Highlights First Quarter 2011
- Turnover of US$ 683 million, 5 % below prior year;
- Total order portfolio of US$ 11.3 billion - not including recent major awards with an approximate total portfolio value of US$ 2 billion;
- Letter of Intent for the supply and installation of an FPSO from OSX in Brazil;
- Letter of Intent for a 12 year lease and operate contract for the FPSO Xikomba from ENI in Angola;
- Long-term cooperation agreement with Mitsubishi Corporation to jointly pursue FPSO lease and operate projects worldwide;
- Ordered a new Diving Support Construction Vessel (DSCV).

Tony Mace, CEO of SBM Offshore: "Since the beginning of the year we have received two major orders, the first for the supply of an FPSO to OSX in Brazil and the second for a twelve year lease relocation project of the existing FPSO Xikomba for ENI in Angola. This order intake fits nicely with the Company's strategy to obtain a good mix between lease and supply projects and ensures relocation of one of the Company's existing FPSOs. Demand for our products remains high and there are reasonable opportunities to obtain further orders this year".

Outlook Full Year 2011
· Turnover in the same range as 2010, almost fully secured from current portfolio;

· EBIT margin from Turnkey Systems solidly in the 10% - 15% range, taking into account a robust underlying operating margin and the impact of finance lease accounting;

· Turnkey Services EBIT margin within the 15% - 20% range;

· Lease and Operate EBIT in the same range as underlying 2010 level.