SALE OF SHARE IN RONCADOR FPSO COMPLETED
DP SEMI-SUBMERSIBLE DRILLING UNITS
Three Letters Of Intent have been received end of last week by Atlantia Offshore Limited, a fully-owned subsidiary of SBM Offshore N.V., from several Brazilian drilling contractors in the wake of major drilling contracts recently awarded by Petrobras for their deep offshore development plans. Under these LOI's, Atlantia would provide on lumpsum turnkey basis, possibly several, newbuilt dynamically positioned drilling units.

The units will be built according to the GustoMSC TDS2000 design, already proven through existing drilling rigs operating worldwide. The units will be able to operate in water depths up to, either 2,000 or 2,400 meters at clients' option, and be capable of drilling up to 7,500 meters below the seabed. They will feature state of the art drilling equipment and dynamically positioning systems.

Each unit represents a portfolio value of around US Dollars 370 million for SBM turnkey sales segment. Contract award is subject to successful negotiation of Terms and Conditions with the respective clients, which will take place during the coming weeks.

The delivery times of the units will be ranging from 30 to 42 months from contract award.

RONCADOR FPSO
The Company has completed the sale to Malaysian International Shipping Company Sdn Bhd (MISC) of two group companies respectively owning and operating the Roncador (Brasil) FPSO, which is currently on a long term charter to Petrobras. This intended transaction was announced by way of press release on 12 May 2005.

The effective date for the sharing of Roncador FPSO revenues and costs is 1 April 2006. The transaction represents a sale revenue of US Dollars 103.7 million, and will generate a profit in excess of US Dollars 10 million.


For further information:
SBM Offshore N.V.
Karel Doormanweg 66
3115 JD Schiedam