Highlights First Quarter 2012
· Turnover of US$ 763 million, 12% above Q1 prior year
· Total order portfolio of US$ 16.7 billion
· US$ 0.5 billion order for supply of Ichthys FPSO turret
· Net debt of US$ 1,921 million (31 December 2011: US$ 1,958 million)
· Outlook and guidance 2012 unchanged

Post Period Highlights
· Mr Sietze Hepkema appointed, subject to EGM approval, to new Management Board governance post
· Nomination of Mr Peter van Rossum as Chief Financial Officer

Bruno Chabas, CEO of SBM Offshore, commented:
"SBM Offshore's first quarter performance maintained the trend of consistent year-on-year growth. Strong momentum in the oil & gas upstream market continues to drive demand for FPSOs and related products. The recent award of the turret for the Ichthys FPSO is a reminder of the strong rationale for a strategy to focus on the products for which we are the world leader.

On the Yme project, within six months we expect to develop a completion schedule with our client. Elsewhere across the business, execution of our project portfolio is progressing to plan and we remain on track to deliver our full year expectations.

Since the end of the quarter, we have announced the appointment of Mr Sietze Hepkema, subject to EGM approval, to a newly created Management Board position for governance, compliance and legal affairs worldwide. We are delighted that Sietze made himself available to us immediately, and he is already making a valued contribution by leading the internal investigation mentioned in the press release of 10 April 2012.

Finally, I am pleased to confirm the nomination of Mr Peter van Rossum as Chief Financial Officer. His appointment to the Management Board is subject to approval by shareholders on 27 June 2012. Peter brings with him a wealth of financial and oil industry expertise and will be a valuable asset for SBM Offshore and we look forward to him joining the team on 2 July 2012".