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SBM OFFSHORE PROVIDES YEAR END UPDATE

SBM OFFSHORE PROVIDES YEAR END UPDATE

SCHIEDAM, Netherlands,  Dec.  17,  2013  (GLOBE  NEWSWIRE)  --  Ahead  of  the 
scheduled FY2013 earnings announcement^1, SBM Offshore announces^2:

Highlights

  oProduction Acceptance Notice of Deep Panuke following debottlenecking
  oCompany-wide review of decommissioning provisions and vessel values
    leading to non-cash charges of US$160 million
  oSale and lease back transactions for two of three Monaco offices agreed
    with proceeds exceeding US$100 million
  oAnticipation of FY2013 IFRS revenue of approximately US$4.6 billion,
    compared to guidance of US$4.3 billion

Bruno Chabas, CEO of SBM Offshore commented: "From a difficult start, 2013 has
been a  year of  achievements. As  we close,  we are  updating the  market  on 
further steps  that mark  SBM  Offshore's progress  and our  determination  to 
manage our business rigorously and efficiently.

We are  pleased  to  announce  that the  Deep  Panuke  facility  has  received 
Production Acceptance Notice and  is formally on hire.  This has been a  tough 
project, but  its delivery  reflects the  advances we  have made.  Today,  SBM 
Offshore focuses  on  what  the  client  wants and  delivers  it.  This  is  a 
significant factor in the progress being made across our project portfolio, as
reflected by today's increased 2013 IFRS revenue guidance.

We have recently concluded a Company-wide review of decommissioning provisions
and vessel values.As  a matter  of prudent  accounting, this  will result  in 
certain non-cash charges. Even so, the Company will return a positive IFRS net
income for 2013 and remains firmly within its covenants."

Decommissioning Review

With the upcoming expiration of contracts for FPSO Kuito and FPSO Brasil,  the 
Company has  undertaken the  reassessment of  decommissioning costs  for  both 
vessels. The expected costs associated with removing the vessels from  service 
have proven higher than  earlier estimates. As  a consequence, a  Company-wide 
review was conducted in Q4 to  reassess decommissioning expenses of all  other 
vessels, resulting in a charge to income of approximately US$40 million.

Residual Value of Laid-Up Vessels

Within SBM Offshore's fleet, the FPSO Falcon  and VLCC Alba have been laid  up 
since 2009,  and  2011,  respectively.  Due  to  more  stringent  requirements 
regarding the use of  single hull vessels with  limited storage capacity,  the 
estimated recoverable amount under  current market conditions is  considerably 
lower than  the  carrying value.  This  will  result in  non-cash  charges  of 
approximately US$55 million in the second half of 2013.

Thunderhawk

Thunderhawk, a semisubmersible production facility  in the US Gulf of  Mexico, 
is the  only facility  in SBM  Offshore's Lease  fleet portfolio  which  bears 
exposure to  reservoir risk.  It  started operations  in 2009.  On  production 
trends from current reserves, and  projections from planned new fields,  total 
deliverable volumes will be insufficient  to sustain the asset's current  book 
value. As a result, the carrying value  of the facility has been written  down 
by approximately US$65 million.

Deep Panuke

The  Company  is  pleased  to  announce  that  the  team  has  completed   the 
debottlenecking process,  brought the  platform  to full  production  capacity 
safely and has received  Production Acceptance Notice  (PAN) from the  client. 
The platform  is  currently  on hire  and  generating  full day  rate  as  per 
contractual commitments. A charge of approximately US$5 million in  connection 
with the final commissioning will be taken in the second half of 2013.

Divestment Update

The sale and lease back of real  estate in Monaco continues to progress  well. 
The Company is pleased to report sale  and lease back transactions for two  of 
three buildings. The remaining  building is now expected  to be sold in  2014. 
Sales proceeds thus far exceed US$100  million, resulting in a book profit  of 
approximately US$30 million.

FY2013 IFRS Revenue Guidance

As the Company nears its fiscal  year end, management anticipates FY2013  IFRS 
revenue of approximately US$4.6 billion. This represents an increase to  prior 
IFRS revenue guidance of US$300 million, driven by the Turnkey segment.

Today's announced write-downs  and charges are  predominantly non-cash  items. 
Despite all  the provisions  and impairments  taken throughout  the year,  the 
Company continues to  anticipate positive  IFRS net  income in  FY2013 and  to 
remain securely within its covenants.

Conference Call

SBM Offshore's  management will  host  a conference  call  followed by  a  Q&A 
session at 7:30AM  Central European Time  on Wednesday, December  18, 2013  to 
further discuss today's announcement. Interested parties are invited to listen
to the call by dialling +31 20 794  8484 in the Netherlands, +44 207 190  1590 
in the UK or +1 480 629 9856 in the US, using access code: 4657361.

Financial Calendar                                 Date        Year
Full-Year 2013 Results - Press Release (07.30 CET) February 6  2014
Publication of AGM Agenda                          March 11    2014
Annual General Meeting of Shareholders             April 17    2014
Trading Update Q1 2014 - Press Release             May 9       2014
Half-Year 2014 Results - Press Release             August 7    2014
Trading Update Q3 2014 - Press Release             November 13 2014

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 
Company").

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,  operation  and  the  life 
extension 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 9,600 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 
www.sbmoffshore.com.

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 Management Board

Schiedam, December 17, 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
E-mail:    nicolas.robert@sbmoffshore.com
Website:   www.sbmoffshore.com

Media Relations
Anne Guerin-Moens
Group Communications Director

Telephone: +377 92 05 30 83
Mobile:    +33 (0) 6 80 86 36 91
E-mail:    anne.guerin-moens@sbmoffshore.com
Website:   www.sbmoffshore.com

Disclaimer

Some of the statements contained in this release that are not historical facts
are statements  of future  expectations and  other forward-looking  statements 
based on  management's current  views and  assumptions and  involve known  and 
unknown risks and uncertainties that could cause actual results,  performance, 
or  events  to  differ  materially   from  those  in  such  statements.   Such 
forward-looking statements  are subject  to various  risks and  uncertainties, 
which may cause actual  results and performance of  the Company's business  to 
differ materially and adversely  from the forward-looking statements.  Certain 
such  forward-looking   statements   can  be   identified   by  the   use   of 
forward-looking terminology  such  as  "believes",  "may",  "will",  "should", 
"would be", "expects" or "anticipates" or similar expressions, or the negative
thereof, or  other  variations  thereof,  or  comparable  terminology,  or  by 
discussions of strategy,  plans, or intentions.  Should one or  more of  these 
risks or  uncertainties materialize,  or should  underlying assumptions  prove 
incorrect, actual results  may vary  materially from those  described in  this 
release as  anticipated,  believed, or  expected.  SBM Offshore  NV  does  not 
intend, and does not assume any obligation, to update any industry information
or forward-looking statements set forth in this release to reflect  subsequent 
events or circumstances.
To see the complete version of this  press release, please click on the  link 
below

SBM Offshore Press Release http://hugin.info/130754/R/1750654/589981.pdf

HUG#1750654
 
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