SBM Offshore Rebrands, Demand for FPSOs Looks Strong [VIDEO]
SBM Offshore’s main product is the design, supply, installation and operation of Floating Production, Storage and Offloading (FPSO) vessels. After a difficult 2011, SBM Offshore has rebranded, reshuffled a few of their senior executives, and launched a new website and some new social media channels to help show the world a bit more about what they do and who they are.
Here’s an un-narrated 3-D view of what an FPSO-developed field looks like, and how it produces hydrocarbons.
Vision and driving ambition of SBM Offshore:
“To be the trusted partner of choice in the development of complete offshore floating solutions for the world’s energy companies – which is underpinned by three core values: Team-Energy (Work as One), Success (Perform) and Ambition (Shape our Future).”
In SBM’s annual report, they state:
The demand for FPSOs will remain strong over the next five years, with continued strong growth forecast in deepwater worldwide and particularly in Brazil and West Africa. The disappointing financial performance over last few years of FPSO projects worldwide is an indication that rewards are structurally not aligned with obligations and liabilities of FPSO contractors.
The on-going effects of the debt crisis will impose more stringent bank regulations, with implementation of Basel 3 principles, which will make it more difficult to secure long-term debt through the project financing markets. In order to finance continuing growth in the lease fleet the Company is diversifying its sources of long-term debt by widening its core banking group, by signing a long-term corporation agreement with Mitsubishi Corporation to develop FPSO projects in partnership, and by preparing to access debt markets directly.
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