As the Company nears its fiscal year end, the Management Board confidently confirms its FY2014 Directional[1] revenue guidance of at least US$3.3 billion.

Bruno Chabas, CEO of SBM Offshore, commented:
"Management recognizes the anxiety caused in the markets by the sharp decline in the price of oil. At the same time Management would like to emphasize that 90% of the Company's US$21.8 billion backlog, as of the end of September 2014, consists of future lease and operate income with dayrates that are not dependent on oil prices or on production levels, which will continue to generate income and liquidity for many years to come."

Ahead of the scheduled FY2014 earnings announcement[2], SBM Offshore further announces[3]:

HIGHLIGHTS
Revolving Credit Facility renewal completed increasing facility to US$1 billion
Reversal of US$109 million impairment charge on Thunder Hawk platform
Non-cash charge of US$56 million related to Deep Panuke production facility
Impairment of approximately US$50 million related to contractual dispute
DSCV SBM Installer sale and leaseback transaction closed and US$150 million received
One-off extra US$40 million provision for the Warranty Fund

Revolving Credit Facility
SBM Offshore is pleased to announce that on December 16, 2014 it signed the renewal of its Revolving Credit Facility (RCF) which will mature January 30, 2020 with two additional one year extension options. The new US$1 billion facility has been secured with a select group of 12 core relationship banks and replaces the existing facility of US$750 million that was due to expire in mid-2015.

Under the new facility, the terms and conditions have been significantly improved. This should allow the Company to stay firmly within its financial covenants in the coming years despite the ongoing investments in 3rd generation projects under construction.

The following financial institutions are syndicate participants:
Bookrunning Mandated Lead Arrangers: Rabobank (Documentation Agent), ING Bank N.V. (Facility Agent), ABN AMRO Bank N.V., The Bank of Tokyo-Mitsubishi UFJ N.V., Mizuho Bank N.V., Natixis S.A. and Societe Generale CIB.

Mandated Lead Arrangers: DNB Bank ASA, Citibank N.A., Credit Agricole CIB, The Royal Bank of Scotland PLC, and Barclays Bank PLC.
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[1] Directional view is a non-IFRS disclosure, which treats all leases as operating leases and consolidates the vessel joint ventures proportionally
[2] All numbers unaudited
[3] Updates reflect recent events and insights acquired since the publication of the 1H14 results

Thunder Hawk
Following the September 16, 2014 announced signing of a Production Handling Agreement with Noble Energy, SBM Offshore has reversed the previously taken US$109 million write downs incurred on the semisubmersible facility in the US Gulf of Mexico.

Deep Panuke
SBM Offshore has reduced the useful life of the Deep Panuke Production Field Centre to eight years in line with the fixed contract period. This adjustment results in a non-cash impairment charge of approximately US$56 million. The eight year firm contract revenue will not be affected by today's announcement.

Financial Asset Impairment
The Company is taking a one-off impairment charge (non-cash) of approximately US$50 million related to a financial asset following a dispute with a US-based client.

Warranty Fund
SBM Offshore has taken the decision to make an additional provision for warranties at year-end of US$40 million.

SBM Installer
On December 1, 2014 SBM Offshore announced the US$150 million all cash sale of the Diving Support and Construction Vessel (DSCV) SBM Installer to OS Installer AS. The Company is pleased to confirm that OS Installer AS, a new established Joint Venture between Ocean Yield (75%) and SBM Offshore (25%), has secured bank financing and the transaction has closed. Net of the retained equity interest in the Joint Venture, the Company has received US$140 million in proceeds.

Cidade de Ilhabela
On November 24, 2014 SBM Offshore announced that FPSO Cidade de Ilhabela was officially on hire after achieving first oil and completing a 72 hour continuous production test leading to Production Acceptance Notice. Following the notification of our Joint Venture partner, Queiroz Galvão Óleo e Gás S.A (QGOG), not to exercise a call option on a further 12.75% equity participation stake in the project, SBM Offshore is pleased to retain a 62.25% share in the Joint Venture.

AND

SBM Offshore announces that Sietze Hepkema has decided to retire as Chief Governance and Compliance Officer (CGCO). Mr. Hepkema will continue to serve in his current role as CGCO until the Annual General Meeting of Shareholders on April 15, 2015 at which time it will be proposed that he join the Company's Supervisory Board. At that time, it will also be proposed that Erik Lagendijk succeed him.

Mr. Lagendijk joins SBM Offshore on January 2, 2015 following a distinguished 25 year career in the financial services industry. His leadership experience includes 14 years as General Counsel of AEGON N.V., a Dutch listed international insurance company, where he was most recently responsible for building a mature regulatory and compliance function. He will be responsible for overseeing the legal, compliance and risk functions; all areas in which he has gained significant relevant experience while at AEGON N.V.

Mr. Hepkema's anticipated retirement has been part of the Management Board succession planning process for the last several months. The Supervisory Board is of the view that the CGCO function at Management Board level has created significant value for the Company, and has decided to maintain it. Under his guidance the Company has greatly enhanced its governance and compliance functions while also closing a number of legacy issues. Until his retirement, Mr. Hepkema will continue to oversee the final issues remaining from the Company's compliance investigation in Brazil.

Bruno Chabas, CEO of SBM Offshore commented:
"We thank Sietze for his many contributions to the success of the Company, particularly in his unwavering commitment to further advancing governance and compliance within SBM Offshore. Given the weight attached to the Chief Governance and Compliance Officer function, we are pleased to have him succeeded by someone as experienced as Erik Lagendijk."

Heinz Rothermund, Chairman of the Supervisory Board of SBM Offshore also commented:
"Sietze has played a crucial role in transforming the Company culture and we are pleased to retain his services at the Supervisory Board level as it reinforces the Company's continued commitment to strong governance."

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.