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

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

SBM Offshore N.V. is pleased to announce that contracts for the twenty year
charter and operation of FPSO Cidade de Ilhabela for the north part of Sapinhoá
field (former Guara Area) development in the pre-salt area, offshore Brazil,
have been executed with GUARA BV and with BM-S-9 Consortium, established by the
companies PETROLEO BRASILEIRO S.A. - PETROBRAS (Operator, 45%), BG E&P BRASIL
LTDA (30%), and REPSOL SINOPEC BRASIL S.A. (25%). Affiliates of the Company
together with Queiroz Galvão Óleo e Gás S.A (QGOG) had been awarded two Letters
of Intent (LOI) on 3 August 2011 for this work.

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

The Sapinhoá field is located in block BM-S-9 in the Santos basin at
approximately 300 kilometres offshore and 2,140 metres water depth. The FPSO
will include topside facilities to process 150,000 bpd of production fluids,
associated gas treatment for 6,000,000 Sm(3)/d with compression and carbon
dioxide removal, hydrogen sulphide removal, and a water injection facility for
180,000 bpd.

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

For further information, please contact:
Sebastiaan de Ronde Bresser

Telephone: [phone]

Mobile: [phone]

E-mail: [e-mail]

Website: www.sbmoffshore.com

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

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

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originality of the information contained therein.

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

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