Sustainability

Getting greener while sustaining ethical growth and opportunites.

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Our priorities

Every aspect of sustainability needs attention, but some are more
relevant to us and our stakeholders than others.

Environmental, Social and Governance

Solstad assesses environmental, social and corporate governance issues in its business decisions, operation and financial reporting.

Solstad’s governance and management systems are based on the Company’s vision and values.

ESG leading indicators

UnitTarget
2021
202020192018GRI *****SGD
Environment
CO2 scope 1 (own activity)tCO2-3 %*696,888801,578714,722305-113
CO2 scope 1 (Purchased electricity)**tCO2203214156305-213
Energy consumption sum Scope 1 and 2MWh2,721,1863,005,3732,576,754302-113
NOx emissiontNOx-3 %9,60111,32910,089305-713
SOx emissiontSOx-3 %457532512305-713
Number of Oil spillsNo.0121413306-314
Oil spill litresLitres0349113679306-314
Fines for none-compliance of environmental regulationsNo.0000419-116
Single use plastic waters bottles on board out vesselsNo.0145,200184,450N/A305-114
Social
Permanent employees%97 %96 %96 %401-28
Gender diversity sea (Target 10% female crew by 2025)%6 %5 %102-88
Gender diversity office management level (Target 35 %
female managers by 2025)
%25 %23 %21 %15 %102-88
Retention rate offshore crew%90 %97 %96 %97 %401-18
Retention rate onshore employees%90 %96 %90 %93 %401-18
TRCF (12-month rolling – Total Recordable Case Frequency)***No.1.101.281.651.86403-98
Fraction of all employees received sustainability training ****%100 %43 %404-28
Governance
Gender diversity Board of Directors%50 %50 %40 %50 %1028
Incidents related to Corruption and BriberyNo.0000205-38
Share of Revenue from Renewable energy segment (non oil and gas)%10 %5 %7 %201-213
* Increased fleet fuel efficiency
** Office locations 2020 (10) – 2019 (11) – 2018 (13)
*** per 1 million hours
**** Training started 21.12.2020
*****GRI (Global Reporting initiative) as guidance only
SDG: UN Sustainable Development Goals

United Nations (UN) Sustainable Development Goals

A thorough materiality analysis has provided us with way to focus our efforts by highlighting the most crucial elements of what sustainability means to both Solstad and our customers, investors, employees and neighbours.

Zero Emissions

As a major player in the offshore energy industry, we’re acutely aware of the predicaments that face us as a global society and our role in both creating and solving them. We know that the Earth is getting warmer, and we took considerable environmental measures through the Solstad Green Operations program long before it was cool.

Zero Incidents

Solstad Incident Free Operations is a companywide working culture whereby all operations are planned and executed in the belief that all incidents, whatever the nature or cause, are preventable. 

We are all one team and responsible for the safety of ourselves and of each other. We reject the idea that ‘accidents happen’

We strive to maintain this safety mindset in every facet of our operations that ensures we:

  • Look Out for Each Other
  • Understand and actively manage the risks in every task
  • Choose to follow the safety rules speak up and stop any task that is deemed to be unsafe

Zero Tolerance

We know that big business decisions are sometimes made based on other things than competence and ability, which is why we have an absolute zero tolerance policy on corruption and bribery. We aim to provide steady, fulfilling work for people in the communities we touch. That’s why we employ local seafarers and land-based staff in our different markets, and why we protect whistleblowers.