SBM Offshore N.V.: SBM Offshore divests minority interest in FPSO Sepetiba project

December 13, 2019

Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest in the special purpose companies related to the lease and operation of FPSO Sepetiba.

MC acquired 20% and NYK acquired 15.5% ownership interest in the companies. SBM Offshore is operator and majority shareholder with the remaining 64.5% ownership interest.

FPSO Sepetiba is currently under construction. The FPSO will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometers offshore Rio de Janeiro, under a 22.5 years lease and operate contract with Petróleo Brasileiro S.A. (Petrobras). Delivery of the FPSO is expected in 2022.

The financial effects from this divestment were anticipated in SBM Offshore's full year 2019 guidance provided in this year's Third Quarter Trading Update.

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Amsterdam. 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 lifecycle. The Company is market leading in leased floating production systems delivered to date, with multiple units currently in operation and has unrivalled operational experience in this field. The Company's main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry.

As of December 31, 2018, Group companies employ approximately 4,350 people worldwide, including circa 650 contractors, which are spread over offices in key markets, operational shore bases and the offshore fleet of vessels. Group Companies employ a further 400 people, working for the joint ventures with two construction yards. For further information, 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 Management Board
Amsterdam, the Netherlands, December 13, 2019

Financial Calendar	Date	Year
Full-Year 2019 Earnings - Press Release	February 13	2020
Annual General Meeting of Shareholders	April 8	2020
Trading Update 1Q 2020 - Press Release	May 14	2020
Half-Year 2020 Earnings - Press Release	August 6	2020
Trading Update 3Q 2020 - Press Release	November 12	2020

For further information, please contact:

Investor Relations
Bert-Jaap Dijkstra
Director Corporate Finance and IR

Telephone:	[phone]
Mobile:	[phone]
E-mail:	[e-mail]
Website:	www.sbmoffshore.com

Media Relations
Vincent Kempkes
Group Communications Director

Telephone:	[phone]
Mobile:	[phone]
E-mail:	[e-mail]
Website:	www.sbmoffshore.com

Disclaimer

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. 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. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.

Attachment

• SBM Offshore divests minority interest in FPSO Sepetiba project (https://ml-eu.globenewswire.com/Resource/Download/442d3b85-c397-4699-bef4-0a29c162a2d7)