SBM Offshore N.V.: SBM OFFSHORE FULL-YEAR RESULTS 2013 Strong performance; robust foundation for growth February 6,

  SBM Offshore N.V.: SBM OFFSHORE FULL-YEAR RESULTS 2013 Strong performance;
                robust foundation for growth February 6, 2014



SBM Offshore finished  2013 with  a strong  underlying financial  performance, 
ahead of expectations. The Company has now put most of its legacy projects  to 
rest, secured the balance sheet and refocused its activity around the FPSO-led
strategy. Directional^1  revenue  increased  13% to  US$3,445  million,  while 
Directional^1 backlog reached  US$23 billion.  This was  reinforced by  strong 
operational performance with consistently high uptime across the fleet of over
99%. Three  prestigious  FPSO awards  were  won  during the  year  (Cidade  de 
Maricá,Cidade de Saquarema and FPSO Stones),  two FPSOs (Cidade de Paraty  and 
OSX-2) were delivered on time and  on budget and Deep Panuke platform  reached 
full production capacity and is now fully on hire.

Bruno Chabas, CEO of SBM Offshore commented:

"2013 was  a  year of  progress  on  all fronts:  strategic,  operational  and 
financial. Our Company is now focused, without distraction, on its future. Our
outstanding project wins in Brazil  and the US Gulf  of Mexico sum-up what  is 
best about SBM Offshore: staying close to our clients, using our technological
edge to solve their problems and taking pride in our work. Our industry  faces 
a challenging period, but we believe  SBM Offshore is strongly positioned.  We 
possess a balanced  portfolio of projects,  the ability to  offer a choice  of 
financing options for  clients and  the leading  position in  a niche  service 
which the oil industry needs to sustain future production."

Financial Highlights

  oDirectional^1 revenues were up 13% to US$3,445 million in FY'13, and
    underlying Directional^1 EBIT increased by 28% to US$535 million
  oDirectional^1 Backlog up by 39% to a record level of US$23 billion
  oAwarded three Lease & Operate FPSO contracts:Cidade deMaricá,Cidade de
    SaquaremaandFPSO Stones.
  oFPSOsCidade de ParatyandOSX-2delivered on time and on budget
  oCash at the end of the period was US$200 million; undrawn credit
    facilities of US $1,234 million
  oNet debt at the end of December stood at US$2,691 million
  oAgreement to decommission the Yme platform and settle outstanding issues
    with Talisman for US$470 million
  oUpdate to residual values and decommissioning costs resulted in one off
    non-cash charges of US$158 million
  oSuccessful 10% Rights Issue at €10.07 per share raised US$247 million in
    new equity

                         Directional^1                     IFRS
                                                                     
in US$ million     FY 2013  FY 2012*  % Change   FY 2013  FY 2012*    %
                                                                        Change
Revenue               3,445      3,059      13%      4,803      3,639    32%
Turnkey               2,367      2,082      14%      3,784      2,706    40%
Lease and             1,078        977      10%      1,018        932     9%
Operate
EBIT                     98       (79)       NM        293         38     NM
Underlying EBIT         535        420      28%        735        537    37%
Net Income             (58)      (175)       NM        111       (79)     NM
(Loss)
Underlying Net          375        298      26%        545        394    38%
Income (Loss)
Total Order          10,012      1,440       NM     10,081      1,440     NM
Intake
                                                                
in US$ billion    31-Dec-13 31-Dec-12* % Change  31-Dec-13 31-Dec-12*   %
                                                                        Change
Backlog                23.0       16.5      39%       19.7       14.5    36%
Net Debt                  -          -        -        2.7        1.8    48%
Solvency Ratio            -          -        -        30%        27%      
*Restated for comparison purposes (Paenal)                           

Guidance

Management is issuing 2014 Directional^1 revenue guidance at similar levels to
2013, of approximately US$3.4  billion, which is  based on conservative  award 
assumptions. Turnkey and  Lease &  Operate revenues  are also  expected to  be 
approximately in line with 2013 levels.

2013 Company Overview

Introduction

The Company began its transformation in 2012, re-focusing its strategy  around 
FPSOs and related products and services,  followed by far reaching changes  to 
the organisational  structure  emphasising  accountability,  transparency  and 
compliance. The  results, strong  revenue growth,  good core  performance  and 
record backlog clearly began to  emerge in 2013. The transformation  continues 
as the Company  focuses on strengthening  project controls, support  functions 
and operational  disciplines  across  the business.  This  is  being  achieved 
through a  programme  to improve  ways  of  working for  people,  and  through 
processes and systems designed to increase effectiveness, deliver control  and 
allow the Company to "work as one."

Apart from the on-going internal investigation into potentially improper sales
practices, the Company has  largely consigned its legacy  issues to the  past. 
The Yme settlement was signed in  March and the Deep Panuke platform  achieved 
Production Acceptance in December 2013. Asset values have been adjusted  where 
required. Through the corporate and project financing activities completed  in 
the year,  the financial  position  of the  Company is  markedly  strengthened 
enabling it to competitively address the increasing demand for larger and more
complex projects from our clients.

The  project  award  delays  encountered  in  2012,  combined  with  a  strong 
commercial effort, resulted in record order levels in 2013 with  Directional^1 
Order Intake of US$10.0 billion and Directional^1 Backlog of US$23.0 billion.

Consistent with the Company's  strategy to focus on  its core business and  to 
further  strengthen  the  financial  position,  a  number  of  non-core  asset 
divestments were made during the period, which include the sale and lease back
transactions of two out of three office  properties in Monaco and the sale  of 
its non-core "COOL(TM) hose" technology.

In the first half of the year, the Company strengthened its financial position
through a  1 for  10 rights  offering of  new ordinary  shares raising  US$247 
million and, as a result of the settlement with Talisman, an additional  US$27 
million top-up from HAL Investments B.V. (HAL) as a share premium contribution
on the new ordinary shares it acquired through a private placement in December
2012.

