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“Strategic focus can hardly be clearer: FPSO, FPSO, FPSO” The fact that the Group offers both lease and turnkey sale possibilities to its clients is seen as an important benefit in the market place. For large floating production systems, it is essentially the Client’s choice to opt for lease or sale, which at times is decided relatively late in the contracting process. However, the financial capacity of the Group combined with its assessment of the overall risk profile of each project defines whether the Group will pursue a prospect and influence the Group’s appetite to expose its balance sheet. The Group aims to grow by expanding its lease fleet of FPSOs organically, but it will also consider acquisitions as opportunities arise. The Group aims to maintain its leadership in Brazil and Angola but also aims to secure new, suitable projects in geographical areas such as the Far East, Australia, North Sea, Mexico, and West Africa (other than Angola) to diversify its geographic spread, but keeping in mind its high-end positioning. The Group is dedicated to provide its stakeholders with an organisational structure that enables and incentivises on-time delivery of projects, within budget. FPSOs developed by SBM Offshore are not commodities. Main trends observed during previous years are the increasing complexity of FPSOs, the scale of investment, the doubling and sometimes even tripling of the average FPSO contract life, the use of FPSOs as full life-of-field development systems.
Saskia Kunst, Group Strategy Director
SBM Offshore – Company Overview 2012