2008 Annual Report - SBM Offshore

SBM Offshore Annual Report 2008 / Report of the Board of Management75The Company’s FutureStrategyA Strategy has been developed in order to ensure thatthe Company maintains its growth in the mid and longterm.This strategy is formally reviewed annually but iscontinually developed and is adapted to suit the changingbusiness environment. The strategy has not been changedsubstantially over the last year and continues to focus onorganic growth opportunities.The key objectives of the business strategy are asfollows:Expand the product line through development ofnew technologies• develop innovative, cost effective technical solutionsin order to maintain a position of leader in the supplyof offshore facilities and production services;• continue to develop new technology for theupcoming gas market particularly in the domainof infrastructures to produce and handle liquefiednatural gases offshore;• develop technical solutions for the production of“green” energy offshore.Expand the lease business model, to increase theportfolio of long-term, predictable revenues• continue to grow the fleet of leased productionfacilities (FPSO and others) while maintaining highreturns on capital employed;• maintain the position of preferred contractor in the oiland gas production services on the grounds of qualityand reliability. Focus on marketing strategies andpartnerships to leverage that position. Aim at the highstandard, demanding end of the product line;• develop the lease business in the Gulf of Mexicoand other new geographical areas and expandthe concept to that of hub service for ultra-deepdevelopments;• establish a pole position in the market of offshore gasexploitation, including the leasing of LNG FPSOs andother facilities.Maintain a high level of focus on after sales servicesand offshore contracting and grow this stable, predictablebusiness segment.Consolidate and develop the expertise and efficiencyof the engineering and project management resourceswhich have reached a capacity of approximately 3.2 millionmanhours.Deepwater technologyOver the past few years, the product line has been expandedto provide comprehensive solutions for the development ofdeep and ultra-deep offshore oil and gas fields. One of themain objectives in the development of the technology hasbeen to make such facilities independent of water depththrough the use of surface and near-surface technologyand the reduction of the amount of equipment installedon the seabed. In ultra-deep water such equipment is notonly expensive in both Capex and Opex terms but alsocreates difficulties with respect to accessibility, operationand maintenance.Another advantage of surface, and near-surface solutionsis reducing the footprint on the seabed minimising theimpact on the environment.The vision of a deepwater field development is illustratedin the artist’s impression ‘SBM Offshore DeepwaterField Development Systems’ on the following page.The near-surface transfer systems shown in this illustrationhave been in operation for more than a year and performexactly to expectations i.e.: