1.5Business Performance

Economic Impact

The main financial highlights of the year and their associated financial impact are reported in section 4.1.4 Financial Review Directional.

Operational Excellence and Quality

SBM Offshore recognizes that in order to be a high-performance company, it must strive for excellence. Operational Excellence and Quality includes themes such as ’Operational Governance’ section 2.7 and ’Target Excellence’ focusing on ’No Harm, No Defects, No Leaks’. This creates an environment to share experiences by leveraging collective knowledge, improving organizational learning and fostering collaboration.

SBM Offshore remains committed to full compliance with all applicable laws and regulations, delivering products and services meeting regulatory requirements and applicable specifications and requirements imposed by relevant stakeholders by:

  • Promoting a quality and compliance culture.
  • Maintaining SBM Offshore’s certification to the ISO 9001:2015 Standard.
  • Providing systematic identification of applicable regulatory requirements and ensuring their implementation.
  • Achievement and maintenance of conformity, compliance and acceptance of SBM Offshore’s products and services.
  • Supporting continuous improvement of business processes and ways of working.

A key aim of the Operational Excellence function is to create a culture of continuous improvement. The function works in close collaboration with the Turnkey, Operations and Global Resources and Services organizations – for instance on the analysis of past performance and definition of lessons learned. These feed improvement of business processes and tools within the organization.

Through the above, SBM Offshore mitigates risks related to project execution, process safety, human capital, changes in laws and regulations and operational risks such as loss of integrity of aging assets, loss of certificate of class and disruption to the supply chain.

During 2024, all SBM Offshore’s offshore facilities were accepted by all relevant authorities and regulators, with all related permits, licenses, authorizations, notifications and certificates duly granted and maintained – with the exception of the temporary suspension of two facilities by local regulators which were subsequently lifted. Offshore facilities have also remained in Class at all times, as required from both statutory and insurance perspectives. SBM Offshore incurred no operational fine that exceeded the threshold for the category of fines considered ‘significant’ (see section 3.9).

Furthermore, SBM Offshore actively promoted ’Target Excellence’ through – amongst others – work front engagements, stand downs at yards, vessels and offices. SBM Offshore is proud of:

  • Maintenance of SBM Offshore’s ISO 9001:2015 certification.
  • Effective use of independent third parties for inspection, verification and assurance services related to execution and operations activities.
  • Implementation of the ’Quality Journey’ program.
  • Organization of a global ’World Quality Week’.
  • The extension of the learning from experience process to quality incidents.
  • The further improvement of the Learning from Performance process within Projects, and Fleet Operations.
  • Implementation of applicable lessons learned in the tendering and the set-up for future FPSO projects.
  • Further digitalization of project and function performance dashboards.