DOCSLIB.ORG

Leveraging Our Global Capabilities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Leveraging Our Global Capabilities Subsea 7 S.A. Annual Report and Financial Statements 2010 Leveraging our global capabilities Subsea 7 S.A. (Formerly Acergy S.A.) Annual Report and Financial Statements 2010 Leveraging our global capabilities Subsea 7 S.A. is a global leader in seabed-to-surface engineering, construction and services. The Combination of Acergy S.A. and Subsea 7 Inc. in January 2011 created a global leader in seabed-to-surface engineering, construction and services able to offer clients access to a high end, diversified fleet, comprising 42 vessels supported by extensive fabrication and onshore facilities able to deliver the full spectrum of subsea engineering, construction and services. Subsea 7 S.A. is well positioned to take advantage of future growth opportunities in the global seabed-to-surface market. We are leveraging our global capabilities through our greater depth of project management, engineering and technical expertise along with our high-end diversified fleet to secure and deliver complex offshore projects on behalf of our clients, in safe and sustainable ways. For all the latest up-to-date information visit www.subsea7.com Subsea 7 S.A. Registered office: 412F, route d’Esch L-2086 Luxembourg Registered number: B 43 172 Creating a new force in seabed-to-surface May 2010 Awarded $120 million Dec 2009 Dec 2009 contract, offshore Acquires Borealis Awarded three-year Nigeria Acergy acquired Borealis, a DSV contract Awarded Conventional state-of-the-art deepwater Awarded three-year project for the removal construction and pipelay contract for the provision of existing risers, vessel. Borealis is ideally of Dive Support Vessel the installation of new suited to meeting the services to the DSVi pipelines and associated exacting requirements of Collective of companies risers, together with ultra-deep and deepwater in the North Sea. associated diving projects in the world’s and hook-up activities, harshest environments. offshore Nigeria. Acergy S.A. Jun 2010 Acergy S.A. and Subsea 7 Inc. agree to combine Subsea 7 Inc. Jan 2010 Completion of the Mar 2010 Girassol Pipeline May 2010 Seven Atlantic Repair Project for i-Tech awarded joins the fleet largest ever Total in Angola Seven Atlantic, a state- The project, which was an of-the-art pipelaying contract to date entirely diverless pipeline Award of the largest single and construction ice- repair in 1,350 metres contract to the i-Tech class vessel, suitable for water depth, received the business by Petrobras in unrestricted operation 2010 Pipeline Industries Brazil. In excess of $250 worldwide, joined the fleet. Guild Award for Subsea million, this contract is Pipeline Technology. for the provision of ROV and intervention tooling services onboard 20 to 30 offshore drilling units. August 2010 Acquires Antares July 2010 and Polar Queen Awarded $1.3bn Antares is a new shallow water contract, offshore pipelay barge for Conventional Angola activities for pipelay and hook-up Sept 2010 At $1.3 billion, the CLOV projects in West Africa. Project is the Group’s largest Acquires Pertinacia Polar Queen is a flexible pipelay Pertinacia is a flexible pipelay single project award. This and subsea construction vessel vessel which joined the fleet in SURF project covers the which joined the fleet in 2006 on 2007 on long-term charter and engineering, procurement, long-term charter and which is which is currently operating in fabrication and installation currently operating in Brazil Brazil for Petrobras. of the CLOV deepwater for Petrobras. development, offshore Angola in water depths of approximately 1,300 metres. Jan 2011 Jun 2010 Nov 2010 Combination completes. Acergy S.A. and Shareholders Commences trading as: Subsea 7 Inc. agree approve Combination Subsea 7 S.A. to combine Sept 2010 Jun 2010 Awarded $250m Major Pipeline Pipelay contract for Bundle Contract for Total in the North Sea BP in the North Sea Dec 2010 On the Laggan Tormore The 28km pipeline bundle deepwater gas field Seven Pacific represents a step change development, West of joins the fleet in the Subsea 7 pipeline Shetland in the North Sea, With the capability to work bundle tie-back range in including the installation of in a wide range of worldwide that it will be the longest a 141km rigid reel pipeline. locations, Seven Pacific bundle Subsea 7 has is a