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SBM Offshore Third Quarter Trading Update

November 14, 2019Highlights

Increase in full year Directional1 EBITDA guidance to around US$800 million



Increase in full year Directional Revenue guidance to around US$2.1 billion



Year-to-date Directional revenue at US$1,470 million



Projects progressing in line with clientsa?? schedules



Third Fast4WardA® hull allocated to ExxonMobil Payara development



Directional Net Debt of US$3.1 billion at end of Q3 2019, with undrawn facilities of US$1.1 billion for growth



Listed in Dow Jones Sustainability Europe Index for 10th consecutive year

Bruno Chabas, CEO of SBM Offshore, commented:
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a??SBM Offshore delivered strong performance through the third quarter. We increased our EBITDA guidance for the full year based on better than expected results in Turnkey and solid performance in Lease and Operate. All projects continue to progress according to plan. The Lease and Operate performance year-to-date has been in line with our historical average of 99% uptime.The Company was awarded contracts for the Payara development offshore Guyana, starting with front-end engineering. The award was the first under the long-term FPSO supply agreement with ExxonMobil and also secures the third Fast4WardA® hull under construction. The next phase of the project, to deliver FPSO Prosperity, remains subject to government approvals, project sanction and authorization.We are working on a number of initiatives to ensure that the Company will deliver value for the longer term on a sustainable basis. These range from decarbonizing our production facilities to developing new products for the gas and renewables markets. The Company is investing in a prototype of its S3 Wave Energy Converter (WEC). We plan to deploy it offshore Monaco in 2021. Although still in Research and Development phase, we believe that this technology has the potential to be a disruptive innovation in the renewables market.
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