SBM Offshore N : 2021 Annual Report

ANNUAL REPORT 2021

NOTES TO THE READER

DISCLAIMER

This document is the printed/pdf or 'website version' and is not the official annual financial reporting, including the audited financial statements thereto pursuant to article 2:361 of the Dutch Civil Code. The official annual financial reporting, including the audited financial statements and the auditor's report thereto, are included in the single report package ('ESEF package') which can be found in the download center of the 2021 Annual Report website. In case of any discrepancies between this document and the ESEF package, the latter prevails. Note that the auditor's opinion included in this document does not relate to this document but only to the ESEF package. No rights can be derived from using this document, including the unofficial copy of the auditor's report. Our auditors did not determine (nor do they need to) that the website version is identical to the official version.

MANAGEMENT REPORT

The management report ('bestuursverslag') within the meaning of section 2:391 of the Dutch Civil Code comprises of the Chapters Business Environment up to and including Governance (excluding the Report of the Supervisory Board and the Remuneration Report), section 4.1 of the Chapter Financial Information 2021, and section 5.3 of the Chapter Non-Financial Information.

FORWARD-LOOKING STATEMENTS

Some of the statements contained in this report that are not historical facts are statements of future expectations and other forward-looking statements based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as 'expect', 'should', 'could', 'shall' and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the 'Risk Management' section of this 2021 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company's business may vary materially and adversely from the forward looking statements described in this report. SBM Offshore N.V. does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this report to reflect new information, subsequent events or otherwise.

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TABLE OF CONTENTS

1	BUSINESS ENVIRONMENT	4
1.1	At a Glance	6
1.2	Business Context	12
1.3	Strategy and Value Creation	20
1.4	Risk Management	28

2	PERFORMANCE REVIEW & IMPACT	36
2.1	Performance Review	40
2.2	Sustainable Development and Local Impact	68
3	GOVERNANCE	72
3.1	Management Board and Supervisory Board	74
3.2	Corporate Governance	76
3.3	Report of the Supervisory Board	81
3.4	Remuneration Report	85
3.5	Shareholder Information	99
3.6	Risk & Compliance	102
3.7	Company Tax Policy	105
3.8	Operational Governance	106
3.9	In Control Statement	109
4	FINANCIAL INFORMATION 2021	110
4.1	Financial Review	114
	FINANCIAL STATEMENTS
4.2	Consolidated Financial Statements	127

4.3 Notes to the Consolidated Financial

	Statements	147
4.4	Company Financial Statements	214
4.5	Notes to the Company Financial Statements	217
4.6	Other information	222
4.7	Key Figures	235

5	NON-FINANCIAL INFORMATION	238
5.1	Scope of Non-Financial Information	240
5.2	Reporting Boundaries	244
5.3	Non-Financial Indicators	249
5.4	GRI Content Index	254
5.5	Certification and Classification Tables	257
5.6	Assurance Report of the Independent Auditor	259

6	ADDITIONAL INFORMATION	262
6.1	Glossary	264
6.2	Addresses & Contact Details	266

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