2Performance Review & Impact
Throughout 2020, the impact of COVID-19 has been felt around the world. SBM Offshore’s priority has been the health and safety of its staff, contractors and their families, along with ensuring safe operations across all the Company’s activities. In order to coordinate our emergency response, the Company swiftly put in place a global task force to monitor the situation, on a daily basis, across all locations worldwide.
As the pandemic evolved, the Company adapted to the new reality. In office locations, most staff worked from home and were updated on a regular basis and given advice to help them achieve a healthy balance between their professional and personal lives.
OVERALL IMPACT
Looking at our performance on the Material Topics explained in section 2.1, the Company feels confident it was able to to live up to stakeholder interest. Moreover, SBM Offshore has been able to balance ’business as usual’ with a global response to COVID-19 and its economic impact.
For clients in particular, the Company was able to deliver operational excellence and quality and demonstrate economic performance − both in our projects and fleet, which also benefitted our JV partners. SBM Offshore is proud to have achieved a strong health, safety & security performance during the COVID-19 pandemic.
For employees, it has been a challenging year where the Company needed to manage an increased work load and a need to raise efficiency. SBM Offshore maintained an open communication line to employees during this challenging time, remaining focus on development of people as explained in section 2.1.4.
The Company has been able to finance projects while keeping an open dialogue on ESG performance with key lenders. An enhanced supplier-collaboration approach explained under 2.1.3 is benefiting SBM Offshore’s vendors and yards. The integrated approach of the Company leads directly to shareholder value in 2020.
Beyond this, the Company has made significant steps forward in the Energy Transition, its approach to reduce emissions and further contribution to Sustainable Development Goals
In summary, 2020 has been a challenging year for the world, SBM Offshore no exception. COVID-19 posed risks and challenges to the business and made people deal with operational disruptions and wellbeing impacts. On top, the Company is involved in multiple large scale ocean infrastructure projects with ambitions to succeed in the energy transition, achieving healthy financial returns at the same time. Balancing these various elements in a time of disruption has tested the organization and its stakeholders. In the end the Company has been able to maintain operations and solid performance against targets set at the beginning of the year. Overall, SBM Offshore could be considered as a company with solid market positioning, a robust backlog generating long-term cashflow, strong operational track record and the ability to leverage its experience and capabilities to play an active role in energy transition.