RESTRUCTURING
In light of market conditions and in order to optimise the Company's cost base, capacity requirements have been reviewed with the objective of creating a productive environment for performing teams and maintaining our core competencies and technological edge. Regretfully SBM Offshore is in the process of releasing approximately 600 contractor staff and an equal number of permanent staff, totalling approximately 1,200 positions worldwide, over the period 2014 and 2015.

Workforce reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives, as appropriate.

The restructuring is expected to generate annualized savings of approximately US$40 million relating to Company employees only. Total redundancy costs of US$25 million are expected, of which US$17 million will be recorded in 2014 and a further US$8 million in 2015.

CORPORATE HEADQUARTERS
SBM Offshore also announces the relocation of its corporate headquarters to Amsterdam effective from the third quarter of 2015. The international orientation, presence of many other stakeholders in the Netherlands, the Company's Euronext listing and the proximity to the industry and Schiphol airport are expected to provide many advantages to SBM Offshore as a global player in the industry. Approximately 100 people are expected to work with the Management Board from new offices in the Amsterdam region. Monaco remains a strategic location for technology, engineering and operations.

Bruno Chabas, CEO of SBM Offshore, commented:
"Although we regret losing some of our colleagues, we believe these steps are necessary to deliver value to our stakeholders and drive profitable growth over time."

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, operation and the life extension 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 10,500 people worldwide, who are spread over five execution centres, eleven operational shore bases, the joint ventures with 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 Management Board

Schiedam, The Netherlands, December 11, 2014

Financial Calendar Date Year

Full-Year 2014 Results - Press Release
February 5
2015

Publication of AGM Agenda
March 3
2015

Annual General Meeting of Shareholders
April 15
2015

Trading Update Q1 2015 - Press Release
May 8
2015

Half-Year 2015 Results - Press Release
August 6
2015

Trading Update Q3 2015 - Press Release
November 12
2015