Key elements that enable the Company’s success in the energy transition area are :
- Product Development for Floating Offshore Wind and Wave Energy
- Technology Development supporting these product developments (see more detail in section 2.1.8)
- The emissionZEROTM program explained in section 2.1.6
- 2.2 s the Company is committed to, as explained in section
Product development for energy transition is addressed through the Company’s New Energies & Services business unit, in collaboration with the Technology Department. SBM Offshore continues to evaluate its renewables and gas performance growth through measurement against full company revenues, in line with its 2030 ambition. The Company monitors its commercial pipeline that will allow the Company to achieve its envisioned growth goals.
By addressing the energy transition in this manner, SBM Offshore is addressing material risks of oil price dependency, portfolio risks and Climate Change described in section 1.4.2.
In line with our strategy to innovate and our ambition to have 25% of the Company’s revenues from renewables and gas by 2030, SBM Offshore has made significant achievements in 2020 :
- SBM Offshore has been contracted by EDF Renouvelables for the engineering, procurement, construction and installation of three floating units and their mooring systems for offshore wind turbines, with a total capacity of 25.2 MW. The units will be deployed offshore Marseille for the project Provence Grand Large. The Company has made progress on the design and the turnkey phase is ongoing, with expected installation in 2022.
- Progress has been made in the innovative S3® Wave Energy Converter pilot project, with expected installation offshore Monaco in 2022.
- Research and Development investments in renewable energy products, with 52% of the total 2020 budget applied to non-carbon technologies. This includes further development of Floating Offshore Wind and Wave Energy Converter products, as well as studies within energy storage, desalination, hydrogen and ammonia for offshore applications.
- Strengthening of the Company’s position in the Gas and markets, focusing on LNG-to-Power and Terminals.
- SBM Offshore is working on projects that address emissions reduction along the lifecycle of its business, as part of its emissionZEROTM portfolio.
- In December, the Company launched the New Energies & Services business entity, placing it prominently in the organization, reporting to the CEO.
SBM Offshore will build upon these achievements and is looking at developing from renewable energy pilots to commercial energy infrastructure as well as increasing its role in the supply chain with the aim of creating more value.