2.1.10Energy Transition


Key elements that enable SBM Offshore’s success in the energy transition area are:

  • Product development for floating offshore wind, wave and other new energies.
  • Technology development supporting these product developments (see more detail in section 2.1.9).
  • The emissionZERO® program explained in section 2.1.7.

SBM Offshore is committed to a strategy and action plan that is compatible with the transition to net-zero by no later than 2050, as explained in section 2.2 and section 1.4.3.

Product development for new products to support the energy transition is addressed through SBM Offshore’s New Energies and Services business unit, in collaboration with the Technology Department. An important step in this process is the development of prototypes and pilot projects, which can also be undertaken as co-development projects with partners and/or customers. SBM Offshore monitors its commercial pipeline to allow SBM Offshore to achieve its envisioned growth goals, in line with its 2030 ambition.

With this management approach to energy transition, SBM Offshore is addressing the significant risks of oil price dependency, portfolio risks and climate change, described in section 1.4.2.

SBM Offshore reports in line with the EU taxonomy regulation and leverages the framework to set targets for and report on the energy transition. Disclosures are found in section 5.1.2.


SBM Offshore has made the following achievements in 2022:

  • The construction of the Provence Grand Large floating foundations reached a major milestone with the successful  installation of the transition pieces linking the floater to the turbine mast.
  • The newly established Renewables Project Development organization aimed to take an early and broad strategic position in the Floating Offshore Wind value chain. SBM Offshore has partnered to pursue opportunities globally. Currently there are 2 x 100MW Llŷr, 60MW Cademo and 400MW North Channel Wind projects in the pipeline, with further development opportunities under investigation.
  • Launched Float4Wind®, the second generation of SBM Offshore's Offshore Wind Floater technology, it has a reduced seabed footprint, an optimized annual energy production combined with a simpler design addressing the challenges of industrialization. Crucially, the technology is scalable to larger capacity turbines and is suitable for deeper water and harsher sea conditions.
  • An MoU signed with ExxonMobil Guyana granting exclusivity for SBM Offshore’s seventh Fast4Ward® Multi-Purpose Floater (MPF) Hull for use on a future cost and  CO2e-intensity-competitive FPSO project.
  • Manufacturing of the WEC S3® prototype is under way in SBM Offshore's Carros laboratory.
  • The seawater intake riser program, to cool FPSO systems and reduce energy use, is under way with a client.
  • SBM Offshore has invested 59% of the total 2022 Group Technology R&D budget in EU Taxonomy eligible1 renewable energy technology and product development. This includes further development of the next generation of Tension-Leg Platform (TLP) floater design, Wave Energy Converter products as well as studies in energy storage, desalination and hydrogen and ammonia for offshore applications.
  • SBM Offshore continues to work on projects that address emissions reduction along the lifecycle of its business, as part of its emissionZERO® portfolio (see section 2.1.7).

The revenues, CAPEX and OPEX associated with these projects and initiatives add to EU Taxonomy eligible business, as reported in section 5.1.5. SBM Offshore’s commitments should lead to higher revenues from eligible business in the future, with 2023 R&D investment already reflected in the EU Taxonomy eligible OPEX KPI stated. Above-mentioned R&D investments are visible in the OPEX KPI reported. These activities support the mitigation of and/or adaptation to climate change impacts.


SBM Offshore will continue to build upon these achievements and is looking at developing from renewable energy pilots to commercial scale energy infrastructure, as well as increasing its role in the supply chain, with the aim of creating more value. For 2023, SBM Offshore has set a target of investing 50% of its R&D budget into EU Taxonomy eligible technologies, as can be read in section 5.1.5.