flexible pipelay and produced and installed construction ice-class vessel, to date. designed for deepwater pipelay and offshore construction activities. Contents Overview Subsea 7 S.A. Overview 2 What we do (formerly Acergy S.A.) 2 3 Leveraging our Global Capabilities These sections provide information 14 Chairman’s Statement and disclosure for Subsea 7 S.A. which was created on January 7, 2011 following completion of the Combination of Acergy S.A. and Subsea 7 Inc. Business Review 16 Chief Executive Officer’s Review Business Review 16 19 Our Strategy 20 Market Review 22 Operating Review 26 Risk Governance 34 Board of Directors 34 For Subsea 7 S.A. 36 Executive Management Team 37 Corporate Governance 38 The Board 42 Remuneration Report Governance Acergy S.A. Governance 46 The Board The following sections contain 46 For Acergy S.A. for fiscal year 49 Remuneration Report information and disclosures relating 2010 and as at January 7, 2011. 53 Chief Executive Officer and Chief to Acergy S.A., for the relevant fiscal years up to and including Financial Officer’s Responsibility Statement fiscal year 2010, which ended on November 30, 2010. Financial Review & Statements Financial Review 54 Financial Review 54 & Statements 80 Report of the Réviseur d’Entreprises Agréé 81 Consolidated Financial Statements 87 Notes to the Consolidated Financial Statements Additional Information Additional 142 Special Note Regarding Forward 142 Information Looking Statements Includes information for 143 Selected Financial Data Acergy S.A. and Subsea 7 Inc., 146 Other Information unless otherwise stated. 154 Investor Information 169 Key Investor Information and Contacts 171 Cross-reference to Form 20-F 173 Table of Definitions seabed-to-surface 1 Overview What we do Providing a full spectrum of seabed-to-surface services We concentrate on services and solutions that add value to our clients throughout the lifecycle of their offshore energy fields. We aim to deliver projects on time, within budget and to the highest quality standards, whilst making safety and security an absolute priority. Offshore upstream cycle The offshore upstream cycle covers: seismic, exploration and appraisal, development, production and decommissioning and abandonment and is typically a 10 to 50 year cycle. Subsea 7 is typically involved in the late-cycle activities, in particular in development and production related activities. Exploration & appraisal Development Production SURF Life-of-Field Includes infrastructure related to Includes integrity management of subsea trees or floating production installed infrastructure, including platforms, including pipelines, risers, planned inspection, routine umbilicals, moorings and other subsea maintenance, repair, incremental structures, such as manifolds. developing and finally abandonment. Conventional Conventional refurbishment Includes projects relating to the Involves the maintenance and fabrication and installation of fixed refurbishment of Conventional platforms and their umbilicals, topside facilities. flowlines and associated pipelines (shallow water developments). Flexibles/Heavy Lifting Decommissioning Through our joint ventures NKT Through our joint ventures Flexibles and Seaway Heavy Lifting SapuraAcergy and Seaway Heavy we provide clients with access to Lifting we provide clients with access the full spectrum of products and to decommissioning services. services associated with Flexibles and Heavy Lifting. i-Tech Veripos i-Tech is a provider of ROVs and remote intervention tooling services to the global exploration and production industry. Veripos provides precise navigation and positioning services to the offshore industry. Project management and engineering services Successful engineering and project management are core to our business and sets Subsea 7 apart. It takes years of practical experience, know-how and dedication to safely deliver the toughest and most complex of offshore projects. 