Highlights
Half-year profit of US$ 139.2 million represents an increase of 42% over 2006 (US$ 97.8 million). Return on equity of 23.7% (20.8% in 2006);
Return on capital employed rises to 15.9% (from 13.4% in 2006) for the six month period;
New orders amount to US$ 1,807 million for the first six months of 2007. Backlog at 30 June 2007 amounts to US$ 7,408 million;
Updated 2007 year-end forecast profit increases from US$ 260 million to US$ 265 million.

1. Half-year results 2007

The profit after tax for SBM Offshore N.V. (the Company) for the first six months of 2007 was US$ 139.2 million (US$ 0.96 per share) compared with US$ 97.8 million (US$ 0.70 per share) at mid-year 2006.

Profit includes US$ 6 million from non-recurring items, being the gain on sale of 20% of the Company's interest in FPSO Capixaba to Queiroz Galvao affiliate STAR, offset by a small loss on the disposal of the Company's airport interiors and passenger boarding bridges activities.

Turnover for the six months was US$ 1,388.4 million compared with US$ 823.0 million for mid year 2006.

EBITDA for the half-year was US$ 268.7 million (US$ 1.90 per share) compared with US$ 218.6 million (US$ 1.58 per share) at mid-year 2006.

EBIT for the six month period was US$ 151.2 million (US$ 1.07 per share) compared with US$ 115.9 million (US$ 0.84 per share) at mid-year 2006.

Approximately 53% of EBIT was contributed by the lease and operate activities with 47% contributed by the turnkey sales and services. The corresponding segmental split in the first half of 2006 was 66% lease and operate: 34% turnkey sales.

Net debt to equity at 30 June 2007 stands at 0.64 compared with 0.52 at 31 December 2006.

2. Expectations for the full year 2007

Based upon the result of the first six months and potential developments over the remainder of the year, the Company expects that 2007 will generate:

Profit of US$ 265 million (US$ 1.82 per share) including the impact of the non-recurring items mentioned above, compared with US$ 216 million (US$ 1.55 per share) in 2006;

EBITDA of US$ 555 million (US$ 3.88 per share), compared with US$ 477 million (US$ 3.42 per share) in 2006;

EBIT of US$ 305 million (US$ 2.13 per share), compared with US$ 254 million (US$ 1.82 per share) in 2006;

Capital expenditure of US$ 750 million compared with US$ 309 million in 2006.