SBM Offshore N.V. is pleased to announce that the Company has recently received a number of Orders and Letters of Intent in both the lease and the turnkey supply segments of its activities.
1. Lease
A Letter of Agreement (LOA) has been received from EnCana Corporation, a leading producer of natural gas in North America. The LOA is for the provision, leasing and the operation of a production facility for EnCana's Deep Panuke natural gas project offshore Nova Scotia. The field is located 175 kilometres off the coast in 44 metres of water and harsh environment. Under the LOA, SBM will start detailed engineering and procurement activities to target first gas from Deep Panuke in late 2010.

In addition to the leasing and the operation of the production facility, SBM will also provide field-wide logistics and operations under the contract. The term of the contract will be for a minimum period of eight years with annual extension provisions to a maximum of twelve additional years.

The Deep Panuke Production Field Centre (PFC) will produce market-ready gas exported through a subsea pipeline to customers in Canada and the north-eastern United States. It will be the third application of the SBM Offshore MOPU/MOPUstor technology and proves again the cost effectiveness of this concept in a broad field of applications, this time in the extreme weather environment of the North Atlantic.
2. Turnkey Supply

A contract with COOEC (Chinese Offshore Oil Engineering Company) for the design, project management and supply of components for a 4,000 tons offshore crane. Delivery of the crane is scheduled for the first quarter of 2010 and will be installed on COOEC's DPV 7500 pipelay/crane vessel.

Several contracts for design and supply of specialised components for jack up systems for drilling rigs and other offshore structures.
3. Portfolio Value

The above orders represent a total Portfolio Value close to 950 million US Dollars.