2 Subsea 7 S.A. Annual Report and Financial Statements 2010 Overview Leveraging our global capabilities “We work in partnership with our clients to develop and maintain long-term relationships that add value to their projects. Our diverse, integrated and dedicated teams are experts in their fields and have a track record of safely and efficiently executing complex projects in harsh and challenging environments. We have the flexibility to respond quickly and sensitively to local demands, leveraging the full strength of our global resources and know-how.” Jean Cahuzac, Chief Executive Officer Subsea 7 We achieve this through: Global capabilities across all activities Our specialist expertise is focused on construction and maintenance operations between the seabed and the surface of the sea. Our global resources are deployed in all major offshore hydrocarbon basins worldwide. Delivering proven expertise across complex projects We are experts in the design, fabrication, installation and commissioning of seabed-to-surface projects. We have a proven track record for delivering large and complex projects in harsh and challenging environments. World-class specialised fleet We operate one of the world’s most versatile fleets comprising high-specification pipelay, construction, remote intervention and diving
Load more

Recommended publications
  • WELL POSITIONED for the FUTURE Who We Are
    Subsea 7 S.A. Annual Report 2012 WELL POSITIONED FOR THE FUTURE WHO WE ARE Subsea 7 is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Our vision is to be acknowledged by our clients, our people and our shareholders as the leading strategic partner in our market. We provide integrated services and have a proven track record of safely and reliably executing offshore projects of all sizes and complexity in all water depths. Our operating principles define the way we conduct our operations and shape our approach to business: Safety is at the heart of our operations – we are committed to an incident-free workplace, every day, everywhere. Projects are core to our business – our people are motivated to ensure that our projects deliver exceptional performance. Engineering is at the heart of our projects – we create technical solutions and sustainable value for our stakeholders. People are central to our success – we build our business around a valued and motivated workforce. We make long-term investments in our people, assets and know-how – we build strong relationships with clients and suppliers, based on mutual trust and respect. We operate in a consistent manner on a worldwide basis – we are locally sensitive and globally aware. Subsea 7 S.A. Annual Report and Consolidated Financial Statements 2012 2012 Financial Highlights Overview Overview 1 2 Chairman’s Statement Revenue Revenue by Territory 4 What We Do AFGOM $2,182m 6 Where We Operate 8 Chief Executive Offi cer’s Review $6,297m
    [Show full text]
  • Delivering Sustainable Value Across the Energy Lifecycle
    DELIVERING SUSTAINABLE VALUE ACROSS THE ENERGY LIFECYCLE SUBSEA 7 SUSTAINABILITY REPORT 2020 OUR PROGRESS INSIDE THIS REPORT CEO’s letter 2 In 2020 we made good progress Materiality assessment 3 on our sustainability journey Sustainability priorities Health, safety and wellbeing 4 REINFORCED OUR CORPORATE Energy transition 6 GOVERNANCE AROUND SUSTAINABILITY Labour practices and human rights 8 Business ethics 10 Operational eco-efficiency 12 Ecological impacts 14 ESTABLISHED WORK GROUPS OF SENIOR Additional sustainability topics 16 MANAGEMENT TO FOCUS ON OUR Covid-19 19 SUSTAINABILITY PRIORITIES Data summary 20 Report abbreviations 24 EU Non-Financial Reporting Directive 24 CONTINUED TO DEVELOP METRICS AND TARGETS KEY METRICS WE MADE SIGNIFICANT PROGRESS WITH EACH OF OUR SUSTAINABILITY PRIORITIES: Employee health, Energy transition DEVELOPED A CARBON ESTIMATING TOOL TO safety and wellbeing CALCULATE THE CARBON FOOTPRINT OF OUR WORK INCREASED THE NUMBER OF EMPLOYEES COMPLETING 0.07 6.0 GW COMPLIANCE AND ETHICS E-LEARNING Lost-time incident Cumulative power capacity frequency rate per of renewables projects 200,000 hours worked supported to end of 2020 FOCUSED ON THE WELLBEING OF OUR EMPLOYEES WITH DEDICATED RESOURCES TO SUPPORT THEM STARTED ELIMINATION OF SINGLE-USE PLASTICS Labour practices Business ethics EMBEDDED THE PRINCIPLES OF BUILDING and human rights RESPONSIBLY AND THE UN GLOBAL COMPACT COMMITTED TO PROACTIVE PARTICIPATION 6,660 5,153 IN ENERGY TRANSITION Number of suppliers Number of employees with a contract that who have completed
    [Show full text]
  • Annual Report 2020
