The Company is pleased to announce the successful delivery of FPSO OSX-2. The vessel was delivered to the client, OSX 2 Leasing B.V. ("OSX") this week.

With a total topside weight of over 10,000 tons and a production capacity of 100,000 barrels of oil per day, the facility was constructed in 27 months from contract award to delivery.

Bruno Chabas, CEO of SBM Offshore commented:
"We are pleased to announce the delivery of OSX-2, a turnkey project that was constructed on time and on budget for our client OSX. In particular, I would like to recognize our global project management team for a job well done."

DEEP PANUKE UPDATE
Deep Panuke continues commissioning activities leading up to production acceptance and the start of the lease contract. These activities involve achieving a steady state of production and are taking the time required to safely start the gas platform. SBM Offshore expects the activities to be completed in the coming weeks and will inform the market at that stage.

The Deep Panuke project produces and processes natural gas from the Deep Panuke field, approximately 250 kilometres (155 miles) southeast of Halifax, Nova Scotia on the Scotian Shelf. The platform is designed to produce up to 300 million cubic feet per day (MMcf/d) of natural gas.

The terms of the lease and operate contract are for a minimum period of eight years with annual extension provisions of up to a maximum of twelve additional years.

Corporate Profile
SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group ("the Company").

SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation, and has unrivalled operational experience in this field. The Company's main activities are the design, supply, installation and operation of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.

Group companies employ over 7,400 people worldwide, who are spread over five execution centers, eleven operational shore bases, several construction yards and the offshore fleet of vessels. Please visit our website at www.sbmoffshore.com.

The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication "SBM Offshore" is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.

The Board of Management