SBM Offshore and Constellation complete transaction regarding minority ownership in SBM Offshore operated FPSO companies – EnerCom Inc.

SBM Offshore and Constellation complete transaction regarding minority ownership in SBM Offshore operated FPSO companies

November 22, 2019

SBM Offshore and Constellation Oil Services Holding S.A. (Constellation) jointly confirm that they have successfully completed the transaction regarding the sale to SBM Offshore of Constellations equity ownership in the lease and operating companies related to five Brazilian FPSOs. This follows the announcement by SBM Offshore dated October 18, 2019, confirming SBM Offshore as the successful bidder in the public auction for the equity ownership. SBM Offshore was already the majority shareholder of the related entities and operator of these FPSOs before the transaction was completed.

Upon completion of the transaction SBM Offshore paid the total cash consideration of US$149 million. The completion concludes a successful long-term partnership between the companies which was established in 2004.

About Constellation

Constellation is a market leading provider of offshore and onshore oil and gas contract drilling in Brazil through its subsidiary Servios de Petrleo Constellation S.A. (Servios de Petrleo Constellation).

With continuous operations since 1981, Servios de Petrleo Constellation has built an unmatched reputation for excellence in offshore and onshore drilling services, obtaining ISO 9001, ISO 14001, OHSAS 18001 and API Spec Q2 certifications for its quality management, environmental and safety records and systems.

SBM Offshore 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 Companys 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 http://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 BoardAmsterdam, the Netherlands, November 22, 2019

For further information, please contact:

Investor RelationsBert-Jaap DijkstraDirector Corporate Finance and IR

Media RelationsVincent KempkesGroup Communications Director

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 managements 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 Companys 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.

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SBM Offshore and Constellation complete transaction regarding minority ownership in SBM Offshore operated FPSO companies - EnerCom Inc.