    SUBSEA 7 S.A. ANNUAL REPORT 2020 DELIVERING SUSTAINABLE VALUE ACROSS THE ENERGY LIFECYCLE SUBSEA 7 S.A. ANNUAL REPORT 2020 Strategic report Chairman’s Statement 2 2020 FINANCIAL Chief Executive Officer’s Review 4 Our Business Model 8 PERFORMANCE Our Markets 10 Our Activities 12 Strategy 14 Business Review 18 REVENUE ADJUSTED EBITDA Sustainability 22 Risk Management 26 Governance $3,466M $337M Governance Overview 37 (2019: $3,657m) (2019: $631m) Board of Directors 38 Executive Management Team 40 Corporate Governance Report 42 Consolidated Financial Statements Financial Review 52 CASH AND CASH DIVIDENDS AND SHARE Consolidated Financial Statements 59 EQUIVALENTS REPURCHASES Subsea 7 S.A. Financial Statements Subsea 7 S.A. Financial Statements 137 $512M $10M Glossary 149 (2019: $398m) (2019: $304m) Additional Information 155 NET INCOME/(LOSS) DILUTED EARNINGS PER SHARE $(1.1)BN $(3.67) (2019: $(82)m) (2019: $(0.27)) BACKLOG ORDER INTAKE $6.2BN $4.4BN (2019: $5.2bn) (2019: $3.9bn) Get the latest investor information online www. subsea7.com VISION To lead the way in the delivery of offshore projects and services for the energy industry STRATEGIC REPORT Discover online how we are fulfilling our vision. Visit www.subsea7.com STRATEGY In an evolving energy sector, we create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs Information on our strategic priorities and progress is set out on pages 14 to 17 GOVERNANCE SUBSEA FIELD ENERGY TRANSITION OF THE FUTURE –
    [Show full text]
  • 17 March 2020 Dear Shareholders, on Tuesday 7 April
    Subsea 7 S.A. 412F, Route d'Esch L-2086 Luxembourg www.subsea7.com 17 March 2020 Dear Shareholders, On Tuesday 7 April 2020, the Annual General Meeting (the “AGM”) of the Shareholders of Subsea 7 S.A., (the “Company”), RCS Luxembourg N° B43172, will be held at the registered office of the Company, 412F, route d’Esch, L-2086 Luxembourg, at 15:00 hours (local time). Due to the fact that the Company is incorporated in Luxembourg as a Société Anonyme, the Company’s affairs are governed by the provisions of Luxembourg Company Law. Under these provisions and the provisions of the Company’s Articles of Incorporation, the AGM will be restricted to the matters set out in the enclosed Notice. Matters to be considered at the AGM At the AGM, shareholders will be asked to approve the Group’s Annual Report and consolidated financial statements, the Company’s annual accounts, discharge the Directors from their duties for the financial year and approve the statutory auditor’s appointment. In addition, this year’s AGM agenda includes three items with respect to the election to the Board of Directors of three directors standing for re-election, Mr Jean Cahuzac, Mr Niels Kirk and Mr David Mullen. The biographies of the relevant directors are attached to this letter in an Appendix. Quorum and Majority At the AGM, since under Luxembourg law there is no minimum quorum requirement, decisions taken shall be valid regardless of the number of shares represented, provided there is approval by the majority of the votes of the shareholders validly cast.
    [Show full text]
  • Market Notice
    Market Notice 06 May 2015 London Stock Exchange Derivatives MARKET NOTICE 2015/033 THE OBOSX INDEX – Capped number of shares effective 7 May 2015 Seadrill (SDRL) closed above 20% on Tuesday 5 May and triggered a capping. Based on the Oslo Børs Index Methodology 2.5.3, the OBOSX index will be capped as follows: The largest stock, if exceeding 30% of the OBOSX total market value, will be capped at 30% Other stocks, if exceeding 18% of the market value, will be capped at 18%. The capping is performed based on the uncapped OBX (OBXU). Subsea 7 (SUBC) will replace TGS-NOPEC (TGS) as the largest stock in the index, resulting in the following capping: Subsea 7 (SUBC) - 30% Seadrill (SDRL) - 18% TGS-NOPEC (TGS) - 18%. Please see the exact number of shares for each constituent valid from Thursday 7 May 2015 at the end of this message. If you have any questions please call ETD Market Operations on +44 (0) 207 797 3617. Derivatives Operations London Stock Exchange Client Technology Services, LSEG Telephone: +44 (0)20 7797 3617 [email protected] 10 Paternoster Square, London, EC4M 7LS www.lseg.com 1 Market Notice 06 May 2015 OBOSX 07.05.2015 No Symbol Name Isin Sub Industry Shares * Weight % 1 SUBC Subsea 7 LU0075646355 Oil & Gas Equipment & Services 303 737 625 30.00 2 SDRL Seadrill BMG7945E1057 Oil & Gas Drilling 148 030 062 18.00 3 TGS TGS-NOPEC Geophysical Company NO0003078800 Oil & Gas Equipment & Services 80 838 583 18.00 4 PGS Petroleum Geo-Services NO0010199151 Oil & Gas Equipment & Services 279 639 030 16.47 6 AKSO Aker Solutions NO0010716582 Oil & Gas Equipment & Services 195 412 886 10.92 7 FOE Fred.
