5.1.1Reporting about ESG Information

This annual report has been prepared in accordance with the latest GRI Standards, the revised 2021 Universal Standards and Oil & Gas Standards. SBM Offshore has used the GRI Standards to determine material aspects for this year’s Annual Report. The Sustainability Statement was developed, based on the methodologies and disclosure requirements of the Global Reporting Initiative Standard, and organized into chapters that address the most relevant environmental, social and economic matters. In anticipation of European Sustainability Reporting Standards (ESRS) requirements, SBM Offshore ran a double materiality assessment, a gap analysis and included additional disclosures in this report. The Sustainability Statement is prepared on a consolidated basis, aligned with the consolidation of SBM Offshore financials. Specific explanations of the scopes can be found in this chapter. The Sustainability Statement covers impacts within the upstream and downstream value chain of SBM Offshore, explained in the below paragraphs.