SBM Offshore believes the oceans will provide the world with safe, sustainable and affordable energy for generations to come. SBM Offshore shares its experience to make it happen. The challenge in delivering safe, sustainable and affordable energy is well recognized, particularly by SBM Offshore’s stakeholders, with whom SBM Offshore works on the energy transition − teaming up on areas important to them, called material topics. These topics are the basis for SBM Offshore’s objectives and strategy, and are the criteria against which it measures its performance. The table below shows the connection between these elements and where they are explained in the rest of the Annual Report.
SBM Offshore believes the oceans will provide the world with safe, sustainable and affordable energy for generations to come.
Business Context (section 1.2)
Strategy and Value Creation (section 1.3)
Management Approach & Key Strategic Elements
1. Ethics and Compliance
Internal Risk and Control System and Compliance Program, with focus on data-driven compliance
2. Employee Health, Safety and Security
and Process Safety Management system, Life365; adopting industry best practices and leading standards
3. Human Rights
Executing due diligence cycle and taking action through human rights program governance
4. Operational Excellence and Quality
Target Excellence program, Right365 and Process Safety Management approach
5. Retaining and Developing Employees
learning and development process, systems and teams
6. Economic Performance
Backlog and cash preservation and grow in line withand growth ambitions
7, 9, 13, 14
Digital Transformation program
Technology development, open innovation
7, 9, 13, 14
10. Energy Transition
New Energies and Services development, emissionZERO®
7, 9, 13
11. Market Positioning
competitiveness through Fast4Ward®, Digitalization, emissionZERO®
Embeddingtargets in the business and participation in key ratings
3, 4, 7, 8, 9, 13, 14
The relevance of a responsible energy transition has become even more clear in 2022. Alongside climate change, one of the major challenges of our time, the war in Ukraine and the aftermath of the pandemic led to increased energy price inflation and even disruptions in access to energy, impacting the world at large. SBM Offshore's material topics demonstrate the interests of SBM Offshore's stakeholders and the impact SBM Offshore's business has on the economy, the environment and society. SBM Offshore's vision, mission and strategy are framed by climate change mitigation − with clear net-zero commitments and a mission to reduce carbon and grow renewable energy. This business brings value to clients, employees and other stakeholders across the world. SBM Offshore also takes action to minimize potentially adverse impacts to people and the environment.
SBM Offshore has been able to balance ’business as usual’ against a back-drop of an increasingly turbulent geopolitical environment, at the same time making progress on safe, sustainable and affordable energy for generations to come.
SBM Offshore takes pride in being able to leverage SBM Offshore’s people’s capabilities to deal with complexity, develop technologies for the energy transition, deliver projects on time and within budget and operate assets safely and sustainably. In other words: sharing our experience to make it happen.
- 1 This key output is qualitative in nature and as such the limited assurance procedures performed by the external independent auditor are less extensive compared to those of the other KPIs listed in this table.
- 2 As per February 8, 2023.