Annual General Meeting of Shareholders SBM Offshore Company Update and 2020 Resolutions
April 8, 2020
Today, the Company held its Annual General Meeting of Shareholders. This release contains the results of that meeting, as well as an update on COVID-19 related matters.
SBM Offshore’s priority is the health and safety of its staff, contractors and their families, ensuring safe operations across the Company’s activities at the same time. A dedicated task force continues to monitor the situation at all Company locations across the globe, on a daily basis. The Company follows advice from the relevant authorities and medical experts. SBM Offshore stays in close contact with clients, partners and suppliers.
Safe operations of our fleet is of the essence. In the first quarter, the year-to-date uptime of the fleet has been in line with our historical track record. Business continuity protocols have been activated at shore bases, as well as for offshore operations. To keep offshore operations safe and stable, only essential maintenance is performed. Crew changes have become more difficult as travel restrictions often apply in and out of countries where the Company has operations or crewmembers are located. Crew rotations have been extended for those offshore while their upcoming counterparts are in self-quarantine at monitored facilities onshore.
In the last few days, SBM Offshore has transported some crewmembers with symptoms from one FPSO back to shore. Further tests have now confirmed a number of positive COVID-19 cases. The Company is assessing the situation with the client and the authorities.
SBM Offshore is carrying out construction activities in many parts of the world. Additional measures and protocols have been put in place to ensure the health and well-being of staff and contractors at the yards. Construction yards in China reopened in February and are now close to planned capacity. In Singapore and Dubai, the yards have remained open until the end of March. Since last week, the authorities suspended activities at the yard in Singapore for a period of two weeks. Some delays in project execution will be unavoidable. The Company is in close contact with clients and business partners to manage the situation, adjust execution planning and where appropriate create mitigation plans.