The Company secured a Project Loan facility for FPSO N'Goma for US$600 million
and bilateral  credit facilities  for  FPSO Cidade  de  Maricá and  Cidade  de 
Saquarema for US$600 million. The  additional liquidity and greater  financial 
flexibility have  further improved  the Company's  risk profile  for  securing 
funding for future projects.

Directional^1 Reporting

In 2013,  in  order to  provide  its  shareholders with  clarity  on  business 
performance above and beyond the  regular IFRS-based disclosures, the  Company 
introduced Directional^1  reporting.  Directional^1  reporting  addresses  the 
complexity in the Group's  business model whereby  turnkey sales are  combined 
with construction projects for its own lease & operate portfolio. Furthermore,
the Company's FPSO lease  & operate contracts  are increasingly classified  as 
'finance leases', which  adds further complexity  by accelerating revenue  and 
profit recognition into the construction phase, well before rents are invoiced
to, and paid  by, the client.  The Directional^1 view  extends reporting  with 
non-IFRS disclosures showing revenues and results more in line with  operating 
cash flows  to  simplify some  of  these  complexities. This  is  designed  to 
increase transparency and understanding of performance and provide disclosures
of Backlog and Income Statement based on Directional^1 principles.

Directional^1 reporting principles are:

  oDirectional^1 reporting is an additional disclosure to IFRS reporting
  oDirectional^1 reporting assumes all lease contracts are classified as
    operating lease
  oDirectional^1 reporting is limited to restating revenue and operating
    income; no balance sheet restatements are made
  oDirectional^1 reporting is included in the Financial Review

In order  to  introduce  Directional^1 reporting,  the  Company  achieved  the 
following steps:

  oDisclosure of Directional^1 income statement and Backlog for H1 2013 and
    the H1 2012 comparison was made in August with the Half-Year results
  o2013 transition period to promote Directional^1 reporting as the main
    indicator for Company performance and variance analysis
  oFull Year 2013 Directional^1 income statement disclosed with 2012
    comparison
  o2014 guidance for Directional^1 revenue

The need  for  the  introduction  of  Directional^1  reporting  is  acute  and 
significant: revenue reported under IFRS rules exceeds the Directional^1  view 
by some US$1.4 billion  in 2013. This represents  the present value of  future 
income to be  invoiced and realised  over the  next 20 years.  Under IFRS  the 
Company  reports  a  US$111  million  positive  net  income  attributable   to 
shareholders for 2013,  while the  Directional^1 view  shows a  loss of  US$58 
million. The  Management Board  highlights these  fundamental and  significant 
differences to allow investors a balanced understanding of the results, giving
insight in both rules and reality.



          US$ mln*                    2013                                2012
                        Directional¹      IFRS       IFRS    Directional¹      IFRS       IFRS
                                     Adjustment                         Adjustment 
                                                                            
        Total Revenues          3,445       1,358   4,803         3,059         580   3,639
        Third parties
        revenues               1,078       (59)   1,018           977       (45)     932
 Lease  Gross Margin          (154)          13  (141)        (313)          14  (299)
  and   EBIT                   (177)          13  (164)        (341)          14  (327)
Operate Deprec.,
        amort. and
        impairment            (463)          73  (390)        (678)          59  (619)
        EBITDA                   285       (59)     226           337       (45)     292
                                                                             
        Third parties
        revenues               2,367       1,418   3,784         2,082         625   2,706
        Gross Margin             443         182     625           307         103     410
Turnkey EBIT                      296         182     478           311         103     414
        Deprec.,
        amort. and
        impairment             (15)           -   (15)         (23)           -   (23)
        EBITDA                   311         182     493           334         103     437
                                                                              
        Other
        operating
        income                    33           -      33             0           -       0
        Selling &
 Other  marketing
        expenses                (0)           -    (0)             -           -       -
        General &
        administrative
        expenses               (53)           -   (53)         (49)           -   (49)
        EBIT                   (21)           -   (21)         (49)           -   (49)
                                                                             
       Total EBIT                98         195     293         (79)         118      38
       Total EBITDA             577         122     700           623          59     681
        Net financing
       costs                 (100)           -  (100)         (79)           -   (79)
        Income from
        associated
       companies                  1           -       1             4           -       4
        Income tax
       expense                (54)       (26)   (80)         (22)       (16)   (38)
       Profit/(Loss)          (55)         169     114        (176)         101    (75)
                                                                              
        Non controling
       interests                 3        (0)       3          (1)           5       5
                                                                             
        Net Profit
        attributable
        to
       shareholders           (58)         169     111        (175)          96   (79)
* Figures are expressed in million $US and may not add up due to rounding.


HSSE

Over the course of 2013  the Company achieved a  good safety performance in  a 
range of its business  activities, and similar  to that of  2012 with a  Total 
Recordable Injury Frequency Rate (TRIFR) of  0.40 in 2013 compared to 0.38  in 
2012. However, the  Lost Time  Injury Frequency Rate  (LTIFR) deteriorated  to 
0.15 in 2013 from  0.06 from 2012.  A number of  corrective actions have  been 
taken to help raise our standards.

Compliance

In 2012, the  Company announced  it had initiated  an internal  investigation, 
conducted by  outside  counsel  and  forensic  accountants,  into  potentially 
improper sales  practices.  The  Company  has disclosed  the  results  of  the 
internal investigation to  the appropriate authorities  and remains in  active 
dialogue. As the  investigation is  still in progress  it is  not possible  to 
provide further  information  or an  estimate  of the  outcome,  financial  or 
otherwise. The  Company has  continued and  expanded its  efforts, started  in 
2012, to enhance its compliance program.

Yme

In March, the Company reached an agreement with Talisman to terminate the  Yme 
MOPU^stor contract for a settlement of US$470 million. The settlement included
the termination of the existing agreements and arbitration procedures and  the 
decommissioning of the MOPU.  As the Company had  already made a provision  of 
US$200 million in 2012, the difference of US$270 million was recognised in the
2013 results.

