Financial Highlights
Turnover of US$ 1,461 million (US$ 1,378 million in H1 2010);
EBITDA of US$ 359.7 million (EBITDA of US$ 293.5 million in H1 2010);
US$ 450 million impairment charge booked in H1 2011, as already announced on 28 July 2011;
Net loss of US$ (250.8) million with underlying profit of US$ 199.2 million (Net profit of US$ 92.5 million in H1 2010);
Record order portfolio US$ 12,405 million (US$ 10,908 million in H1 2010);
Net debt US$ 2,195 million, net gearing 117% (US$ 1,711 million, net gearing 81% at year-end 2010), well within all debt covenants.

Operational Highlights
FPSO Okha completed and handed over to Woodside;
Contract for supply of an FPSO for OSX in Brazil;
Contracts for supply of two large Turret Mooring Systems;
Contracts signed and US$ 1 billion financing facility secured for FPSO Cidade de Paraty in Brazil on Lula NE field;
Letters of Intent for lease contracts for FPSO Xikomba for ENI and FPSO Guara Norte for Petrobras.


Outlook 2011

Turnover around 5% above 2010, fully secured from current order portfolio;
EBIT margin from Turnkey Systems solidly in the 10% - 15% range;
Turnkey Services EBIT margin within the 15% - 20% range;
Underlying Lease and Operate EBIT above underlying 2010 level;
Overall the Company expects a 2011 net result around breakeven before deduction of minority interests;
No decision has been taken by the Company in respect of dividend over 2011.
Tony Mace, CEO of SBM Offshore: "The impairment charge is very disappointing in light of the excellent performance on the more recent projects which is reflected in the positive momentum on key indicators with an increase in turnover, a 23% higher EBITDA and a record order portfolio. New prospects for the Company look promising further to the recently awarded LOI for a lease of a FPSO for the Guara Norte development in Brazil, which is the largest order ever received by SBM Offshore."

Key Figures
US$ million
H1 2011 H1 2010 Change

Turnover 1,460.6 1,378.4 6%
EBITDA 359.7 293.5 23%
EBIT (214.1) 146.0 N/M
Profit/(Loss) (250.8) 92.5 N/M
Underlying Profit 199.2 92.5 X 2.15
Investments in fixed assets 430.7 282.5

SBM OFFSHORE N.V. CEO TO STAND DOWN AT YEAR END
Mr Tony Mace has advised the Supervisory Board that in light of recent events he will not stand for re-election at the next AGM on 16 May 2012.

The Supervisory Board has decided that it will call later this year an EGM to propose Mr. Bruno Chabas to take over as CEO with effect from 1 January 2012.

Mr Bruno Chabas joined the Company as COO on 1 May 2011 from Acergy, where he had held the position of COO for 8 years. He is a French citizen and has an MBA from Babson College, USA.
Mr Tony Mace will continue as CEO of the Company until 31 December 2011.