5.1Business topics definitions
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Energy transition | The activity of growing the New Energies business, decarbonization technologies and associated services, so as to maintain a leading market position throughout the energy transition, through portfolio management, sustainable development and adaptation to external trends. |
Operational excellence and quality | Managing the integrity of assets to achieve safety, quality and uptime, including building a culture of continuous improvement, so as to achieve operational excellence and deliver projects and operations safely, on time and at high quality in all areas of SBM Offshore’s business and supply chain. |
Digitalization | Growth of digital solutions and services to support business objectives, at the same time managing associated risk [e.g. cybersecurity]. This entails the development of secure digital applications to generate new business, improve operational excellence and reduce cost base through process redefinition, IT integration, IT infrastructure and development of digital services. |
Innovation | Activity of research and development into energy transition solutions or other business/operations improvements related to SBM Offshore’s mission – e.g. development of new technologies, particularly low and non-carbon technologies. |
Market positioning | SBM Offshore’s position in the market and global presence, engaging in emerging markets, adapting to present and future market developments and product differentiation. Market Positioning refers to the ability to feed stakeholder perception regarding a brand or product, relative to competitors. |
Economic impact | Direct economic value generated by considering total lifecycle and operating costs, in order to be able to distribute to stakeholders, including employees, shareholders and capital providers and (local) suppliers. |