Deep Panuke

The Company completed the debottlenecking process, and brought the Deep Panuke
platform  to  full  production  capacity  safely  and  received  a  Production 
Acceptance Notice (PAN)  from the  client in  December 2013.  The platform  is 
currently on hire and generating full day rate.

Strategy

Last year the Company  re-focused its strategy on  its core business of  FPSOs 
and associated products and services. Since  the beginning of 2013, new  award 
announcements for two FPSOs for Petrobras in Brazil and one FPSO for Shell  in 
the Gulf of  Mexico demonstrate  progress is  well underway.  As the  industry 
leader, the Company continues  to strive for  an improved risk/reward  balance 
for its FPSO products and services and has identified an encouraging  pipeline 
of projects in the medium term.

Investing in our Future

Over the course of 2013, the  Management Board focused its attention on  three 
core strands  of  activity  to  develop  and  improve  SBM  Offshore's  future 
performance. During  2014,  these  programmes  will  carry  incremental  costs 
equivalent to 2.5%-3% of Directional^1 revenue.

With the lengthening  life spans of  FPSOs, there  is an emerging  need for  a 
defined fleet maintenance programme, over  and above the standard  operational 
expenditure on individual vessels. This will be a focused two year  investment 
programme with clear operational and financial benefits.

Despite recent  progress,  there  is  a distinct  need  to  permanently  embed 
improved efficiency and  ways of  working across multiple  disciplines. A  two 
year transformation programme, named Odyssey 24, will create the foundation to
deliver consistently  outstanding performance.The  programme  is led  by  SBM 
senior staff members, dedicated for  the project duration, and using  external 
advisors.

Maintaining its  technological lead  position in  complex floating  production 
systems, and associated  mooring systems,  is critical  for SBM  Offshore.The 
company will continue to identify technology trends in the offshore oil &  gas 
market, prioritising development work to address key areas of demand.

Outlook and Guidance 2014

2013 has been a  strong year for SBM  Offshore. Revenue growth and  underlying 
EBIT margins were excellent as the Company successfully progressed its EPC and
Lease & Operate portfolio.

The Company is providing 2014 guidance on the basis of Directional^1  results. 
Directional^1 revenue is  expected to come  in at similar  levels as in  2013, 
approximately  US$3.4   billion,  which   is  based   on  conservative   award 
assumptions. Turnkey and  Lease &  Operate revenues  are also  expected to  be 
approximately in line with 2013 levels.

The Company expectsa  level of capital  investmentshigher than 2013  levels. 
Furthermore, the Company will continue to attract necessary project  financing 
for thefunding of new, or recently awarded, leased FPSOs under construction.

Dividend

The Management Board reiterates that the Company will not pay a dividend  over 
2013, in  view of  the  losses incurred  in  2011 and  2012  and the  need  to 
strengthen the balance sheet. The Management  Board intends to discuss at  the 
Annual General  Meeting (AGM)  in 2015  a change  of dividend  policy,  making 
dividends dependent on  available free cash  flow as opposed  to the  existing 
policy of paying out 50% of IFRS  net income. Given the on-going execution  of 
the Group's  record project  backlog,  the Management  Board does  not  expect 
positive free cash flow  for 2014 or 2015.  Following the 2015 Annual  General 
Management meeting the Management Board intends  to propose a payout ratio  of 
between 25% and 35% of Directional^1 net income subject to the availability of
free cash flow.



Financial Review

Highlights

The consolidated Directional^1 result for 2013 is a net loss of US$55  million 
(2012  Directional^1  net  loss  of  US$176  million).  This  result  includes 
divestment profits, impairment  charges, and other  non-recurring items  which 
generated a  net loss  of US$433  million in  2013 (US$473  million in  2012). 
Directional^1 net loss attributable to  shareholders amounts to US$58  million 
(US$175 million  loss  in  2012).  Excluding  divestment  profits,  impairment 
charges,  and   other  non-recurring   items,  the   underlying   consolidated 
Directional^1 result attributable to shareholders for 2013 improved by 26%  to 
a net profit of US$375 million (2012 net profit of US$298 million).

Taking into  account  IFRS  adjustments related  to  finance  lease  contracts 
totalling US$169 million and representing mainly the deemed net profit on  the 
Company's  share  in  the  Joint  Ventures  (JV)  acquiring  the  FPSOs  under 
construction, the consolidated IFRS result for 2013 is a net profit of  US$114 
million (2012 net  loss of  US$75 million).  IFRS net  income attributable  to 
shareholders amounts to US$111 million (US$79 million loss in 2012).

The Directional^1  loss per  share  amounted to  US$0.28  (loss per  share  of 
US$1.00 in 2012).  Adjusted for  divestment profits,  impairment charges,  and 
other non-  recurring  items underlying  Directional^1  net income  per  share 
increased by 8% for 2013 despite dilution to US$1.84 per share, compared  with 
US$1.70 in 2012.

Net debt at  the year-end amounted  to US$2,691 million  (US$1,816 million  in 
2012) with  bank covenants  met  and available  committed bank  facilities  of 
US$1,234 million.

Total Directional^1 orders in the year came to US$10,012 million (split 43%  / 
57% between  the  Lease &  Operate  and the  Turnkey  segments  respectively), 
compared to US$1,440 million achieved in 2012.

Directional^1 turnover increased by 12.6%  to US$3,445 million, in  comparison 
with US$3,059 million in 2012, mainly as a result of higher Turnkey  revenues. 
Taking into  account  IFRS  adjustments related  to  finance  lease  contracts 
representing mainly  the deemed  revenues on  the Company's  share in  the  JV 
acquiring the FPSOs under  construction, IFRS turnover  increased by 32.0%  to 
US$4,803 million, in  comparison with US$3,639  million in 2012,  mainly as  a 
result of higher Turnkey revenues.