    [Show full text]
  • Renewables Investor Event
    Renewables Investor Event 29 September 2020 1 © Subsea 7 - 2020 Subsea 7 Renewables Forward looking statements This announcement may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements for the year ended 31 December 2019. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies,
    [Show full text]
  • Subsea 7 Sustainability Report 2019
    Subsea 7 Sustainability Report 2019 Our sustainability journey Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. In an ever-evolving energy industry, one of the most significant challenges we face is the increased demand society places on being able to deliver sustainable sources of energy as we transition to a lower-carbon future. Our Company is committed to meeting this challenge and to continuously improve the sustainability performance of our business. Our Values provide the framework for how we behave and what our people, our clients, our shareholders and society can expect from us. They make us who we are. These Values are closely aligned to our six sustainability priorities, since these are the areas we have always known are important to being a preferred supplier and employer. Inside this report 2019 was a significant year in Subsea 7’s sustainability journey. We established a new ‘Sustainability’ Value that specifically CEO’s letter 2 focuses on our environmental and societal behaviours and our Materiality assessment 3 newly formed Sustainability Working Group undertook a Health, safety and wellbeing 4 detailed assessment to set the cornerstones of our Energy transition 6 sustainability strategy going forward. Labour practices and human rights 8 Business ethics 10 We look ahead to 2020’s sustainability plan with enthusiasm Operational eco-efficiency 12 and commitment. We recognise the importance of setting Ecological impacts 14 strong sustainability foundations and will continue to build Additional sustainability topics 16 upon these by establishing action plans and targets.
    [Show full text]
  • First Quarter 2021 Earnings Presentation
    First Quarter 2021 Earnings Presentation 29 April 2021 1 © Subsea 7 - 2021 subsea7.com Forward looking statements • This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements for the year ended 31 December 2020. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies,
    [Show full text]
  • Renewables Investor Day 2020 Q&A Transcript
    Renewables Investor Day 2020 Q&A Transcript First part of Q&A session Michael Alsford, Citi: Hey there, good afternoon, thanks for the presentation. Firstly, your positive outlook on market potential is similar to ours actually for offshore wind, but could you talk a bit more about the capacity of the organisation to conduct the large and more complex project scopes, as you say, the balance of plant or the integrated model, for example, could you do two Seagreen type of projects at the same time? How many integrated type projects could you do? What are the physical and operational limitations currently on the organisation? And then secondly more specifically on the fleet. I guess can you talk a little bit more about the flexibility to shift more vessel capacity to offshore wind and what the capex may be for that? Thanks John Evans, CEO Subsea 7: I will try to answer your questions, I may ask Steph to chip in but I will start off. I guess, for us I think the message that Steph gave is that we believe that in due course there will be more larger projects in a EPCI configuration and in an integrated configuration. With the way we are structured, we have engineering capabilities and supply chain capability that we can switch between oil and gas and renewables. The vessels in this market (and we will talk about that a bit more in the second half of today’s presentations) more ability to sub-contract and I’ll ask Steph to talk a little bit about sub-contracting in a moment, so sub-contracting is an opportunity for us.
    [Show full text]
  • Combination of Subsea 7 Renewables and OHT
    Combination of Subsea 7 Renewables and OHT Thursday, 8th July 2021 Combination of Subsea 7 Renewables and OHT Thursday, 8th July 2021 Operator: Good day and thank you for standing by. Welcome to the Subsea 7 and OHT joint conference call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be the question and answer session. To ask a question during the session, you will need to press star and one on your telephone keypad. Please be advised that today’s conference is being recorded. If you require any further assistance over the phone, please press star zero. I would now like to hand the conference over to your first speaker today, Katherine Tonks. Please go ahead. Welcome Katherine Tonks Director, Investor Relations, Subsea 7 Good morning everyone. With me on the call today are John Evans, CEO of Subsea 7, and Rune Magnus Lundetræ, Chairman of OHT. This morning’s press release is available to download on our website, along with the presentation slides that we’ll be referring to during today’s call. Disclaimer May I remind you that this call includes forward-looking statements that reflect our current views and are subject to risks, uncertainties and assumptions. Similar wording is also included in our press release. I’ll now turn the call over to John. Combination of Subsea 7 Renewables and OHT John Evans Chief Executive Officer, Subsea 7 Thank you, Katherine. Good day everyone and thank you for joining this call at such short notice. Rune and I are excited to talk to you today about the transaction we announced this morning to combine Subsea 7’s Renewables business with OHT.
