2008 Annual Report - SBM Offshore

More documents

Recommendations

Info

SBM Offshore Annual Report 2008 / Report of the Board of Management49The Dynamic Installer has executed essentially third partycontracts:The type and complexity of this activity covers a very widerange but included:• platform inspection for Stapem, offshore Angola;• umbilical laying for Hess, offshore Equatorial Guinea;• laying of electrical cable and floating hoses and buoychange out for Total, offshore Cameroon;• saturation diving works for drilling rig assistance forStapem Oombo, offshore Angola;• retensioning of FPSO Kuito CALM buoy chains forChevron in Angola;• cable laying and ROV inspection on Sendji field forTotal, offshore Congo;• chain retensioning of FPSO Palanca for Sonangol,offshore Angola;• CALM buoy change out for CNL, offshore Nigeria;• cable laying for Eni, offshore Congo;• saturation diving works for DSME, offshore Angola.After Sales ServicesWith over three hundred CALM type terminals and fiftyFPSO and FSO mooring systems supplied by the Companycurrently in operation, the supply of spare parts andoverhauls of such systems reached a record year in saleswith good margins.The ‘Normand Installer’ preparing for installation of suctionpiles for FPSO Espirito Santo offshore Brazil• refurbishment of the soft yoke and swivel stack forthe CNOOC BZ28 FPSO offshore China;• overhaul of two CALM buoys in Nigeria;• supply of a very large roller bearing for VietsovpetroCALM soft Yoke mooring for Chi Linh FSO;• replacement of anchor chains of the Palanca FSO forSonangol in Angola;• refurbishment of the swivel stack of FPSO Curlew forMaersk in the UK.Swivel and mechanical components manufacturingManufacturing of proprietary mechanical componentsfor the turret system, like swivel stacks, bearings andarticulations is an increasingly active part of the overallservices activities. For the manufacturing of these partsthe Company has created long-term relationships withkey fabricators in order to ensure that the stringent qualityand safety requirements for manufacturing are met. Inthe majority of the cases this group is serving in-houseprojects as an internal supplier, but external clients areserved as well. Externally the Company has supplied theNorne replacement swivel stack for StatoilHydro, whichwas delivered and installed in 2008, and five other swivelstacks supplied for the Company’s FPSO projects duringthe year.
50 SBM Offshore Annual Report 2008 / Report of the Board of ManagementCorporate GovernanceCorporate Governance StructureSBM Offshore N.V. is a public limited company (“NaamlozeVennootschap”) with its statutory seat in Rotterdam andincorporated according to the rules and regulations of theDutch legislation. The Company has a two tier board, aSupervisory Board and a Management Board. Each Boardhas its specific role and task regulated by the CorporateGovernance Code, laws and articles of association.Dutch Corporate Governance CodeThe Corporate Governance Monitoring Committee haspublished the amended Dutch Corporate Governance Codeon 10 December 2008 (Amended Code). SBM Offshoreis currently studying the Amended Code. In the AnnualReport 2009, SBM Offshore will report on its compliancewith the principles and best practices of the AmendedCode or explain why principles and best practices are notapplied. For the Annual Report 2008, the principles andbest practices of the Corporate Governance Code 2003(Code) are applicable, including best practice provisionsof the Corporate Governance Monitoring Committees untilDecember 2008.BP.III.5.11: The Remuneration Committee shall not bechaired by a Supervisory Board member who is a managingboard member of another listed Company. The Chairmanof the Remuneration Committee holds a temporary positionin a Dutch listed Company, primarily active on the Dutchmarket. In the opinion of the Supervisory Board there is noconflict of interest and therefore the Supervisory Board hasrequested the Chairman of the Remuneration Committeeto continue in this role.BP IV.1.1.: This provision mentions that the generalmeeting of shareholders of a company not having aspecific formal structure (known as “structuurregime”) maypass a resolution to dismiss a member of the managementboard or of the supervisory board by an absolute majorityof the votes cast. It may be provided that this majorityshould represent a certain proportion of the issued capital,but such proportion should not exceed one third. If thisproportion of the capital is not represented at the meeting,but an absolute majority of the votes cast is in favour of aresolution to dismiss a board member, a new meeting maybe convened. At that meeting a resolution may be passedby an absolute majority of the votes cast, regardless of theproportion of the capital of that meeting.SBM Offshore complies with all applicable principles andbest practices provisions of the Code except for:Under the rules of the articles of association, a memberof the Supervisory Board or Management Board can beTow-out of semi-submersible production platform Thunder Hawk for the Gulf of Mexico
Page 2 and 3: SBM OffshoreAnnual Report 2008Discl
Page 4 and 5: SBM Offshore Annual Report 2008 / O
Page 16 and 17: SBM Offshore Annual Report 2008 / R
Page 63 and 64: 62 SBM Offshore Annual Report 2008
Page 91 and 92: 90SBM Offshore Annual Report 2008 /
Page 93 and 94: 92SBM Offshore Annual Report 2008 /
Page 101 and 102:
100 SBM Offshore Annual Report 2008
Page 103 and 104:
102SBM Offshore Annual Report 2008
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
SBM Offshore N.V.Schiedam (The Neth
show all

2008 Annual Report - SBM Offshore

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?