SBM Offshore is leveraging its experience and capability in floating energy solutions to contribute to the energy transition. The Company targets to have at least 25% of revenues from gas and renewables products by 2030. SBM Offshore has invested over 50% of its 2020 R&D budget in non-carbon technologies to promote energy transition and decarbonization.

SBM Offshore has progressed the engineering services for the Provence Grand Large project for EDF Renouvelables, and is now entering into the procurement and construction stage of the three 8.4MW floaters and the mooring systems that are planned to be installed offshore Marseille, France. Leveraging SBM Offshore’s long and unique experience of delivering more than 500 floating systems along with that gained from this pilot project will enable the Company to further tune its technology, its execution model and to scale up for future wind farm projects.

Construction of the first prototype for the innovative Wave Energy Converter S3® is progressing at the Company’s R&D center with deployment targeted in 2022 offshore Monaco. The Wave Energy Converter S3® was recently ranked as the second most promising wave energy technology by an independent third-party consultant performing a benchmarking study with respect to wave energy technologies.

SBM Offshore uses the United Nations’ Sustainable Development Goals (SDG) framework to embed sustainability into the Company’s strategy. For the year 2020, the Company set ten targets related to six SDGs: Good Health and Well-being (SDG 3); Affordable and Clean Energy (SDG 7); Decent Work and Economic Growth (SDG 8); Industry, Innovation and Infrastructure (SDG 9); Climate Action (SDG13); Life Below Water (SDG 14). All of the ten targets have been met or exceeded. Refer to the 2020 Annual Report for further details.

SBM Offshore sets a particular priority on the reduction of greenhouse gas (GHG) emissions. The Company exceeded its target to reduce gas flared on SBM Offshore’s account from its existing fleet at year end 2019 achieving a reduction of 36% compared with the target of 25%. Following start up and commissioning from the end of 2019, FPSO Liza Destiny emissions will be included from 2021 onwards. After challenges during her commissioning which were exacerbated by supply chain disruption due to COVID-19, main gas compression issues were resolved in the course of the second half of 2020. The lessons learned have resulted in an adjusted approach for future project and operations.

All FPSO tenders from SBM Offshore include emission projections for the operation phase, which has enabled the Company to engage with clients on asset carbon footprint as well as potential solutions to reduce GHG emissions in the future. This engagement has been further enhanced by the evolution of the emissionZERO™ concept announced in early 2020 into a comprehensive program targeting floating energy production solutions with near zero emissions. Activities comprise new product development and embedding emissionZERO™ in SBM Offshore’s ways of working; 39 discrete projects and initiatives are currently underway. The program also includes running a stakeholder engagement platform given that it is highly dependent on market acceptance.

KeyFacts Energy Industry Directory: SBM Offshore