2.1.11Market Positioning

MANAGEMENT APPROACH

Market positioning is about global presence and engaging in emerging markets in order to adapt to market developments. The size of the business, new business development and sustainability benchmarks are seen as strong indicators of a successful management approach. Examples of metrics are the performance of the fleet, the revenue backlog, the number of projects won, the new developments in the renewables market, and SBM Offshore’s ESG ratings performance.

SBM Offshore aims to provide for ’double resiliency’, meaning achieving a cost-competitive and low-carbon footprint for its products, which will be the choice of the clients. SBM Offshore’s strategy to Optimize, Transform and Innovate, combined with addressing material topics, leads to a market positioning for future success. Through market positioning, SBM Offshore addresses the competitiveness risks mentioned in section 1.4.2.

2021 Performance

Performance is detailed in subsections of 2.1. The following table provides the key items of SBM Offshore’s market positioning.


Market positioning − SBM Offshore performance

Optimize

Transform

Innovate

SBM Offshore performance
  • Fleet size of 15
  • Directional Proforma Backlog of US$29.5 billion
  • 6 FPSO projects under construction
  • 360 years of cumulative operating experience
  • 5 Fast4Ward® FPSO projects under execution, 1 additional Fast4Ward® MPF under construction
  • Industry leader in sustainability ranking
  • emissionZERO®
  • 60% R&D spend on non-carbon technology
  • FOW Project in execution and formation of new Joint Venture

Benchmarking

  • A leader in its market
  • A leader on occupational safety
  • First among peers to launch branded platform for emissions reduction
  • First among peers with EPC floating offshore wind
  • Industry first with a S3® type Wave Energy converter
  • First among peers in sustainability
  • 95th Percentile S&P Global ESG rating

FUTURE

SBM Offshore is committed to safe, sustainable and affordable energy for generations to come. SBM Offshore aspires to industry leadership, by understanding stakeholder interests and increasing the size and value of the business. In 2022, SBM Offshore’s focus remains the safe and reliable execution of its ongoing projects and operation of its fleet. SBM Offshore also continues to engage early with clients and vendors to make further progress on the emissionZERO® program and grow its renewables business. SBM Offshore will continue innovating along the energy transition. There will also be more focus on digitalization and offering digital solutions to the market. Finally, sustainability performance is key to long-term market positioning. See section 2.2 for future developments in that area.