil Equatorial Guinea Inc. Operate contract extended for one year up to August 2011. FPSO Cidade de Paraty June FSO Unity Total Exploration Production Nigeria Limited Petrobras Company received a Letter of Intent from for a twenty-year lease and operate contract (commencing March 2013) on the Lula Nordeste field offshore Brazil. Operate contract extended for a year up to 30 June 2011. LPG FSO Nkossa II Total Congo Lease and operate contract extended for a firm period of five years with options for further extension. August FPSO Espadarte Petrobras New eighteen-year lease and operate contract was signed for relocation on the Baleia Azul field. September Deep Draft®Semisubmersible production facility Hess Letter of Agreement was received for a five-year lease and operate agreement for the Tubular Bells field. The agreement contains an element of production throughput related revenue. October FPSO Xikomba Esso Angola Exploration Limited Lease and operate contract extended for one year with a 90-day notice period for termination. Since year-end the Company has received notification of termination from EEAL and expects that the unit will be released mid-2011. December FPSO P-57 Petrobras First oil achieved; 33-month construction period in both Singapore and Brazil. The Company will operate the FPSO for the coming three years.
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Annual Report 2010
Page 3 and 4:
Financial Review / Financial Statem
Page 5 and 6: 1 2 Overview 11 Message from the CE
Page 7 and 8: Semi-Submersible Drilling Rig Tensi
Page 9: Deck view of the FPSO Espirito Sant
Page 12 and 13: I am pleased to report that the Com
Page 14 and 15: In addition to these main centres,
Page 16 and 17: Highlights 2010 Financial • Turno
Page 18 and 19: Shareholders As the shares are bein
Page 20 and 21: Corporate Strategy In line with the
Page 22 and 23: Lease and Operate The lease and ope
Page 24 and 25: World Map of SBM Offshore Project E
Page 27 and 28: Report of Board of Management Repor
Page 29 and 30: Report of Board of Management Compo
Page 31 and 32: Report of Board of Management requi
Page 33 and 34: Report of Board of Management In co
Page 35 and 36: Report of Board of Management Remun
Page 37 and 38: Report of Board of Management Secti
Page 39 and 40: Report of Board of Management was a
Page 41 and 42: Report of Board of Management Actua
Page 43 and 44: Report of Board of Management With
Page 45 and 46: Report of Board of Management Infor
Page 47: Disconnectable Turret of the FPSO O
Page 50 and 51: Introduction The relatively high oi
Page 52 and 53: Turnkey Systems A major highlight o
Page 54 and 55: Top: Deep Panuke Production Field C
Page 58 and 59: At the start of 2010, the Company o
Page 60 and 61: SBM Offshore employees on board an
Page 62 and 63: contract will be based on a product
Page 64 and 65: Semi-Submersible Drilling Rigs The
Page 66 and 67: Semi-Submersible drilling rig 'Delb
Page 68 and 69: Top: SBM Services repairing the Sof
Page 70 and 71: y a large buoyant structure when di
Page 72 and 73: For smaller gas-supply rates, the C
Page 74 and 75: Corporate Governance Corporate Gove
Page 76 and 77: If either the GM or the Supervisory
Page 78 and 79: Appointment and Remuneration Commit
Page 80 and 81: of the Supervisory Board are meant
Page 82 and 83: Notice to convene a meeting The not
Page 84 and 85: Routine inspection on the Yme MOPUs
Page 86 and 87: • no agreement has been concluded
Page 88 and 89: Risk Management Risk Management ope
Page 90 and 91: Strategic Irregular order intake In
Page 92 and 93: the consequences of the Deepwater H
Page 94 and 95: Funding risk Success in obtaining n
Page 96 and 97: Supervisory Board and has been disc
Page 98 and 99: Michael Wyllie British, 1958 Chief
Page 101 and 102: Financial Review / Financial Statem
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Annual Report 2010 - SBM Offshore

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