2013-03-12 07:34:56 -

Yme settlement

SBM Offshore and Talisman Energy Norge AS ("Talisman"), on behalf of its joint
venture partners, have reached an agreement to terminate the Yme MOPUstor
project for a settlement contribution by SBM Offshore of US$ 470 million, as
announced in a separate joint statement issued on 12 March 2013. The settlement
includes the termination of the existing agreements, arbitration procedures and
the decommissioning of the MOPU.

SBM Offshore has already made a provision of US$ 200 million for estimated
decommissioning costs in December 2012. Consequently, the Company will charge
the difference of US$ 270 million to its first half results 2013. The Company
has paid the total settlement value of US$ 470 million to Talisman.


Rights offering resolutions to be voted on at the AGM on 2 April 2013 and
private   placement price adjustment

The announced settlement with Talisman on 11 March 2013 fulfils a condition
precedent for a 10% rights offering fully underwritten by HAL Investments
("HAL") of new ordinary shares on terms as described in the press release dated
20 December 2012 (the "Rights Offering"). At the Company's Annual General
Meeting of Shareholders ("AGM") on 2 April 2013, the AGM will decide on the
relevant resolutions in connection with the Rights Offering.

The Company will furthermore receive an additional amount of US$ 27 million from
HAL as a result of the announced settlement with Talisman. HAL will pay this
additional amount by way of a share premium contribution (agiostorting) on the
17.1 million new ordinary shares (the "Private Placement Shares") it acquired
through a private placement on 20 December 2012, resulting in an adjusted issue
price of US$ 12.894 (twelve US Dollar and eighty nine point four cents) per
Private Placement Share, calculated in accordance with the formula as described
in the press release dated 20 December 2012.


Banking covenants

The Company confirms that all banking covenants will continue to be met
following the payment of the settlement and the subsequent adjustment to the
issue price of the Private Placement Shares and the Rights Offering.



Background

On 20 December 2012, the Company announced it had completed a private placement
of 17.1 million new ordinary shares with HAL, at an initial issue price of €8.50
per ordinary share, equivalent to US$ 11.31 per ordinary share.

The Company furthermore announced that subject to the Company reaching a
settlement with Talisman in respect of the Yme MOPUstor project on or before 11
March 2013:
   · HAL would pay an additional amount to the Company to reflect a revised,
higher valuation for the Private Placement Shares; and
   · the Company would raise additional equity at the same price by means of the
Rights Offering, subject to customary conditions and the approval of the AGM.

Rights Offering

In the Rights Offering, the Company will offer rights to purchase new ordinary
shares to those shareholders in the Company at the date of record who are
allowed to participate in the Rights Offering under applicable securities laws.
HAL agreed to fully underwrite the Rights Offering and also to exercise all
rights granted to it in the Rights Offering.

The issue price in the Rights Offering will be equal to the € equivalent of US$
12.894, calculated on the basis of the US$/€ exchange rate on 28 March 2013.

The relevant resolutions in connection with the Rights Offering will be
considered at the SBM Offshore AGM on 2 April 2013. HAL has agreed to vote in
favour of these resolutions.


Additional information regarding the Rights Offering will be provided following
approval by the AGM on 2 April 2013.



Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer

  Telephone:   (+377) 92 05 85 15

  Mobile:      (+33) 643 919 312

  E-mail:      sebastiaan.derondebresser@sbmoffshore.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.guerin-moens@sbmoffshore.com

  Website:     www.sbmoffshore.com



To see the full version of this press release please click on the link below:


SBM Offshore press release: 
 hugin.info/130754/R/1684577/551634.pdf



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Source: SBM Offshore N.V. via Thomson Reuters ONE
[HUG#1684577]