2010 Activity Report - Bureau Veritas

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MarineLeveraging ourtechnical expertiseServices with high technicaladded valueThe economic crisis affected the entireshipping industry, causing a declinein the transport of consumer goods,raw materials and energy, which, in turn,triggered a collapse in freight rates.The simultaneous increase in thetransport capacity of new ships createdan oversupply of available tonnage,leading to idle vessels and a sharp dropin new construction orders.Our marine business successfullyweathered the recession due to a largeclassed fleet requiring periodic inspectionand demand for our expertise in highlytechnical markets such as liquefiednatural gas and oil tankers, floatingproduction, storage and offloadingfacilities (FPSOs and FSOs), offshoreplatforms and gas terminals, as wellas cruise ships and other specializedvessels. As deepwater oil and gasexploration and production increases,we expect new service opportunitiesto protect rig workers, the environmentand offshore facilities. We are currentlyproviding services from preliminary designto construction and operations monitoringfor major companies in Brazil, Angola,Australia, South-East Asia, China, Indiaand Russia and at shipyards in Asia.Making ships safer and greenerBureau Veritas is leveraging its technicalknow-how to provide a variety of quality,health, safety and environment services.Our advanced simulation tools give usa competitive advantage for classificationand certification of safe containershipsupgrading to ultralarge capacity. We alsooffer services to prepare shipyards andowners for ship recycling, emphasizingthe identification and inventory ofhazardous materials. The Group hasupdated the rules for naval submarineclassification, covering design,construction and maintenance, crewsafety and environmental protection, anddeveloped new rules for LNG offshoreterminals. We have issued guidelinesfor the classification and certificationof offshore wind turbines specifying theenvironmental conditions under whichthey may be used and structural designprinciples. We are also contributing tothe harmonization of IACS (InternationalAssociation of Classification Societies)Common Structural Rules on tankersand bulk carriers.HIGHLIGHTS• 12% growth of the fleet classed byBureau Veritas to 76.5 million grosstons (gt) with 9,493 ships; 747 newship orders (9.5 million gt).• New rules and guidelinespublished for naval submarineclassification, LNG offshoreterminals and offshore windturbines.• Key contract with Eni Norge ASto verify conformity to standardsthroughout the life of the GoliatFPSO in the Barents Sea.• Major ship deliveries: theAmerigo Vespucci, the Laperouseand the Corte Real ultralargecontainerships, built by DSME forCMA CGM; 2,518-passenger cruisevessel MSC Magnifica deliveredby STX Europe.16
REVENUE (in millions of euros)ADJUSTED OPERATING MARGIN(% of revenue)31.7 %314.8313.528.9 %IN BRIEFOur diversified portfolio of ships and recognized expertiseparticularly in offshore continue to open up opportunities.The Group is playing a leading role in quality, health, safetyand environment services, from energy-efficient design to safeand environmentally-sound ship dismantling and developingnew rules for shipyards and owners.09 10Revenue was stable in 2010, withthe decline in new ship and equipmentcertification offset by the increasein the fleet in service.The fleet classed by Bureau Veritascontinued to grow with new ship deliveries.BUREAU VERITAS 2010 ACTIVITY REPORT 17
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2010 Activity Report - Bureau Veritas

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