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SBM Offshore and partners sign the lease and operate contracts for the FPSO Cidade de Ilhabela


April 2, 2012 - Schiedam, The Netherlands


FPSO Cidade de Ilhabela for Brazil pre-salt area - contract signature

SBM Offshore N.V. is pleased to announce that contracts for the twenty yearcharter and operation of FPSO Cidade de Ilhabela for the north part ofSapinhoáfield (former Guara Area) development in the pre-salt area, offshoreBrazil,have been executed with GUARA BV and with BM-S-9 Consortium, established bythecompanies PETROLEO BRASILEIRO S.A. - PETROBRAS (Operator, 45%), BG E&PBRASILLTDA (30%), and REPSOL SINOPEC BRASIL S.A. (25%). Affiliates of the Companytogether with Queiroz Galvão Óleo e Gás S.A (QGOG) had beenawarded two Lettersof Intent (LOI) on 3 August 2011 for this work.

The unit will be owned and operated by a Joint Venture comprising ofaffiliatedcompanies of SBM Offshore and QGOG, and Mitsubishi Corporation.

The Sapinhoá field is located in block BM-S-9 in the Santos basin atapproximately 300 kilometres offshore and 2,140 metres water depth. TheFPSOwill include topside facilities to process 150,000 bpd of productionfluids,associated gas treatment for 6,000,000 Sm(3)/d with compression and carbondioxide removal, hydrogen sulphide removal, and a water injection facilityfor180,000 bpd.

First production from the FPSO is planned for the second half of 2014.

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

SBM Offshore Press Release:http://hugin.info/130754/R/1599165/504481.pdf

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright andother applicable laws; and

(ii) they are solely responsible for the content, accuracy andoriginality of the information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE[HUG#1599165]

For further information, please contact:
Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: Email Contact
Website: www.sbmoffshore.com

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