Climate Change Data

SBM Offshore N.V.

Climate Impact & Sustainability Data (2007, 2020-21 to 2021-22, 2023)

Reporting Period: 2007

Environmental Metrics

ESG Focus Areas

  • Safety
  • Environmental protection
  • Local content

Environmental Achievements

  • High uptime of FPSO fleet (99%) resulting in substantial bonus revenues and minimal downtime.
  • Minimized environmental impact through reduced seabed footprint with surface and near-surface technology.

Social Achievements

  • Increased number of employees by 15% to 4,402.
  • Continued expansion of permanent and contract staff.
  • Increased proportion of national staff for shore base and fleet activities.
  • Developed local training school in Angola with capacity of 120 trainees per year, employing around 100 local workers by year-end.

Governance Achievements

  • Continued refinement of procedures to comply with best practice provisions of the Corporate Governance Code.
  • Significant progress in designing and documenting risk management systems.
  • Detailed review and benchmarking exercise of executive remuneration.

Climate Goals & Targets

Long-term Goals:
  • Maintain growth through development of new technologies and expansion of the lease business model.
Medium-term Goals:
  • Expand lease business in the Gulf of Mexico and establish a pole position in the offshore gas exploitation market.
  • Develop technical solutions for the production of green energy offshore.
Short-term Goals:
  • Increase project execution capacity to 3.2 million manhours by end of 2008.

Environmental Challenges

  • Short bid validities, high prices, tough conditions, and long deliveries from vendors and subcontractors.
  • Tight market for the supply of equipment and services.
  • High input costs, particularly on the equipment supply sector.
Mitigation Strategies
  • Increased focus on pricing of proposals to improve robustness of cost estimates.
  • Developed long-term relationships with suppliers and subcontractors.
  • Used long-term relationships, commercial agreements, escalation formulae, and options to manage pressure on margins.
  • Strict adherence to Group Management System of Quality Assurance Procedures.
  • Investment in a new construction yard in Angola (joint venture with Sonangol).

Supply Chain Management

Responsible Procurement
  • Focus on long-term relationships with suppliers.
  • Use of commercial agreements, escalation formulae, and options to manage risks.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Certifications: ISO 14001, ISO 9000, ISM Code 2002

Third-party Assurance: KPMG Accountants N.V.

Sustainable Products & Innovation

  • MOPUstor™
  • MOPU
  • SeaStar® TLP
  • GAP™
  • Trelline™
  • LNG FPSO
  • FSRU
  • FRU
  • Gas Link™
  • Offshore wind turbine installation jack-ups
  • Offshore wind turbine transportation vessels
  • Wave energy conversion farms

Awards & Recognition

  • Spotlight on Technology Award for Cryogenic Swivel at Offshore Technology Conference 2007

Reporting Period: 2020-21 to 2021-22

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Eradicating hunger, poverty, and malnutrition
  • Promoting healthcare, sanitation, and safe drinking water
  • Promoting education and employment skills
  • Promoting access to clean and affordable energy, reducing GHG emissions, and waste reduction
  • Promoting gender equality and empowering women
  • Ensuring environmental sustainability and conservation of natural resources
  • Protection of national heritage, art, and culture
  • Measures for the benefit of armed forces veterans
  • Promoting rural sports
  • Contribution to socio-economic development and relief funds
  • Rural development projects
  • Slum area development
  • Disaster management

Environmental Achievements

  • Not disclosed

Social Achievements

  • SBM Offshore Vatsalya project supported Round Table School, providing educational materials, nutritious food, infrastructure development, and English-speaking sessions for underprivileged children.
  • SBM Vatsalya project supported Navachetana, fostering intellectually disabled children.

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Not disclosed
Mitigation Strategies
  • Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:5.9 million tonnes CO2e
Scope 1 Emissions:489 tCO2e
Scope 2 Emissions:1,257 tCO2e
Scope 3 Emissions:5.7 million tCO2e
Renewable Energy Share:38%
Total Energy Consumption:64.3 million GJ
Carbon Intensity:98.95 tonnes of CO2 Eq/ 1,000 tonnes HC Production

ESG Focus Areas

  • Ethics and Compliance
  • Employee Health, Safety and Security
  • Human Rights
  • Operational Excellence and Quality
  • Employee Wellbeing
  • Economic Impact
  • Emissions
  • Digitalization
  • Innovation
  • Energy Transition
  • Market Positioning
  • Decommissioning

Environmental Achievements

  • Achieved between 8-12 kg of CO2/barrel of oil equivalent (boe) by reducing carbon emissions in new FPSOs.
  • Oil-in-water discharge 66% below IOGP average.
  • 1.18 MMSCF/D average flaring (17% lower than 2022).
  • 5.9 million tonnes of GHG emissions (1.7% lower than 2022).
  • Successful installation of three floaters for the Provence Grand Large offshore wind project.
  • 97% of Deep Panuke facility recycled, reused, or repurposed.

