SBM Offshore N.V. : SBM Offshore Awarded Contracts to Provide World's Deepest Disconnectable FPSO for Shell Stones in Gulf of

SBM Offshore N.V. : SBM Offshore Awarded Contracts to Provide World's Deepest
            Disconnectable FPSO for Shell Stones in Gulf of Mexico

22 July 2013

FPSO for Stones

SBM Offshore  is  pleased to  announce  it  has signed  contracts  with  Shell 
Offshore  Inc.  to  supply  and  lease  an  Floating  Production  Storage  and 
Offloading (FPSO) for the  Stones development project in  the Gulf of  Mexico. 
The contracts include  an initial  period of  10 years  with future  extension 
options up to a total of 20 years. The Stones development is located in 2,896m
(9500ft) of water approximately  320km (200 miles)  offshore Louisiana in  the 
Walker Ridge area. When  installed, the Stones FPSO  will be the deepest  FPSO 
development in the world.

The converted  Suezmax FPSO  will have  a turret  with a  disconnectable  buoy 
(Buoyant  Turret  Mooring  or  BTM)  allowing  it  to  weathervane  in  normal 
conditions and disconnect from the FPSO upon the approach of a hurricane.  The 
BTM will be  configured with  Steel Lazy-Wave Risers  (SLWR) which  will be  a 
first application  for a  disconnectable FPSO.  The mooring  system will  also 
incorporate the ability to adjust line tension during operations by use of  an 
In-Line Mooring Connector (ILMC). SBM Offshore's 30 years of turret experience
including the delivery of nearly 50  systems will be leveraged to supply  this 
pioneering BTM system.

The FPSO is a typical generation 2 design with a processing facility  capacity 
of 60,000 barrels of  oil per day  (bopd) and 15 mmscfd  of gas treatment  and 
export. No water injection facilities are specified. The Suezmax hull will  be 
able to store  800,000 barrels  of crude oil  and total  topsides weight  will 
reach 7 thousand tons.

In March 2012, Shell and SBM Offshore signed an Enterprise Framework Agreement
(EFA) for the supply of medium and  small FPSOs on a lease and operate  basis. 
The Stones FPSO is  the first Shell project  to award contracts utilizing  the 
EFA. SBM Offshore and  Shell have been engaged  in front-end development  work 
for the  Stones FPSO  solution for  the  past two  years. Execution  work  has 
already commenced  in  SBM  Offshore's Houston  Execution  Center  with  early 
procurement and commitments underway.

The total asset value of the FPSO is approximately US$ 1 billion.

SBM Offshore  CEO Bruno  Chabas  commented: "We  are  delighted to  have  been 
selected to supply the deepest floating  installation in the world, setting  a 
new technological benchmark  and confirming our  position as a  leader in  the 
FPSO market and large turret mooring systems for Deepwater. The Stones project
is the latest successful FPSO award  with Shell and reaffirms SBM's  continued 
focus on building long  term relationships and  FPSO-led strategic vision.  We 
look forward to working on further  groundbreaking projects with Shell in  the 
years to come."

Financial Calendar                                         Date   Year
Half-year Results 2013 - Press Release (18.00 CET)         07-Aug 2013
Half-year Results 2013 - Analysts Presentation (19:00 CET) 07-Aug 2013
Trading Update Q3 2013 - Press Release (07.30 CET)         14-Nov 2013

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in
Schiedam. It holds direct and indirect interests in other companies that
collectively with SBM Offshore N.V. form the SBM Offshore group ("the

SBM Offshore provides floating production solutions to the offshore energy
industry, over the full product life-cycle. The Company is market leading in
leased floating production systems with multiple units currently in operation,
and has unrivalled operational experience in this field. The Company's main
activities are the design, supply, installation and operation of Floating
Production, Storage and Offloading (FPSO) vessels. These are either owned and
operated by SBM Offshore and leased to its clients or supplied on a turnkey
sale basis.

Group companies employ over 7,400 people worldwide, who are spread over five
execution centres, eleven operational shore bases, several construction yards
and the offshore fleet of vessels. Please visit our website at

The companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate entities. In this communication "SBM Offshore" is
sometimes used for convenience where references are made to SBM Offshore N.V.
and its subsidiaries in general, or where no useful purpose is served by
identifying the particular company or companies.

The Board of

Schiedam, 22 July 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 complete version  of this press release,  please click on the  link 

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
information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.