Total Directional^1  order portfolio  at the  end of  the year  was  US$23,025 
million compared to US$16,459 million at the  end of 2012, an increase of  40% 
reflecting the  high level  of  orders in  2013.  Of this,  US$20,146  million 
relates to  the  non-discounted  value  of the  revenues  from  the  Company's 
long-term lease contracts in portfolio at year- end.

Directional^1 EBITDA amounted to US$577 million (including non-recurring items
of US$248  million), representing  an approximately  7% decrease  compared  to 
US$623 million in 2012.

IFRS EBITDA  amounted  to US$700  million  (including non-recurring  items  of 
US$252 million), representing an approximately 3% increase compared to  US$681 
million in 2012.

Directional^1 operating result (EBIT) increased to US$98 million profit  after 
impairment charges,  divestment profits  and  non-recurring items  for  US$437 
million compared to  US$79 million  EBIT loss  in 2012  which included  US$499 
million of non-recurring items related to the Yme and Deep Panuke projects.

IFRS  operating  result  (EBIT)  increased  to  US$293  million  profit  after 
impairment charges,  divestment profits  and  non-recurring items  for  US$442 
million compared to US$38  million EBIT profit in  2012 which included  US$499 
million of non-recurring items related to the Yme and Deep Panuke projects.

The year was marked by the following financial highlights:

  oStrong order intake of US$10.0 billion boosting Directional^1 backlog to a
    record high level of US $23.0 billion.
  oTalisman Yme MOPUstor project settlement of US$470 million (US$200 million
    recognised in 2012, the difference of US$270 million recognised in 2013).
  oThe Deep Panuke platform went on hire following the receipt of Production
    Acceptance Notice in December. Additional costs associated with the delay
    and debottlenecking totaled US$37 million in the period.
  oThe carrying value of the ThunderHawk facility has been impaired by US$65
    million. This was based on production trends from current reserves, and
    projections from planned new fields. As such, total deliverable volumes
    were determined to be insufficient to sustain the asset's book value. The
    ThunderHawk 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.
  oThe FPSO Falcon and VLCC Alba, laid up since 2009 and 2011 respectively,
    have been classified as held for sale and consequently have been impaired
    by US$53 million to their estimated market value in the second half of
    2013.
  oWith the upcoming expiration of contracts for FPSO Kuito and FPSO Brasil,
    the Company has undertaken the reassessment of decommissioning costs. 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 US$40 million.
  oFPSO OSX-2 was successfully delivered as per contract in early September
    with no further financial exposure to the client.
  oFPSO Cidade de Paraty began oil production and went on hire in June 2013
    following full systems acceptance by the client. The unit is owned and
    operated by a consortium of affiliated companies of SBM Offshore (50.5%),
    QCOG, Nippon Yusen Kabushiki Kaisha (NYK), and ITOCHU Corporation
    (ITOCHU).
  oAs part of the disposal program of non-core assets announced in 2012, the
    Company completed sale and lease back transactions for two of three office
    buildings in Monaco. 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$27 million, including the sale of the "COOL(TM)
    hose" technology.
  oCapital expenditure and investments in finance leases in 2013 amounted to
    US$1,423 million, exceeding 2012 level of US$1,217 million.
  oNew financing agreements totaling US$600 million for FPSO N'Goma and four
    bilateral credit facilities for FPSO Cidade de Maricá and Cidade de
    Saquarema for US $600 million arranged in December.
  oCash plus undrawn facilities amounted to US$1.4 billion at the end of
    December 2013 compared to US$2.0 billion in 2012.
  oThe Company finalised in April a 1 for 10 rights offering of new ordinary
    shares raising US$247 million and an additional US$27 million from HAL as
    a top-up to the share premium contribution on the new ordinary shares it
    acquired through a private placement in December 2012.

Segmental information in  respect of  the two  core business  segments of  the 
Company is provided in the detailed financial analysis.

Orders

Total Directional^1 orders for 2013 amounted to US$10.0 billion. This total
includes new orders signed for US$9,401 million and variation orders signed
for US$611 million.

The Company continued to capitalise on its strength and expertise in its core
FPSO market, securing new orders including:

FPSO Stones (Gulf of Mexico)

The Company secured a contract from Shell for the supply and lease of an  FPSO 
for the  Stones development  project  in the  Gulf  of Mexico.  The  contract 
includes an initial period of ten years with future extension options up to  a 
total of twenty years. The Stones  development is located in 2,900m  (9,500ft) 
of water  approximately 320km  (200 miles)  offshore Louisiana  in the  Walker 
Ridge area.

FPSOs Cidade de Maricá and Cidade de Saquarema for Petrobras

Contracts  have  been  executed  with  BM-S-11  subsidiary  Tupi  BV  for  the 
twenty-year charter and operation of the two FPSOs Cidade de Maricá and Cidade
de Saquarema.  Both FPSOs  are destined  for the  Lula field  in the  pre-salt 
province offshore Brazil. BM-S-11  block is under  concession to a  consortium 
comprised of PETROBRAS (65%), BG E&P  Brasil Ltda. (25%), and Petrogal  Brasil 
S.A. (10%). The FPSOs will be owned  and operated by a Joint Venture owned  by 
SBM Offshore,  Mitsubishi  Corporation,  Nippon Yusen  Kabushiki  Kaisha,  and 
Queiroz Galvão Óleo e Gás S.A. with an SBM Offshore share of 56%. SBM Offshore
is in charge of the construction. Planned delivery for FPSOs Cidade de  Maricá 
and  Cidade  de  Saquarema  is  expected  by  the  end  2015  and  early  2016 
respectively.

