SBM Offshore N.V — Capital/Financing Update 2011

Apr 12, 2011

SBM OFFSHORE N.V. ORDERS NEW DIVING SUPPORT & CONSTRUCTION VESSEL (DSCV) CONFIRMING INVESTMENT IN OFFSHORE CONTRACTING

1. Investment in Diving Support & Construction Vessel (DSCV)

SBM Offshore has awarded a contract to Keppel Singmarine in Singapore for the detailed design and construction of a multi-purpose Diving Support & Construction Vessel (DSCV). This investment is an important element of the Company's strategy to grow offshore contracting activities within the Turnkey Services segment, adding to its fleet a modern vessel with high performance and reliability.

The ship will be a MT-6024 design from Marin Teknikk in Norway and will be built to DNV rules and international regulations. The vessel will have a class III DP system and be equipped with a fully integrated 12-man saturation diving system capable of operating in up to 300 metres of water depth. It will include a patented "double-deck" concept which will provide a large storage / construction area on the upper deck while keeping the conventional main deck unobstructed for anchor handling equipment. A 250 tonnes knuckle boom crane and an active heave compensated 150 tonnes winch will enable the vessel to carry out offshore construction and installation work in water depth of up to 1,500 metres. Operations will be supported by one work-class and one observation-class ROV.

Delivery is scheduled for the second quarter of 2013. The vessel will be fully owned and operated by SBM Offshore.

On the Company's website (www.sbmoffshore.com) a media pack is available with additional information on the vessel.

2. Financial Agenda

Trading Update Q1 2011 - Press Release (07.30 CET)	5 May	2011
Annual General Meeting of Shareholders (Rotterdam)	5 May	2011
Half-year Results 2011 - Press Release (07.30 CET)	18 August	2011
Half-year Results 2011 - Analysts Presentation (Amsterdam)	18 August	2011
Trading Update Q3 2011 - Press Release (07.30 CET)	17 November	2011

3. Corporate Profile

The Dutch public company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services.

The product line comprises:

• Offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semi-submersibles and Tension Leg Platforms (TLPs);
• Offshore oil and gas production services through the leasing of integrated production and storage facilities owned and operated by the Company;
• Design, construction and supply of semi-submersible drilling platforms;
• Special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialised work vessels;
• Offshore construction and installation contracting services.

The Board of Management Schiedam, 12 April 2011

For further information: SBM Offshore N.V. Karel Doormanweg 66 3115 JD Schiedam

Post address: P.O. Box 31 3100 AA Schiedam The Netherlands

Contact person: Mr. Sebastiaan de Ronde Bresser

Telephone:	(+377) 92 05 85 15
Mobile:	(+33) 643 919 312
Fax:	(+377) 92 05 89 40
E-mail:	sebastiaan.derondebresser@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 forwardlooking 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.