5.6Limited Assurance Report of the Independent Auditor
Assurance report on the sustainability information 2022
Based on our review, nothing has come to our attention that causes us to believe that the sustainability information included in the annual report 2022 of SBM Offshore N.V. does not present, in all material respects, a reliable and adequate view of:
What we have reviewed
We have reviewed the sustainability information included in the following sections of the annual report for 2022 (hereafter: the sustainability information):
A review is aimed at obtaining a limited level of assurance.
The basis for our conclusion
We conducted our review in accordance with Dutch law, including Dutch Standard 3810N ‘Assuranceopdrachten inzake maatschappelijke verslagen’ (assurance engagements relating to sustainability reports), which is a specific Dutch standard that is based on the International Standard on Assurance Engagements (ISAE) 3000 ‘Assurance engagements other than audits or reviews of historical financial information’. Our responsibilities under this standard are further described in the section ‘Our responsibilities for the review of the sustainability information’ of our report.
We believe that the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Independence and quality control
We are independent of SBM Offshore N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assuranceopdrachten’ (ViO – Code of ethics for professional accountants, a regulation with respect to independence). Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA – Code of ethics for professional accountants, a regulation with respect to rules of professional conduct).
PwC applies the ‘Nadere voorschriften kwaliteitssystemen’ (NVKS – Regulations for quality systems) and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and other relevant legal and regulatory requirements.
The reporting criteria used for the preparation of the sustainability information are the Sustainability Reporting Standards of the Global Reporting Initiative (GRI) and the applied supplemental reporting criteria, as disclosed in chapter ‘5.1.1 Reporting about non-financial information’, ‘5.1.2 Materiality methodology’ and ‘5.2 Reporting Boundaries’ of the annual report.
The absence of an established practice on which to draw, to evaluate and measure sustainability information allows for different, but acceptable, measurement techniques and can affect comparability between entities, and over time.
Consequently, the sustainability information needs to be read and understood together with the reporting criteria used.
Limitations to the scope of our review
The sustainability information includes prospective information such as expectations on ambitions, strategy, plans and estimates and risk assessments. As discussed in chapter 1.4.3 Climate change risk and opportunity, the sustainability information includes information based on climate-related scenarios that is subject to inherent uncertainty because of incomplete scientific and economic knowledge about the likelihood, timing or effect of possible future climate-related impacts. Inherent to this prospective information, the actual future results are uncertain, and are likely to differ from these expectations. These differences may be material. We do not provide any assurance on the assumptions and achievability of prospective information.
In the sustainability information references are made to external sources or websites. The information on these external sources or websites is not part of the sustainability information reviewed by us. We therefore do not provide assurance on this information.
Our conclusion is not modified in respect to these matters.
Responsibilities for the sustainability information and the review thereon
Responsibilities of the management board and the supervisory board for the sustainability information
The management board of SBM Offshore N.V. is responsible for the preparation of reliable and adequate sustainability information in accordance with the reporting criteria as included in the section ‘Reporting criteria’ including selecting the reporting criteria, the identification of stakeholders, and determining the material matters. The management board is also responsible for selecting and applying the reporting criteria and for determining that these reporting criteria are suitable for the legitimate information needs of stakeholders, taking into account applicable law and regulations related to reporting. The choices made by the management board regarding the scope of the sustainability information and the reporting policy are summarised in ‘5.1.1 Reporting about non-financial information’, ‘5.1.2 Materiality methodology’ and ‘5.2 Reporting Boundaries’ of the annual report.
Furthermore, the management board is responsible for such internal control as the management board determines is necessary to enable the preparation of the sustainability information that is free from material misstatement, whether due to fraud or error.
The supervisory board is responsible for overseeing the company’s reporting process on the sustainability information.
Our responsibilities for the review of the sustainability information
Our responsibility is to plan and perform the review engagement in a manner that allows us to obtain sufficient and appropriate assurance evidence to provide a basis for our conclusion.
Our objectives are to obtain a limited level of assurance to determine the plausibility of the sustainability information. The procedures vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. The level of assurance obtained in a review is therefore substantially less than the assurance obtained in an audit in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks.
We have exercised professional judgement and have maintained professional skepticism throughout the review, in accordance with Dutch Standard 3810N, ethical requirements and independence requirements. Our procedures included, amongst other things, the following:
We communicate with the supervisory board regarding, among other matters, the planned scope and timing of the review and significant findings that we identify during our review.
Rotterdam, 22 February 2023
PricewaterhouseCoopers Accountants N.V.
drs. A.A. Meijer RA