Turnover

Total Directional^1  turnover rose  significantly in  the year  due to  higher 
revenues recognised  in  the  Turnkey segment,  especially  under  the  strong 
contribution of the contracts signed in early 2013.

turnover with legend

Turnkey third party Directional^1 turnover of US$2,367 million rose by 14% and
represents 69% of  total 2013  turnover (2012:  US$2,082 million  representing 
68%) as a result of a full year of construction progress on a number of FPSOs,
such as  FPSOs  Cidade de  Maricá  and Cidade  de  Saquarema, FPSO  Cidade  de 
Ilhabela, FPSO N'Goma, and increased year on year construction progress of the
three major turrets, offset by the completion of FPSO OSX-2 and FPSO Cidade de
Paraty and the loss of  revenue due to the sale  of GustoMSC completed at  the 
end of 2012.

Construction commenced for the finance lease FPSO Stones. The project is fully
controlled by SBM Offshore, as the Company currently owns 100% of the project.

Construction commenced for  the finance lease  of FPSOs Cidade  de Maricá  and 
Cidade de Saquarema. The joint venture (JV) is controlled by SBM Offshore, and
is consolidated  proportionately  to  the  Company's  56%  share  of  the  JV. 
Directional^1 turnover reflects  SBM's income  generated by  invoicing the  JV 
partners for their  44% share  in the  EPCI lump-sum  cost of  the FPSO  under 
construction. IFRS adds to this the revenue calculated as the present value of
the 56% SBM share of the future lease income.

Construction  continued  for  the  finance  lease  FPSO  Cidade  de   Ilhabela 
throughout 2013, with  refurbishment and  conversion at  the Chinese  shipyard 
completed. The vessel is currently in Brazil where the process modules at  the 
Brasa yard will  be installed.  Start-up of the  facility is  expected in  the 
second half  of 2014.  The joint  venture (JV)  is jointly  controlled by  SBM 
Offshore, and is consolidated proportionately to the Company's 62.25% share of
the JV.  Thus  Directional^1  turnover  reflects  SBM's  income  generated  by 
invoicing the JV partners for their 37.75% share in the EPCI lump-sum cost  of 
the FPSO under construction. IFRS adds  to this the revenue calculated as  the 
present value of the 62.25% SBM share of the future lease income.

Construction was completed and the vessel has been on hire since June 2013 for
the finance lease FPSO Cidade de  Paraty contract (SBM Offshore share  50.5%). 
Directional^1 turnover reflects  SBM's income  generated by  invoicing the  JV 
partners for their 49.5%  share in the  EPCI lump-sum cost  of the FPSO  under 
construction. IFRS adds to this the revenue calculated as the present value of
the 50.5% SBM share of the future lease income.

The twelve-year lease contract with ENI for FPSO N'Goma is also accounted  for 
as a finance  lease. Construction,  refurbishment and the  lifting of  process 
modules at the shipyard in Singapore is complete. The FPSO will sail to Angola
for integration and start of production currently forecast in the second  half 
of 2014. Directional^1 turnover reflects  SBM's income generated by  invoicing 
Sonangol for their  50% share  in the  EPCI lump-sum  cost of  the FPSO  under 
construction. IFRS adds to this the revenue calculated as the present value of
the 50% SBM share of the future lease income.

Lease & Operate Directional^1  turnover increased by  10% to US$1,078  million 
(31% of total  revenues; 32% in  2012), as a  result of the  start-up of  FPSO 
Cidade de Paraty  in July  2013, the  full year  operation of  FPSO Cidade  de 
Anchieta, and despite the exit from the fleet of FPSO Sanha.

Total IFRS turnover  rose significantly  in the  year due  to higher  revenues 
recognised in the Turnkey segment, especially under the strong contribution of
the finance lease  contracts under  construction, including  the Siakap  North 
Petai extension to FPSO Kikeh, classified as a finance lease in 2013.

The ongoing charter  contracts for FPSOs  Cidade de Paraty,  Aseng, Mondo  and 
Saxi Batuque are  similarly accounted  for as finance  leases, as  per IAS  17 
Leases. Earned interest  in Lease  & Operate turnover  in 2013  in respect  of 
these contracts amounted to US$87 million (2012: US$64 million).

Ongoing Construction Contracts

FPSO Stones (US Gulf of Mexico)

Construction continued for  the finance  leased vessel  throughout 2013,  with 
refurbishment and conversion work being done at Keppel Singapore. The  charter 
contract includes an initial period of 10 years with future extension  options 
up to a  total of 20  years. When installed  at almost 3  kilometers of  water 
depth, the FPSO Stones will be the deepest offshore production facility of any
type in  the world.  The  vessel is  a typical  Generation  2 design,  with  a 
disconnectable internal  turret and  processing  facility capacity  of  60,000 
barrels of oil per day (bpd) and 15 mmscfd of gas treatment and export.

FPSO Cidade de Maricá and Cidade de Saquarema(Brazil)

Construction is ongoing for the two finance leased vessels. Refurbishment and
conversion work  progressed throughout  2013 at  a Chinese  yard. The  charter 
contract for  both vessels  includes a  period of  20 years  with options  for 
extension. The two double hull sister vessels will be moored in  approximately 
2,300 meters water depth  and with a storage  capacity of 1.6 million  barrels 
each. The topside  facilities of  each FPSO weigh  approximately 22,000  tons, 
will be able to  produce 150,000 bpd  of well fluids  and have associated  gas 
treatment capacity of  6,000,000 Sm3/d.  The water injection  capacity of  the 
FPSOs will be 200,000 bpd each.

FPSO Cidade de Ilhabela

Construction continued for  the finance  leased vessel  throughout 2013,  with 
refurbishment and conversion  at the  Chinese shipyard  completed. The  vessel 
arrived at year end 2013 in Brazil where the process modules at the Brasa yard
will be installed. The FPSO will include topside facilities to process 150,000
bpd of  production  fluids, with  processing  of the  substantial  volumes  of 
associated gas from the pre-salt field for export. Start-up of the facility is
expected in the second half of 2014.

