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SBM Offshore N.V. : SBM Offshore Press Release



                SBM Offshore N.V. : SBM Offshore Press Release

SBM Offshore to write off book value of Yme platform and take settlement
provision

9.95% equity placement with HAL Investments to restore the balance sheet

Subject to settlement with Talisman regarding Yme, a fully underwritten rights
offering

20 December 2012

Summary

SBM Offshore announces revised expectations for the outcome of the Yme project
together with associated provisions, and further announces the anticipated
commitment of HAL Investments, a current shareholder, to provide and
underwrite fresh equity to support the business.

·         US$ 400 million impairment charge to reflect full write down of full
book value of Yme platform
·         US$ 200 million provision for SBM Offshore's estimate of settlement
costs
·         US$ 29 million charge for additional costs related to Deep Panuke
project

·         A 9.95% private placement with HAL Investments B.V. ("HAL") at €
8.50 per ordinary share raising US$ 193 million to ensure that banking
covenants are met.
·         In addition, subject to the Company reaching a settlement with
Talisman in respect of the Yme project within an agreed period:
-          HAL to pay an additional sum to reflect a higher valuation for the
aforementioned private placement shares;
-          HAL to underwrite in full an approximate 10% rights offering at the
final private placement price.

·         Total impairments and other charges to result in a 2012 estimated
Net Loss of approx US$ 100 million
·         Estimated 2012 turnover of around US$ 3.6 billion; no further change
to guidance
·         Publication of 2012 results brought forward to 14 February 2013
·         Management Board proposes not to distribute a dividend for 2012 and
2013

Bruno Chabas, CEO of SBM Offshore said:

"We welcome the support of HAL in the important steps we are announcing today.
The capital raised through the placement will allow us to restore our balance
sheet. HAL has indicated its endorsement of the Management Board's long term
vision for SBM Offshore and its strategic direction.

Defining the way forward for Yme has been lengthy and arduous. However, we
have made significant progress and are now able to take the tough decision to
fully impair the full book value of the platform and provide for settlement
costs. In the weeks ahead, we aim to move forward from alignment with our
client on the targeted outcome, to the practical steps of an agreement."

For further information, please contact:

Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer

Telephone: (+377) 92 05 85 15
Mobile:    (+33) 643 919 312
E-mail:    sebastiaan.derondebresser@sbmoffshore.com 

Media Relations
Anne Guerin-Moens
Group Communications Director

Telephone: (+377) 92 05 30 83
Mobile:    (+377) 680 863 691
E-mail:    anne.guerin-moens@sbmoffshore.com 

To see the full version of this press release please click on the link below:

SBM Offshore Press Release

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE
HUG#1666549
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