Highlights
. Turnover for the half-year at US$ 1.4 billion (H1 2008: US$ 1.5 billion);
. Net profit for the half-year at US$ 95.5 million (H1 2008: US$ 85.3 million);
. Total order backlog at 30 June 2009 at US$ 8.2 billion (H1 2008: US$ 9.5 billion); No major new orders in the first half;
. Commenced lease and operations on FPSO Espirito Santo and Thunder Hawk semi-submersible;
. Recent projects progressing well; Provisions taken for drilling rigs;
. Results include a non-recurring post-tax gain of US$ 32 million on sale of . Turkmenistan MOPU/FSO and an impairment of US$ 39 million on the Talisman MOPUstor(TM).

Tony Mace, CEO of SBM Offshore: "The Company's activities continue at a high level with the execution of the large order backlog resulting in the start of production of three new facilities, the consolidation of execution plans of the older more challenging projects and the continuation of good performance on the newer projects. Despite the low order intake, bid activity has been high and there are serious opportunities for securing new orders in the second half of the year. For the mid to longer term we believe that demand for our products will be strong".

Outlook Full Year 2009
Management re-iterates that it expects net profit to be in the range of the 2008 level;
Turnover is expected to be around US$ 2.9 billion;
EBIT for Lease and Operate segment is expected to be well below 2008 level;
EBIT margin for combined Turnkey segments is expected to be in the lower part of the 5 - 10% range excluding the Turkmenistan transaction.

Key Figures

US$ million H1 2009 H1 2008 Change
Turnover 1,435.3 1,497.3 - 4.1%
EBITDA 291.5 246.2 18.4%
EBIT 128.3 114.2 12.3%
Profit 95.5 85.3 12.0%
EBIT margin 8.9% 7.6% 17.1%
Investment in fixed assets 354.6 518.0 - 31.5%