FPSO N'Goma

The construction,  refurbishment,  and  module  work  at  Keppel  shipyard  in 
Singapore is nearing  completion. The FPSO  is expected to  arrive in  Paenal, 
Angola for lifting of  the remaining modules and  completion of the FPSO.  The 
schedule foresees a production start in  2014 at a design capacity of  100,000 
bpd.

Turret Mooring Systems

The three large  complex turrets  for Prelude  FLNG, Quad204  and Ichthys  are 
progressing well and on schedule at  their respective stages of completion  of 
the project. These  three turrets  represent a substantial  proportion of  the 
Turnkey segment with delivery of sections in 2013 reaching completion with the
superstructure of  Ichthys as  the last  section in  2014. All  three  turrets 
contain elements that require advanced  technology solutions for high  mooring 
loads; total weight of  11,000 tons with  a height of  95 meters for  Prelude, 
fluid throughput of 320,000 bpd in the  swivel stack on Quad 204 and 40  years 
of continuous operation in harsh environment on Ichthys.

Main Projects Overview

Main Projects Overview

Order Portfolio

Year-end Directional^1 order portfolio at  US$23.0 billion is higher by  39.4% 
from last year's  level of  US$16.5 billion reflecting  the effect  of a  high 
level of orders in  2013. The current  Directional^1 order portfolio  includes 
US$20.1 billion (2012: US$13.6 billion) for the non-discounted value of future
revenues from the long- term charters of the lease fleet. Approximately 53% of
the total future revenues from the long-term charters of the lease fleet  will 
be generated from the lease contracts which have yet to commence (FPSOs Cidade
de Ilhabela, N'Goma, Cidade de Maricá and Cidade de Saquarema and Stones).

Turnkey Directional^1  order  portfolio  remained  stable  at  US$2.9  billion 
(US$2.9 billion  in 2012),  representing approximately  1.2 year's  equivalent 
turnover.

The Company's  order portfolio  as of  December  31, 2013  is expected  to  be 
executed as per the table below.

Directional^1 Order Portfolio

in billions of US$ Turnkey * Lease & Total
                             Operate
2014                     2.0     1.1   3.1
2015                     0.8     1.2   2.0
2016                     0.0     1.5   1.6
Beyond 2016              0.0    16.4  16.4
Total                    2.9    20.1  23.0

* Turnkey Systems and Turnkey Services segments have been merged into one
segment "Turnkey".

Order Portfolio

Profitability

The primary business segments of the  Company are Lease & Operate and  Turnkey 
plus "Other" non-allocated corporate income and expense items. EBITDA and EBIT
are analysed per segment but it should be recognised that business  activities 
are closely related, and certain costs are not specifically related to  either 
one segment or another. For example, when sales costs are incurred  (including 
significant sums for  preparing the bid),  it is often  uncertain whether  the 
project will be leased or contracted on a turnkey lump sum basis.

In recent  years, new  lease contracts  are showing  longer duration  and  are 
increasingly classified as finance leases for accounting purposes, whereby the
fair value  of  the  leased asset  is  recorded  as a  Turnkey  "sale"  during 
construction. This  has the  effect  of recognising,  in the  Turnkey  segment 
during construction, part of the lease profits which would, in the case of  an 
operating lease, be reported  through the Lease &  Operate segment during  the 
lease.

EBITDA

Directional^1 EBITDA  in 2013  of US  $577 million  (US$623 million  in  2012) 
consisted of US$285  million (US$337  million in  2012) from  Lease &  Operate 
activities, US$311 million (US$334 million  in 2012) from Turnkey, less  US$19 
million (US$48 million in  2012) of non-allocated  corporate, other costs  and 
the 2013  book  profit  resulting  from  divesting  activities.  Restated  for 
divestment profits, impairment  charges, and other  non- recurring items,  the 
underlying Directional^1 EBITDA for  2013 increased by  19% to US$825  million 
compared to 2012 underlying Directional ^1EBITDA of US$694 million.

IFRS EBITDA in 2013  of US$700 million (US$681  million in 2012) consisted  of 
US$226 million  (US$292 million  in  2012) from  Lease &  Operate  activities, 
US$493 million  (US$437 million  in  2012) from  Turnkey, less  US$19  million 
(US$48 million in  2012) of non-allocated  corporate and other  costs and  the 
2013 book profit resulting from divestment activities. Restated for divestment
profits, impairment charges,  and other non-  recurring items underlying  IFRS 
EBITDA for 2013 increased by 26% to US$951 million compared to 2012 underlying
IFRS EBITDA of US$753 million.

As a percentage  of turnover,  Directional^1 EBITDA was  16.8% (2012:  20.3%). 
Segmental Directional^1  EBITDA margins  for Lease  & Operate  stood at  26.4% 
(2012: 34.5%), Turnkey  13.1% (2012: 16.0%)  excluding intercompany  projects. 
The relative contribution to  Directional^1 EBITDA from  the segments was  48% 
from Lease & Operate  and 52% from Turnkey.  In 2012, the corresponding  split 
was 50% / 50%.

As a percentage of  turnover, IFRS EBITDA was  14.6% (2012: 18.7%).  Segmental 
IFRS EBITDA margins for Lease & Operate stood at 22.2% (2012: 31.3%),  Turnkey 
13.0% (2012: 16.1%)  and the  relative contribution  to IFRS  EBITDA from  the 
segments was 32%  from Lease  & Operate  and 68%  from Turnkey.  In 2012,  the 
corresponding split was 40% / 60%.

EBIT

The Directional^1 operating  profit in  2013 amounted to  US$98 million  (EBIT 
loss in 2012 US$79 million) with the following highlights:

  oHigh contribution from the Turnkey segment, with a strong EBIT margin of
    12.5% (14.9% in 2012 and 8.8% excluding GustoMSC and SBM Dynamic Installer
    divestments), driven by good projects execution and positive settlements
    on projects completed in 2013.
  oThe level of Lease & Operate fleet activity was slightly higher to that of
    2012 and resulted in an EBIT loss of 16.4% or a 26.6% profit excluding
    impairment charges and other non-recurring items (-34.9% and 29.2%
    excluding impairment charges and other non-recurring items in 2012).

