SBM OFFSHORE N.V. HALF-YEAR RESULTS 2009

2009-08-19 07:35:01 -
London, August , 19, 2009
Highlights

  * Turnover for the half-year at US$ 1.4 billion (H1 2008: US$ 1.5
    billion);
  * Net profit for the half-year at US$ 95.5 million (H1 2008: US$
    85.3 million);
  * Total order backlog at 30 June 2009 at US$ 8.2 billion (H1 2008:
    US$ 9.5 billion); No major new orders in the first half;
  * Commenced lease and operations on FPSO Espirito Santo and Thunder
    Hawk semi-submersible;
  * Recent projects progressing well; Provisions taken for drilling
    rigs;
  * Results include a non-recurring post-tax gain of US$ 32 million
    on sale of Turkmenistan MOPU/FSO and an impairment of US$ 39
    million on the Talisman MOPUstor(TM).


Tony Mace, CEO of SBM Offshore: "The Company's activities continue at
a high level with the execution of the large order backlog resulting
in the start of production of three new facilities, the consolidation
of execution plans of the older more challenging projects and the
continuation of good performance on the newer projects. Despite the
low order intake, bid activity has been high and there are serious
opportunities for securing new orders in the second half of the year.
For the mid to longer term we believe that demand for our products
will be strong".

Outlook Full Year 2009

  * Management re-iterates that it expects net profit to be in the
    range of the 2008 level;
  * Turnover is expected to be around US$ 2.9 billion;
  * EBIT for Lease and Operate segment is expected to be well below
    2008 level;
  * EBIT margin for combined Turnkey segments is expected to be in
    the lower part of the 5 - 10% range excluding the Turkmenistan
    transaction.


Key Figures


+----------------------------------------------------------+
| US$ million                |   H1    |   H1    | Change  |
|                            |  2009   |  2008   |         |
|----------------------------+---------+---------+---------|
| Turnover                   | 1,435.3 | 1,497.3 | - 4.1%  |
|----------------------------+---------+---------+---------|
| EBITDA                     |  291.5  |  246.2  |  18.4%  |
|----------------------------+---------+---------+---------|
| EBIT                       |  128.3  |  114.2  |  12.3%  |
|----------------------------+---------+---------+---------|
| Profit                     |  95.5   |  85.3   |  12.0%  |
|----------------------------+---------+---------+---------|
| EBIT margin                |  8.9%   |  7.6%   |  17.1%  |
|----------------------------+---------+---------+---------|
| Investment in fixed assets |  354.6  |  518.0  | - 31.5% |
+----------------------------------------------------------+


Contact person: Mr. Sebastiaan de Ronde Bresser


Telephone: (+377) 92 05 85 15
Mobile:    (+33) 6 43 91 93 12
Fax:       (+377) 92 05 89 40
E-mail:    sebastiaan.derondebresser@sbmoffshore.com
Website:   www.sbmoffshore.com



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