SOURCE: SBM Offshore N.V.

December 17, 2009 08:58 ET

SBM OFFSHORE N.V. NEW LEASE CONTRACT FROM PETROBRAS FOR BALEIA AZUL FIELD

SCHIEDAM, NETHERLANDS--(Marketwire - December 17, 2009) -




SBM Offshore is pleased to announce the following:


1. Lease FPSO for Petrobras Baleia Azul Field

A letter of intent has been received from Petrobras for a lease and operate contract of the Company?s existing FPSO Espadarte for a period of 18 years on the Baleia Azul field offshore Brazil.

The FPSO Espadarte will be disconnected from its current location at the Espadarte field offshore Brazil and after transfer to a shipyard, the FPSO will be modified and upgraded for the new project and will then transfer back to Brazil for offshore hook up, installation and operation on the Baleia Azul field.

The planned disconnection of the FPSO from the Espadarte field is in April 2011 and first oil at the Baleia Azul field is planned in July 2012. The FPSO will require a significant additional capex investment for the Baleia Azul field.

The non-discounted total of the fixed lease rates payable for this contract amounts to approximately US$ 1.7 billion.


2. Financial Agenda


Final Results 2009 - Press Release                         26 February 2010
Final Results 2009 - Analysts Presentation (Amsterdam)     26 February 2010
Annual Report 2009                                         End March   2010
Annual General Meeting of Shareholders 2010                14 April    2010
Trading Update Q1 2010 - Press Release                     12 May      2010
Half-year Results 2010 - Press Release                     18 August   2010
Half-year Results 2010 - Analysts Presentation (Amsterdam) 18 August   2010
Trading Update Q3 2010 - Press Release                     10 November 2010

3. Corporate Profile

Dutch limited liability company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services.

The product line comprises:

* Offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semi-submersibles and Tension Leg Platforms (TLPs);

* Offshore oil and gas production services through the leasing of integrated production and storage facilities owned and operated by SBM Offshore;

* Design, construction and supply of semi-submersible drilling platforms;

* Special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialised work vessels;

* Offshore construction and installation contracting services.

The Board of Management


Schiedam, 17 December 2009

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

Post address: P.O. Box 31 3100 AA Schiedam The Netherlands


Contact person: Mr. Sebastiaan de Ronde Bresser



Telephone: (+377) 92 05 85 15

Mobile: (+33) 643 919 312

Fax: (+377) 92 05 89 40

E-mail: sebastiaan.derondebresser@sbmoffshore.com

Website: www.sbmoffshore.com http://www.sbmoffshore.com/

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management?s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company's business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "may," "will," "should," "would be," "expects" or "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

[HUG#1364051]

SBM Offshore Press Release: http://hugin.info/130754/R/1364051/332918.pdf


Contact Information