Half-year profit of US$ 73.5 million, 46% ahead of prior year (US$ 50.3 million) in spite of no contribution from shipbuilding (US$ 4.5 million H1 2004).
New orders US$ 902 million in the first six months and additional awards since 30 June 2005 of over US$ 275 million.
Revised 2005 year-end forecast increases from US$ 125 million to US$ 140 million.
Strong market ahead, particularly in the demand for floating facilities.

Half-year results 2005
Financial information in this document has been prepared based on the IFRS standards, including re-statement of 2004 information previously disclosed under Dutch GAAP. Mid-year comparative data also includes the former shipbuilding division for which the decision to divest was taken in August 2004. In the 2005 figures, there is no impact from the (now sold) shipbuilding activities.

The net profit after tax for SBM Offshore N.V. (the Company, formerly IHC Caland N.V.) for the first six months of 2005 was US$ 73.5 million (US$ 2.17 per share) compared with US$ 50.3 million (US$ 1.54 per share) at mid-year 2004, and US$ 100.4 million (US$ 3.04 per share) before exceptional shipbuilding-related charges for the whole of 2004.

Turnover for the 6 months was US$ 607.1 million compared with US$ 655.4 million for mid year 2004, which included US$ 196.9 million for the former shipbuilding division.

EBITDA for the half-year was US$ 205.2 million (US$ 6.07 per share) compared with US$ 181.2 million (US$ 5.56 per share) at mid-year 2004, and US$ 386.4 million (US$ 11.69 per share) before exceptional shipbuilding-related charges for the whole of 2004.

Expectations for the full year 2005
Based upon the result of the first six months and potential developments over the remainder of the year, the Company expects that 2005 will generate:

Net income of around US$ 140 million (US$ 4.11 per share), of which roughly 75% will be derived from the lease fleet operations.
EBITDA of around US$ 420 million (US$ 12.35 per share).
Capital expenditure of around US$ 450 million compared with US$ 235 million in 2004.

New booked orders
New booked orders for the first half-year of 2005 totalled US$ 902 million, compared with US$ 415 million for the first half of 2004, and US$ 1,890 million for the whole year 2004 (including shipbuilding). Order portfolio at 30 June stood at US$ 4,364 million (year-end 2004 - US$ 4,070 million excluding shipbuilding).