SBM Offshore is active in multiple energy markets − oil, gas and renewables. Oil markets mainly supply the transportation and industry sectors, while gas and renewables feed into power generation, industry sectors and buildings. Currently, most of SBM Offshore’s revenues are derived from the deep water oil and associated gas markets. The Company is the leader in its market in terms of total oil and gas production ( ), the number of cumulative years of operating experience and the number of units delivered to date.
The global market fors can be roughly split into three segments:
In order to maintain its leading position in its focusmarket segments, the Company focuses on:
- Leveraging the Company’s experience and business model by strengthening its position in its core markets, whilst also looking to develop sustainable business in new regions.
- Transformation programs to increase return to our customers, the main one being Fast4WardTM, which reduces delivery time via standardization and improves efficiencies and productivity through digitalization.
Deeper water typically requires more complex solutions in terms of design and operations. The chart illustrates SBM Offshore’s worldwide expertise focusing on deep and ultra-deep water.
The Company has developed a solid portfolio and business strategy to meet the needs of an evolving energy mix, with a more dominant role for gas. The growing demand for long-distance transportation of natural gas as well as production of associated gas, is increasing the market for liquified natural gas (LNG) solutions. The Company is developing solutions for the floating liquefied natural gas (FLNG) market. The following segments can be identified in this market:
- Large solutions with a production capacity typically above 3 million tonnes per annum ( )
- Mid-scale solutions ranging between 1 and 3
- Smaller solutions of <1
The Company is targeting mid-scale 1 million engineering manhours dedicated to .and has developed safe and reliable solutions for both newbuild and conversion projects. The Company’s approach is rooted in 20 years of designing, building and operating large offshore gas and liquefied petroleum gas ( projects, as well as numerous (pre-) studies, with more than
SBM Offshore focuses on two markets for renewable energy production:
- Floating Offshore Wind (FOW)
- Wave Energy Converter (WEC)
Both markets are in development and heavily linked to the readiness of innovative technologies.
Themarket is developing worldwide, with several pilot projects ongoing in anticipation of future commercial floating wind farm projects. The Company is leveraging its experience in past floaters’ design and mooring systems to provide the market with an effective technical solution that can be designed, built and installed for commerical scale. The first application will be deployed for the Provence Grand Large project in the Mediterranean Sea. Offshore wind segmentation is mainly determined by field characteristics (i.e. wind speeds and water depth).
For wave energy, the market is yet to develop and will materialize upon the validation of new technologies. SBM Offshore’sis an example of such new technology. Using electro-active polymers, it brings an effective energy solution with no mechanical components, designed to achieve low and ; therefore a low Levelized Cost of Energy (LCOE). The first pilot project is under development.