SBM Offshore N.V. : SBM OFFSHORE FULL-YEAR RESULTS 2012

Press release

14 February 2013

As in 2011, the 2012 results are overshadowed by the impact of impairments and
provisions for two legacy projects, which hide the good underlying performance
in the core FPSO business. Despite falling short of expectations, revenues
were up 17.1% on 2011 at a record $3.7 billion, while underlying EBIT margins
were in line with or above expectations. Consistent with the core FPSO
strategy announced in 2012, GustoMSC was divested in the fourth quarter.
Record financing levels were achieved, notably with the $1.1 billion project
loan for Ilhabela, and the $ 500 million US Private Placement for Anchieta. In
December, the Company moved further towards a solution of the Yme MOPUstor^TM
legacy project and restored the balance sheet through an equity injection by
cornerstone investor HAL. Order intake was slow, in line with the industry, as
a consequence of delays in contract awards.

Commenting on the results, Bruno Chabas, CEO of SBM Offshore, said:

"For SBM Offshore, 2012 was tougher than we had expected. Even so, we made
significant progress toward unlocking the outstanding potential of our
Company. In vital respects, such as strategy, structure, ways of working,
increased compliance focus and a renewed management team, SBM is being
transformed. As we move towards closure of our legacy projects, I am convinced
that the quality of performance being delivered by so many colleagues across
the Company will begin to manifest itself in our financial results."
Financial highlights

· Turnover increased by 17.1 % to US$ 3,695 million in 2012, and underlying
EBIT by 6.4% to US$ 550 million.

· Exceptional items:

§ book gains of US$ 128 million following the sale of Gusto MSC and the
Dynamic Installer
§ US$ 200 million settlement costs provision for YME
§ full impairment of US$ 398 million on the Yme MOPUstor(TM)
§ additional impairment of US$ 29 million for the Deep Panuke platform
· The Company ended the year with US$ 748 million in cash, an additional US$
750 million undrawn credit facility and a resulting net debt position of US$
1,783 million, reflecting strong liquidity.

US$ million                                 FY 2012        FY 2011  Change
Turnover                               3,695     3,157    17%
EBIT before impairments,
provisions and divestments            550           516    6%
EBIT after impairments,
provisions and divestments             51           (341)   n.m.
Net Profit / (Loss)                  (75)           (441)   n.m.
Investments in fixed assets
and finance leases                             1,235           1,413   -13%
Operating cashflow                             1,144           1,158    -1%
                                            FY 2012        FY 2011  Change
Order Portfolio                              14,538          16,910   -14%
Cash                                             748             165   n.m.
Net Debt                                       1,783           1,959    -9%
Solvency ratio                                 27.1%           30.0%   -10%
Further financial information is provided in the Financial Review section and
the Consolidated Financial Statements as included in this press release

Financial outlook

Despite the remaining uncertainty over the financial impact of the legacy
projects, the Company is confident in the continued growth of its core FPSO
business, and expects to achieve revenue of approximately $4 billion in 2013.

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

Media Relations

Anne Guerin-Moens

Group Communications Director

Telephone: (+377) 92 05 30 83
Mobile:    (+377) 680 863 691

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

SBM Offshore press release


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Source: SBM Offshore N.V. via Thomson Reuters ONE
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