SBM Offshore N.V — M&A Activity 2011

Sep 30, 2011

Press release - SBM Offshore N.V.

30 September 2011

SBM OFFSHORE N.V. SIGNS COOPERATION AGREEMENT WITH SYNERGY TO DEVELOP AND OPERATE A YARD, QUAYSIDE AND FLOATING CRANE IN BRAZIL

1. Brazilian yard, quayside and floating crane

SBM Offshore is pleased to announce it has signed a Shareholders' Agreement with Naval Ventures Corp. (a member of Synergy Group) under which the two companies will cooperate and work together through one or more special-purpose entities in order to:

(a) jointly develop and operate a yard and a FPSO integration quayside at Niterói/Brazil for the fabrication and pre-commissioning of topside modules and other systems and equipment related to the offshore oil & gas industry, and also for FPSO integration and commissioning;

(b) jointly upgrade, own and operate a floating crane to provide heavy lift solutions/services in Brazil.

The yard and quayside are located next to Rio-Niteroi bridge, at the centre of the Oil & Gas Industry in Brazil, close to a large skilled resource base and numerous service providers. The floating crane will be upgraded to meet the heavy lifting requirements (>500T) for lifting FPSO modules onto the FPSO deck. The heavy lifting capabilities will be unique in Brazil.

The agreement is based on a long-term cooperation between the companies, in which they will combine their expertise and provide a solution for the increasing high-level local content requirements of the Brazilian market, where several large FPSO projects are expected to be developed in the coming years. SBM Offshore will be responsible for the overall project and site management activities, whilst Naval Ventures Corp. will make available the key assets and contribute with its shipbuilding and offshore construction know-how.

With this partnership SBM Offshore has secured access to alternative construction and integration capacity at a time when an imbalance is foreseen in the coming years between the local demand and the availability of qualified fabricators for topside modules, and of FPSO quaysides. Such long-term independent solution will permit SBM Offshore to continue to develop robust proposals for new projects while increasing the proportion of local content, and therefore supports the Company's ambitions to grow its portfolio in the Brazilian market.

2. Financial Agenda

Trading Update Q3 2011 - Press Release (07.30 CET) 17 November 2011 2012 02 March 02 March 2012 28 March 2012 Trading Update Q1 2012 - Press Release (07.30 CET) 2012 16 May 2012 16 May 2012 16 August 2012 16 August 2012 Trading Update Q3 2012 - Press Release (07.30 CET) 15 November
	Full-year Results 2011 - Press Release (07.30 CET)
	Full-year Results 2011 - Analysts Presentation (Amsterdam)
	Publication Annual Report and Agenda Annual General Meeting of Shareholders
	Annual General Meeting of Shareholders (Rotterdam)
	Half-year Results 2012 - Press Release (07.30 CET)
	Half-year Results 2012 - Analysts Presentation (Amsterdam)

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, 30 September 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

Mr. Sebastiaan de Ronde Bresser Contact person:

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 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.