Restated for divestment profits,  impairment charges, and other  non-recurring 
items underlying  Directional^1  EBIT for  2013  increased by  28%  at  US$535 
million compared to 2012 underlying Directional ^1EBIT of US$420 million.

Taking into  account  IFRS  adjustments related  to  finance  lease  contracts 
totalling US$195 million and representing mainly the deemed net profit on  the 
Company's share in the Joint  Venture acquiring the FPSOs under  construction, 
IFRS EBIT in  2013 amounted  to US$293  million (EBIT  profit in  2012 US  $38 
million).

Non-allocated "Other" income and expenses showed  a net cost of US$21  million 
in 2013, compared with  US$49 million in 2012,  and includes US$27 million  of 
book profit relating to divesting activities in 2013.

Net financing  costs  increased to  US$100  million compared  to  2012  (US$78 
million) mainly as a result of interest  paid on the US Private Placement  set 
up for FPSOs Cidade de  Anchieta and FPSO Cidade  de Paraty project loan.  The 
average cost of debt came to 5.3% in 2013 (5.3% in 2012).

More generally, once production units  are brought into service the  financing 
costs are  expensed  to  the  income  statement  whereas  during  construction 
interest  is  capitalised.  It  should  be  emphasised  that  the  net  profit 
contribution of newly operating leased units is limited by the relatively high
interest burden during the  first years of  operation, although dedication  of 
lease revenues to debt servicing leads to fast redemption of the loan balances
and hence reduced interest charges going forward.

Interest income on the Company's cash balances was again very low in 2013  due 
to the low level of short-term US interest rates. Main interest income of  the 
Company  is  derived  from  interest  bearing  loans  to  joint  ventures  and 
associates.

The reported share of profit in associates was minimal in 2013 (US$1  million) 
as it was in  2012 (US$4 million).  In the future the  Company's share of  net 
results in any  non-controlled joint  ventures (as  defined by  IFRS 11  Joint 
Arrangements) will appear  in this  line item,  but at  present the  Company's 
accounting policy  for  joint  ventures  continues  to  be  the  proportionate 
consolidation method whereby the Company's  share of each income statement  or 
statement of  financial position  line item  is included  in the  consolidated 
financial statements.

The underlying Directional^1 Effective  Tax Rate in 2013  was stable at  13.6% 
compared to 14.0% in 2012.

Net Income + BWA EPS

IFRS non-controlling interests in  the 2013 net result  amounted to income  of 
US$3 million  compared to  the 2012  minority  share of  US$5 million  due  to 
reported results from fully consolidated joint ventures where the Company  has 
a minority partner (principally concerns FPSOs Aseng and Capixaba).

IFRS net result attributable to shareholders accordingly amounts to income  of 
US$111 million (US$79 million loss in 2012).

As previously advised, the Company will not pay a dividend over 2013.

Statement of Financial Position

Total assets were  US$7.1 billion as  of 31 December  2013 (31 December  2012: 
US$6.3 billion). The increase is largely  a result of the growing  investments 
and activities recorded in 2013, and the proceeds from divestment of  non-core 
assets and the rights offering.

Shareholders' equity increased from  US$1,458.6 million to US$2,064.2  million 
due to 2013 net income of US$111 million, the 1 for 10 rights offering of  new 
ordinary shares raising  US$247 million and  the US$27 million  top-up to  the 
December 2012 private  placement with  HAL and  the US$201  million income  in 
Other Comprehensive Income  resulting from  the variation  of hedging  reserve 
related to financial instruments.

Capital Employed (Equity + Provisions + Deferred Tax Liability + Net Debt)  at 
year-end 2013 amounted to US $4,946.8 million and increased by 45% compared to
last  year's  level  (US$3,419.9  million).  This  was  due  to  the  positive 
contribution to  equity  of  the  rights offering,  increase  to  the  private 
placement realised at the end of December 2012 and the increase of net debt.

Capital Employed

At 31  December  2013,  the  Company  has  undrawn  committed  long-term  bank 
facilities totalling US$1,234 million (Revolving Credit Facility, FPSO N'Goma,
FPSO Cidade de Ilhabela - SBM 62.25% share and bilateral credit facilities for
FPSO  Cidade  de  Maricá  and  Saquarema)  available  for  financing   capital 
investment in 2014 onwards.

Net debt at the year-end amounted to US$2,691 million (US$1,816 million at  31 
December 2012) with net gearing at  126.0% which is slightly higher than  last 
year despite the rights offering and HAL private placement top-up, due to the
increase of  the  net  debt  driven by  the  US$470  million  settlement  with 
Talisman. The  relevant banking  covenants (main  solvency, net  debt/adjusted 
EBITDA, interest cover) were all met.

As in previous years, the Company has no off-balance sheet financing.

In 2012, the  Company announced a  plan to  sell and lease  back its  premises 
owned in Monaco. The  Company completed sale and  lease back transactions  for 
two of three office  buildings. The remaining building  is now expected to  be 
sold in 2014.  As a  consequence, the  Company's related  property, plant  and 
equipment continues  to  be classified  as  assets  held for  sale  for  their 
carrying value  in  the Company  statement  of  financial position  as  of  31 
December 2013, together with three  non-core vessels, the DSCV SBM  Installer, 
the FPSO Falcon, and the VLCC Alba.

The current ratio defined as "current assets/current liabilities" increased to
1.67 mainly due  to the  increasing construction activities  on finance  lease 
contracts, and the reduction of the current portion of loans and borrowings.