Social Achievements

  • Total Recordable Injury Frequency Rate (TRIFR) of 0.08.
  • 1,178 new hires.
  • 13% employee turnover rate.
  • 40 average training hours per employee.
  • 81% employee engagement score and 82% job satisfaction score.
  • 90.4% of suppliers screened on human rights.
  • 100% of new suppliers signed supply chain charter.
  • Two human rights/worker welfare initiatives per region implemented.

Governance Achievements

  • 91% completion of compulsory compliance tasks (onshore).
  • 0 confirmed cases of corruption.
  • MSCI upgraded ESG rating from A to AA.

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions by 2050
Medium-term Goals:
  • Achieve 30% renewable energy by 2030
Short-term Goals:
  • Reduce water consumption by 10% by 2025
  • Reduce GHG intensity of scope 3 downstream leased assets by 50% by 2030
  • Zero routine flaring by 2030
  • 100% green energy by 2030 (scope 2)

Environmental Challenges

  • Supply chain disruptions.
  • Cost overruns caused by delays.
  • Lingering COVID-19 impacts.
  • Slow progression of the floating offshore wind market.
  • Project financing challenges.
  • Impacts from changes in local legislative and business environment.
  • Activities of financial, strategic and/or operational partners impacting ability to build new business and execute projects.
  • Potential acute or chronic exposure to hazards during product lifecycle.
  • Inherent project risks.
  • Benefits of transformation programs not being realized.
  • Cybersecurity and data protection threats.
  • Inability to attract and retain human resources.
  • Supply chain constraints.
  • Impacts arising from complex dismantling operations of aging assets.
  • Increasing constraints from financial institutions being exposed to fossil fuel-related projects.
  • Adverse changes in tax and regulatory frameworks.
  • Fraud, bribery, or corruption.
Mitigation Strategies
  • Launched a centralized multi-disciplinary Corporate & Business Solutions Center (CBSC).
  • Rightsizing the organization.
  • Continuous improvements in Turnkey.
  • Focus on incidents with potential for serious injury or fatality.
  • Secured US$3.2 billion for FPSOs Almirante Tamandaré and Alexandre de Gusmão.
  • Robust processes for selecting appropriate parties to work with.
  • Application of Process Safety Management (PSM) framework.
  • Proper business-case analysis and project management capabilities.
  • Change management ambassadors.
  • Investment in hardware, software, monitoring, and awareness training.
  • Streamlined operating model and partnerships.
  • Talent development program.
  • Working across functions to set a good foundation encompassing organizational structure, new ways of working and skills development.
  • Gained significant experience in decommissioning assets.
  • Actively monitors short and long-term liquidity position.
  • Uses existing liquidity, bridge loans, long-term project financing, and equity sales.
  • Compliance Program with policy, training, guidance, and risk-based oversight and control.
  • Core Values, Code of Conduct, and Anti-Bribery and Corruption Policy.

Supply Chain Management

Supplier Audits: 9 ESG audits; 90.4% of new suppliers screened for Human Rights

Responsible Procurement
  • Supply Chain Charter
  • Human Rights Standards
  • Modern Slavery Statement

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather
  • Flooding
  • Drought
  • Heavy rains
  • Typhoons
Transition Risks
  • Reduced demand for oil and gas
  • Financing constraints for hydrocarbon-related projects
  • More stringent environmental laws
  • Introduction of carbon pricing
  • Delay in product development
Opportunities
  • Need for resilient ocean energy solutions
  • Development of new, cleaner solutions
  • Favorable business case for emissionZERO® products

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 9001:2015

Third-party Assurance: Limited assurance

UN Sustainable Development Goals

  • 3
  • 4
  • 7
  • 8
  • 9
  • 10
  • 12
  • 13
  • 14

Initiatives contribute to these goals through various programs and projects.

Sustainable Products & Innovation

  • emissionZERO® FPSOs
  • Float4Wind® floating offshore wind technology
  • S3® Wave Energy Converter

Awards & Recognition

  • GMSA Corporate Social Responsibility Award
  • AMCHAM Catalyst of Change Award
  • Guyana National Bureau of Standards Award