These unprecedented times are resulting in a strong, united front from everyone at SBM Offshore. As we rise to the challenges and go about our work activities, we put health and safety first. SBMers are working hard with our clients, partners and suppliers to adjust to the circumstances. We will continue to monitor the evolving situation and take whatever action is required to continue the safe operations of our fleet, our projects and all our activities. Here are some more details on our global response to the situation.
Staff and contractors
As the global impact of the COVID-19 virus spreads, SBM Offshore’s priority is the health and safety of its staff, contractors and their families, while at the same time we ensure safe operations across all activities. A global task force continues to monitor the situation on a daily basis in our worldwide locations. We follow the advice from the relevant authorities and medical experts. We do so in close contact with our clients, partners and suppliers.
In our office locations staff are often working remotely. With the support of our IT team, activities continue. Restrictions are in place regarding non-essential travel and international travel has almost come to a standstill. We are regularly updating our staff and are supporting them with advice for a healthy balance between their professional and personal lives.
Projects under construction
SBM Offshore is carrying out construction activities in many parts of the world. Specifically our suppliers’ construction yards in China reopened in February and are now close to planned capacity. In Singapore and Dubai, the yards have remained open. Additional measures and protocols have been put in place to ensure the health and well-being of staff and contractors at the yards.
Safe operations of our fleet is of the essence. So far, the year-to-date uptime of the fleet is in line with our historical track record. Business continuity protocols have been activated at shore bases, as well as for offshore operations. Crew rotations are being optimized to adjust to the impact of international travel restrictions. Pre-screening protocols have been implemented prior to offshore embarkation. Contingency plans are in place to allow reassignment of experienced staff from onshore to offshore roles, to the extent necessary.
SBM Offshore has access to sufficient liquidity: both from its currently undrawn revolving credit facility, from committed project financing, as well as cash. The Company is on track to complete its earlier announced share repurchase program.
Our Annual General Meeting of Shareholders will take place on April 8, 2020. However, as announced on our website on March 19, it will be by an adjusted procedure. The meeting will be broadcast live via our website. To safeguard the health of our shareholders, employees and other stakeholders, no shareholders or visitors can attend the meeting.
CEO Bruno Chabas commented:
|“Due to the COVID-19 epidemic, life is also changing at SBM Offshore. We must remain vigilant as the health and safety of everyone is our priority, whilst we work hard to keep the operations going. These are challenging times for companies and society as a whole. It is uplifting to see that our sense of community at SBM is so strong. I am proud of how everyone has embraced our value of ‘care’. To all SBMers, our clients, suppliers, partners and all our stakeholders and their families, stay safe. We will come out stronger at the other end.”|