2008 Annual Report - SBM Offshore

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SBM Offshore Annual Report 2008 / Overview5ContentsMessage from the CEO 3Section IOverviewCorporate Profile 6Snapshot 2008 8Highlights 2008 9Expectations 2009 9Shareholder information 10Business Drivers and Competitive Position 12SBM Offshore Corporate Mission 13World map SBM Offshore 13Section IIReport of the Supervisory Board 15Introduction 16Meetings of the Supervisory Board Committees 18Remuneration Report 21Information regarding the Supervisory Board 30Section IIIReport of the Board of Management 33Introduction 34SBM Offshore Lease Fleet 36Group Activities 2008 38Corporate Governance 50Risk Management 59Human Resources 68Product and Technology Development 70The Company's Future 75FPSO Saxi Batuque in operationoffshore AngolaSection IVFinancial Review 83Financial Statements 90Consolidated income statement 90Consolidated balance sheet 91Consolidated statement of changes in equity 92Consolidated cash flow statement 93Notes to the consolidated Financial Statements 94Company balance sheet and income statement 137Notes to the company Financial Statements 138Other information 141Appropriation of profit 141Auditor's report 142Key figures 143
6 SBM Offshore Annual Report 2008 / OverviewCorporate ProfileIntroductionSBM Offshore N.V. (SBM Offshore, ‘the Company’) is amultinational group of companies selling systems andservices to the Oil and Gas industry. The Company’s clientsare mainly the offshore oil and gas producing companies,both private and government owned, and its marketposition has been established in a strongly competitiveenvironment. SBM Offshore operates through operatingcompanies that are among the leaders in their respectiveniche markets. The Company currently employs over5,000 people.Product lineSBM Offshore's activities include the engineering,supply and offshore installation of floating facilities forthe production, storage and export of crude oil, gas andLiquefied Natural Gas (LNG). These comprise FloatingProduction Storage and Offloading systems (FPSOs),Floating Storage and Offloading systems (FSOs), TensionLeg Platforms (TLPs), monohull and semi-submersibleFloating Production Units (FPUs), as well as self elevatingMobile Offshore Production Units (MOPUs).SBM Offshore was the pioneer in 1979 in offering anintegrated oil and gas production service to an oil companythrough the investment in an F(P)SO for its own accountand the leasing and operation of the facility offshore. Thisconcept is now considered as a mainstream productionmeans by the oil industry, particularly in deep and remotewaters, and the lease and operate business has becomea major component of the Company’s activity.Included in the product line are all the systems, mostlybased on the Single Point Mooring principle, used to moorcrude oil and gas carriers in open seas for the purposeof loading or offloading cargoes. Derived from the sametechnology, the complex mooring systems required to keepfloating production facilities on station on the oil and gasfields are also a core product of the Company; they areof various types such as fixed heading or weathervaning,permanent or disconnectable.In addition to these activities, the Company provides designand engineering services, and for certain opportunitiesenters into turnkey supply contracts for crane vessels,pipelay barges and drilling units of all types, such asmonohull, jack-up and semi-submersible.FPSO Frade - Detail of Turret and Topsides during departure from Dubai
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SBM Offshore N.V.Schiedam (The Neth
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2008 Annual Report - SBM Offshore

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