SOURCE: SBM Offshore N.V.

March 29, 2006 10:47 ET

SBM Offshore Results 2005

Results 2005 - A Record Year

SCHIEDAM, THE NETHERLANDS -- (MARKET WIRE) -- March 29, 2006 --

Highlights

--  net profit after tax of US$ 225.8 million, versus US$ 91.7 million
    in 2004 (restated to IFRS and excluding shipbuilding); Earnings per
    share US$ 6.64 compared with US$ 2.77 in 2004;
--  proposed dividend US$ 3.30 per share, up 94% from 2004;
--  proposed four for one share split, scheduled for 2 June 2006;
--  shipyard sale concluded, name change to SBM Offshore N.V.
    implemented; exclusive focus on oil and gas activities largely
    improved transparency and predictability;
--  excellent performance of the FPSO fleet generated substantial bonus
    revenues;
--  purchase option for FPSO Serpentina exercised by Mobil Equatorial
    Guinea; 2005 net profit impact US$ 79.8 million;
--  new orders totalled US$ 1,510 million, compared to US$ 1,436
    million in 2004 (excluding shipbuilding);
--  turnover up to US$ 1,519 million, compared to US$ 1,069 million in
    2004 (restated and excluding shipbuilding);
--  EBITDA of US$ 482.2 million compared to US$ 370.8 million in 2004
    (restated and excluding shipbuilding);
--  EBIT margin increased to 18.1% compared to 15.1% in 2004;
--  investment in fixed assets of US$ 399 million, up from US$ 237
    million in 2004;
--  implementation and first time adoption of IFRS accounting and
    reporting standards.
    

Contact person: Mr. Hans Peereboom, V.P. Investor Relations

Telephone: (+377) 92 05 14 34
Mobile:    (+377) 6 80 86 52 58
Fax:       (+377) 92 05 89 40
E-mail:    hans.peereboom@sbmoffshore.com
Website:   www.sbmoffshore.com

Copyright © Hugin ASA 2006. All rights reserved.

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