Statement of Financial Position

in billions of US$                    2009    2010    2011    2012    2013
Capital employed                   3,325.8 3.811.9 3,354.3 3,420.0 4,694.8
Total equity                       1,816.8 2,123.4 1,349.0 1,529.8 2,135.0
Net debt                           1,464.0 1,644.3 1,958.5 1,815.8 2,690.8
Net gearing (%)                       81.0    77.4   145.2   118.7   126.0
Net debt : unadjusted EBITDA ratio    2.39    2.31    2.41     2.7     3.8
Current ratio                         0.91    1.48    0.86    1.17    1.67
Solvency ratio                          NA    39.6    30.0    27.1    30.2

Capital Structure

Following the successful private placement of the Company's shares with HAL in
December 2012,  the  subsequent  top-  up of  the  private  placement  of  the 
Company's shares with HAL  and the 1  for 10 rights  offering of new  ordinary 
shares in early  2013, the financial  position of the  Company is secure.  The 
anticipated future  proceeds  from the  non-core  asset disposals  and  frozen 
dividend  payments,  will  provide  further  equity  support.  The   Company's 
medium-term objective remains to strengthen the balance sheet to a point  that 
it will be able to obtain an investment grade credit rating in order to access
the corporate bond market.

Investments and Capital Expenditures

Total investments  made in  2013  increased to  US$1,423 million  compared  to 
US$1,217 million in 2012 and were recorded as:

  * Capital expenditures of US$201 million (US$655 million in 2012).

  * Investments in finance leases for US$1,222 million (US$563 million in
    2012).

Total capital expenditures for 2013 (comprised of additions to property, plant
& equipment  plus  capitalised  development expenditure)  amounted  to  US$201 
million (2012: US$655 million). The majority  of this total is related to  new 
investments in  the lease  fleet  (operating leases  only) and  other  ongoing 
investments for which the major elements are:

  * Final expenditure on the commissioning for the MOPU gas platform for
    EnCana's Deep Panuke field in Canada.
  * Ongoing investment in the Brasa integration yard in Brazil.

  *  Refurbishment of a newly leased office "Le Neptune" in Monaco.

Expenditures in 2013 on the FPSOs Cidade de Paraty, Cidade de Ilhabela, Cidade
de Maricá and Cidade de Saquarema for Petrobras, FPSO Stones for Shell, and on
FPSO N'Goma for  ENI are excluded  from the  total amounts above.  Due to  the 
classification of the  contracts as  finance leases, investment  in the  units 
were recorded through construction contracts, with the investments in  finance 
lease to  be ultimately  recorded  in non-current  financial assets.  The  net 
investment in these finance  lease contracts amounted  to US$1,222 million  in 
2013 (US$563 million in 2012) and are reported as investing activities in  the 
consolidated cash flow statement.

The decrease in property, plant and equipment in 2013 to US$2,023 million  (31 
December 2012: US$2,414  million) resulted  from capital  expenditure in  2013 
less depreciation, impairment and amortisation, the reclassification as  asset 
held for sale of the SBM  Installer (Diving Support and Construction  Vessel), 
the FPSO Falcon and the VLCC Alba.

The  Company's   investments   comprise   the   external   costs   (shipyards, 
subcontractors, and  suppliers), internal  costs  (man-hours and  expenses  in 
respect of design, engineering,  construction supervision, etc.), third  party 
financial costs including  interest, and such  overhead allocation as  allowed 
under IFRS. The total of the above costs (or a proportionate share in the case
of joint ventures) is capitalised  in the Company's consolidated statement  of 
financial position as the value of the respective facility. No profit is taken
on completion/delivery of such a system  for a lease & operate contract  which 
is classified as  an operating lease,  apart from the  profit realised by  SBM 
Offshore with  external partners  on the  construction contract  with a  joint 
venture proportionally consolidated.

Cash Flow/ Liquidities

in billions of US$             2009  2010    2011    2012  2013
EBITDA                        613.3 712.4   813.2   681.0 699.6
Net liquidities/securities    146.7 103.4   164.7   715.1 199.5
Cash flow from operations     548.5 981.8 1,157.6 1,133.6 471.0
EV:EBITDA ratio at 31/12        7.7   7.6     6.8     6.3   9.9
EBITDA : interest cover ratio  10.2   8.2    16.3    10.5  12.7

Return on Average Capital Employed (ROACE)

ROACE (Return On  Average Capital Employed)  increased to 7.0%  and Return  On 
average shareholders' Equity (ROE) also increased to 6.3%, both resulting from
the increased activity and improved results in 2013 and the increase in equity
and capital  employed  due to  the  top-up of  the  private placement  of  the 
Company's shares with HAL  and the 1  for 10 rights  offering of new  ordinary 
shares.

ROACE + ROE

Cash Flow/Liquidity

IFRS EBITDA increased from the previous year mainly due to increased  activity 
and improved results.

Net cash and  undrawn facilities  decreased slightly to  US$1,434 million,  of 
which US$854 million can be considered as being dedicated to specific  project 
debt servicing or otherwise restricted in its utilisation.

The Enterprise Value  to EBITDA ratio  at year-end 2013  stood at 9.9;  higher 
than the previous year due mainly to increased market capitalisation.

Analyst Presentation & Conference Call

SBM Offshore  has  scheduled a  webcast  of  its Analyst  Presentation  and  a 
conference call followed  by a Q&A  session at 9:00  Central European Time  on 
Thursday, February 6, 2014.

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 dialling +31 45 631 6905 in  the Netherlands, +44 207 153 2027 in  the 
UK or +1 480 629 9726 in  the US. Conference ID#: 4660813. 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 Thursday, February  6, 
2014, beginning at 11:00 Central European Time for one week. The phone  number 
for the replay is +31 45 799 0028  in the Netherlands and +44 207 959 6720  in 
the UK using access code 4660813#.  The webcast replay will also be  available 
on the Company's website.

Financial Calendar                            Date Year
Publication of AGM Agenda                  March 4 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, February 6, 2014



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

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

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: SBM Offshore N.V. via Globenewswire
HUG#1759599
 
Press spacebar to pause and continue. Press esc to stop.