SBM Offshore N.V. : SBM OFFSHORE HALF-YEAR RESULTS 2013

Good core performance; record backlog; outlook improved
August 7, 2013

SBM Offshore has  made good  operational progress,  with underlying  financial 
results ahead of  our expectations. The  Company continues to  be on track  in 
resolving its legacy issues. Directional^1  Backlog reached a record level  of 
US$22.4 billion including contracts for FPSOs  Cidade de Maricá and Cidade  de 
Saquarema for Petrobras, the Company's largest orders to-date. Oil  production 
commenced on FPSO  Cidade de Paraty  in Brazil, and  a US$600 million  project 
loan was secured for  FPSO N'Goma. Post-period, the  Company announced it  had 
been awarded the FPSO Stones  by Shell for delivery to  the Gulf of Mexico  in 

Bruno Chabas, CEO of SBM Offshore commented:

"I am strongly encouraged by  the headway we have made  in the first half.  We 
have secured several outstanding  contract awards and are  on a much  stronger 
footing, having both remedied a significant legacy issue and strengthened  our 
balance sheet. Our management team can now concentrate on running the business
and progressing our  strategic transformation. Our  focus on FPSOs  is at  the 
heart of this and our prospects give me confidence in our performance for  the 
full year."

Financial Highlights

SBM Offshore is  seeking to  provide its shareholders  and other  stakeholders 
with clarity on business performance above  and beyond the regular IFRS  based 
disclosures. One  complexity  is  that the  Group's  business  model  combines 
turnkey sales  with  construction  projects  for its  own  lease  and  operate 
portfolio. SBM Offshore's  FPSO construction and  lease and operate  contracts 
are increasingly classified as 'finance leases' which adds further  complexity 
by accelerating revenue recognition into  the construction phase, well  before 
rents are invoiced to and paid by the client. In this context, the Company  is 
introducing 'Directional^1' reporting alongside IFRS. Directional^1  reporting 
seeks to present revenue and results  in line with operating cash flows.  This 
extended reporting includes a Directional^1 Income Statement and Directional^1
Backlog as part of the Financial Review.

  *On a Directional^1 basis, revenues were up 24% to US$1,669 million in
    H1'13, and underlying EBIT increased by 69% to US$297 million
  *Letters of Intent for lease and operate contracts for two FPSOs from
    Petrobras (contracts executed post-period)
  *Directional^1 Backlog up by 36% to a record level of US$22.4 billion
  *Cash at the end of the period was US$253 million; undrawn credit
    facilities of US$857 million
  *Net debt at the end of June was US$2,300 million
  *Agreement to decommission the Yme platform and settle outstanding issues
    with Talisman for US$470 million
  *Successful 10% Rights Issue at €10.07 per share raised US$247 million


In light  of recent  operational  progress, management  is raising  2013  IFRS 
revenue guidance from US$4 billion to US$4.3 billion.

^1Directional view is a non-IFRS disclosure, which corrects the non-cash
effects on revenue and earnings introduced by IFRS finance lease accounting.

Analyst Presentation

SBM Offshore  has  scheduled a  webcast  of  its Analyst  Presentation  and  a 
conference call followed by  a Q&A session at  19:00 Central European Time  on 
Wednesday, August 7, 2013.

The presentation will be hosted by Bruno Chabas (CEO), Peter van Rossum  (CFO) 
and Sietze Hepkema (CGCO).

Interested parties are invited  to listen to  the call by  dialing +31 20  794 
8484 in the Netherlands or +44 207 190 1590 in the UK. Interested parties  may 
also listen  to the  presentation via  webcast through  a link  posted on  the 
Investor Relations section of the Company's website.

A replay of  the conference  call will be  available on  Wednesday, August  7, 
2013, beginning at 22:30 Central European Time for one week. The phone  number 
for the conference call replay is +31 45 799 0028, using access code 4630686#.
The webcast replay will also be available on the Company's website.

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 centers, 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, August 7, 2013

For further information, please contact:

Investor Relations

Nicolas D. Robert

Head of Investor Relations

Telephone: +377 92 05 18 98

Mobile: +33 (0) 6 40 62 44 79



Media Relations

Anne Guerin-Moens

Group Communications Director

Telephone: +377 92 05 30 83

Mobile: +33 (0) 6 80 86 36 91



'To see the complete version of this  press release, please click on the  link 

SBM Offshore Press Release


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