SBM Offshore Announces Delivery of OSX-2 and Provides Deep Panuke Update

SBM OFFSHORE ANNOUNCES DELIVERY OF OSX-2

The Company is pleased to announce the successful delivery of FPSO OSX-2. The vessel was delivered to the client, OSX 2 Leasing B.V. (“OSX”) this week.

With a total topside weight of over 10,000 tons and a production capacity of 100,000 barrels of oil per day, the facility was constructed in 27 months from contract award to delivery.

Bruno Chabas, CEO of SBM Offshore commented:

“We are pleased to announce the delivery of OSX-2, a turnkey project that was constructed on time and on budget for our client OSX. In particular, I would like to recognize our global project management team for a job well done.”

DEEP PANUKE UPDATE

Deep Panuke continues commissioning activities leading up to production acceptance and the start of the lease contract. These activities involve achieving a steady state of production and are taking the time required to safely start the gas platform. SBM Offshore expects the activities to be completed in the coming weeks and will inform the market at that stage.

The Deep Panuke project produces and processes natural gas from the Deep Panuke field, approximately 250 kilometres (155 miles) southeast of Halifax, Nova Scotia on the Scotian Shelf. The platform is designed to produce up to 300 million cubic feet per day (MMcf/d) of natural gas.

The terms of the lease and operate contract are for a minimum period of eight years with annual extension provisions of up to a maximum of twelve additional years.

 Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group (“the Company”).

SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation, and has unrivalled operational experience in this field. The Company’s main activities are the design, supply, installation and operation of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.

Group companies employ over 7,400 people worldwide, who are spread over five execution centers, eleven operational shore bases, several construction yards and the offshore fleet of vessels. Please visit our website at www.sbmoffshore.com.

The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication “SBM Offshore” is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.

The Board of Management

Schiedam, September 4, 2013

 

For further information, please contact:

Investor Relations

Nicolas D. Robert

Head of Investor Relations

Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
E-mail: nicolas [dot] robert [at] sbmoffshore [dot] com
Website: www.sbmoffshore.com

Media Relations
Anne Guerin-Moens
Group Communications Director

Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: anne [dot] guerin-moens [at] sbmoffshore [dot] com
Website: 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.