2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Report of the Board of Management37Balance of Initial Lease Confirmed Extension Contractual Extension Option Lease Ended
38 SBM Offshore Annual Report 2008 / Report of the Board of ManagementThe Board of Management continuously evaluates whetherdiversification or consolidation would be required to maintaina measured expansion of the Company’s activities throughthe long term. The management’s opinion is that despitethe present market conditions which are currently hesitantin the sudden lower oil price regime, the longer term viewis that demand for the Company’s products and serviceswill return to a high level as seen over the last few years.As such, the management does not intend to diversify andin principle organic growth will continue to be the strategy,however in the current business downturn, there is a higherlikelihood of strategic business opportunities arising, forwhich the management will be on constant alert.The Company is well aware of the need to adapt its productline and business methodology to suit the needs of thecontinually evolving market in order to remain in a leadingposition in its field. SBM Offshore therefore gives the highestimportance to the development of new technology thataddresses and will enable the future requirements of theoffshore energy industry. The long-term strategy in thisrespect is further developed in this report in the sectionaddressing the Company’s future (page 75).At the AGM 2008 the composition of the ManagementBoard changed with the retirement of Mr. Keller. Atthe meeting Mr. Mace and Mr. Miles were appointedas Managing Directors for a period of four years andMr. Mace was subsequently appointed as Chief ExecutiveOfficer by the Supervisory Board.Group Activities 2008SummaryAll operating units contributed positively to the results of theCompany in 2008. The execution of many of the contractshas benefited from the synergy between the operatingunits and from the complementary nature of the differentdisciplines and specialisations available in the respectiveGroup companies. Turnover increased 7% comparedto last year and the Company’s execution capacity hasstabilised after several years of substantial growth. Riskand cost control systems have been further improved inall operating units during the year to increase control onproject costs and delivery schedules developed.The most noticeable events in the year have been:Lease and Operate Activities• A one-year extension, until 23 November 2009, of thelease and operate contract for the FPSO Falcon fromEsso Deepwater Limited, a subsidiary of Exxon Mobil;• A lease and operate contract with Petrobras for theCompany’s existing FPSO Capixaba for a periodSemi-submersible production platform Thunder Hawk for the Gulf of Mexico
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SBM Offshore N.V.Schiedam (The Neth
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2008 Annual Report - SBM Offshore

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