Highlights
· Turnover for the first quarter of 2010 US$ 722 million, 6% above prior year;
· Total order backlog at 31 March 2010 at US$ 10.0 billion, same as 2009 year-end;
· One year extension for lease contract for FPSO Kuito;
· Pre-commitment from Petrobras for lease FPSO for pre-salt area;
· FPSO Capixaba arrived on the Cachalote field in Brazil and is ready for oil production.

Tony Mace, CEO of SBM Offshore: "In all three of our business segments we see an increase in realistic opportunities for sanction of projects. The pre-commitment for a lease FPSO for the pre-salt area from Petrobras is an important project for the Company and represents the largest value FPSO we will have ever contracted. We have also seen an improvement in performance in our more recent projects with execution within schedule and budget."

Outlook Full Year 2010
· Turnover in the same range as 2009 - now around 90% secured from current backlog;
· EBIT margin from Turnkey Systems solidly within 5% - 10% range;
· Outlook for EBIT margin from Turnkey Services improving;
· Lease and Operate EBIT contribution below 2009.