    [Show full text]
  • Innovation in Non Destructive Testing
    Innovation in Non Destructive Testing Entrepreneurship Casper Wassink Innovation in Non Destructive Testing Proefschrift Ter verkrijging van de graad van doctor aan de Technische Universiteit Delft, op gezag van de Rector Magnificus prof.ir. K.C.A.M. Luyben, voorzitter van het College van Promoties, in het openbaar te verdedigen op donderdag 12 januari 2012 om 12:30 uur door Casper Harm Philip WASSINK Natuurkundig Ingenieur geboren te Aalsmeer Dit proefschrift is goedgekeurd door de promotor: Prof. dr. ir. A.J. Berkhout Copromotor: Dr. J.R. Ortt Samenstelling promotiecommissie: Rector Magnificus, Technische Universiteit Delft, Voorzitter Prof. dr. ir. A.J. Berkhout, Technische Universiteit Delft, Promotor Dr. J.R. Ortt, Technische Universiteit Delft, Copromotor Prof. dr. A.H. Kleinknecht, Technische Universiteit Delft Prof. dr. ir. J.G. Slootweg, Technische Universiteit Eindhoven Prof. dr. B.J.M. Ale, Technische Universiteit Delft Prof. dr. U. Ewert, Bundesanstalt für Materialforschung und -prüfung Dr. ir. M. Lorenz, Shell Global Solutions Prof. dr. ir. P.M. Herder, Technische Universiteit Delft, reservelid ISBN 978-90-8570-795-0 Copyright © 2011 Casper Wassink, Rotterdam, The Netherlands Printed by: Wöhrmann Print Service All rights reserved, No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior consent of the author. Samenvatting Innovatie is vandaag de dag geen activiteit meer die kan worden overgelaten aan een aparte afdeling of een kennisinstituut. Het is een kerncompetentie van succesvolle ondernemingen. Echter, in veel gevestigde ondernemingen is de snelheid van innovatie laag. De Niet Destructie Onderzoek sector is een voorbeeld van een sector waar de snelheid van innovatie zeer laag is.
    [Show full text]
  • Acergy S.A. Announces Second Quarter Results
    Acergy S.A. Announces Second Quarter Results London, England – July 14, 2010 – Acergy S.A. (NASDAQ-GS: ACGY; Oslo Stock Exchange: ACY), announced today results for the second quarter which ended on May 31, 2010. The Group’s accounts are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and were approved by the Board on July 14, 2010. Highlights - Revenue from continuing operations was $581 million (Q2 2009: $526 million) - Adjusted EBITDA(a) from continuing operations was $121 million (Q2 2009: $113 million) corresponding to an Adjusted EBITDA margin of 20.9% (Q2 2009: 21.5%) - Income from continuing operations was $63 million (Q2 2009: $76 million) - Strong cash and cash equivalents position of $631 million (February 28, 2010: $667 million) - Awarded $120 million Conventional contract, offshore Nigeria - As part of our ongoing fleet development programme, Acergy acquired two vessels post quarter end; the Polar Queen and the Antares, a shallow water barge for the West African Conventional market - Post quarter end, on June 21, 2010 the Boards of Directors of Acergy S.A. and Subsea 7 Inc. announced that they had agreed to combine the two companies Jean Cahuzac, Chief Executive Officer, said: “We have delivered a solid quarterly performance driven by excellent project execution, additional variation orders on ongoing projects and strong Conventional activity. We remain on track to deliver our 2010 expectations. In line with our strategy to develop the fleet, we acquired the Antares and Polar Queen, reinforcing our commitment to capture opportunities and invest in the business.
    [Show full text]