Overall impact

SBM Offshore is making progress on its ambitions and longer-term objectives explained in section 1.1.3. Examples are the milestones reached in net zero product development (explained in detail in sections 2.1.7 and 2.1.10), the achievement of Human Rights initiatives in key regions, living up to its zero tolerance commitment on misconduct and its ability to finance new projects.

SBM Offshore faces dilemmas on topics material to the business (1.2.2) and significant risks to the business (1.4.2). A key dilemma is balancing the need for affordable energy against global ambitions on climate change. The trade-offs are carefully balanced, while taking a course compatible with net zero (1.4.3). SBM Offshore is well aware of its responsibility to work with its value chain partners to address emissions.

Other challenges include Human Rights, the safety of employees, ensuring a diverse workforce, risks of fraud and bribery and impacts through potential events harming the environment. The strain on people, associated with resource-intense, high-stakes projects, have a risk of inducing physical and mental fatigue in employees in this industry.

This chapter explains SBM Offshore’s approach to the above dilemmas and outcomes over the past year and the steps planned for the future.