|Today SBM Offshore issued its Annual Report and Full Year Results for 2020.
Looking back at 2020, CEO, Bruno Chabas, commented:
“2020 has been a difficult year for everyone, including SBM Offshore. COVID-19 affected our clients and the wider energy market and impacted our operations and projects. Our teams admirably met the challenge. In our Turnkey business, we maintained progress on the Liza Unity, Sepetiba and Prosperity FPSO projects, while operating in a tough environment. In the Lease and Operate division, we have achieved a fleet uptime of 99%, with heightened safety measures to adapt to the new operating environment. Our 2020 financial results are one example of our strong performance in this challenging year and a demonstration of the resilience of our business model.
The pandemic acted as a catalyst for our transformation. Our business is now structured along three long-term value platforms: the ocean infrastructure Lease and Operate portfolio, the Turnkey experience and technical know-how adding new products to grow this portfolio and the New Energies business centered on gas, renewables and digital services. We are entering a period where the energy business will experience an increasing shift in its sources of supply and demand fluctuation but with significant growth potential nonetheless. By adapting our business model, we lowered our break-even point to ensure that we can be more competitive, responsive and agile.
SBM Offshore’s Fast4Ward®, Digitalization and emissionZERO™ transformation programs are delivering increased value with lower emissions and lower costs to our clients. The energy transition has provided new opportunities to leverage our experience in floating energy solutions. We are making good progress on the floating offshore wind project for EDF’s Provence Grand Large project as well as the pilot for our Wave Energy Converter. Together with lower emission offerings from our core business, such projects will allow SBM Offshore to build its platform of ocean infrastructure for generations to come.”