Highlights
- Turnover Q1 2009 up 10% from prior year to US$ 681 million;
- No major new orders in first quarter; total order backlog at 31 March 2009 at US$ 8.6 billion same as prior year;
- Level of sales and bidding activity remains high; targeting 2 major contract awards this year;
- Project finance loan for Deep Panuke MOPU - club deal successfully arranged;
Tanker inventory operating loss of US$ 10 million in first quarter due to collapse of trading market;
- Recent projects progressing well; continued cost and schedule challenges on drilling rigs and Talisman MOPUstorTM projects;
- Exercise of purchase option on Turkmenistan MOPU/FSO expected, resulting in non-recurring turnover of US$ 51.5 million and a post-tax profit of US$ 30 million in June 2009.
Tony Mace, CEO of SBM Offshore: "The Company is in a strong position in its market sector and we are well placed to respond to the expected upturn in business in the mid term. The current business environment and uncertain market conditions in respect of new orders as well as continuing difficulties on delivery of some of our current projects make a firm full year forecast difficult at this time".

Outlook Full Year 2009
- Net profit is expected to be in the range of the 2008 level;
- Turnover is expected to be around US$ 2.8 - 3.0 billion;
- Confirmation of expected EBIT margin in Turnkey segment between 5 - 10% for full year, however the mid-year EBIT margin in Turnkey segment is expected to be below this range taking into account provisions on the drilling rig projects;
- EBIT from Lease & Operate segment is expected to be below 2008 level.