SBM OFFSHORE ANNOUNCES RESTRUCTURING AND ESTABLISHMENT OF NEW HEADQUARTERS

SCHIEDAM, Netherlands, Dec. 11, 2014 (GLOBE NEWSWIRE) --

RESTRUCTURING

In light of market conditions and in order to optimise the Company's cost base, capacity requirements have been reviewed with the objective of creating a productive environment for performing teams and maintaining our core competencies and technological edge. Regretfully SBM Offshore is in the process of releasing approximately 600 contractor staff and an equal number of permanent staff, totalling approximately 1,200 positions worldwide, over the period 2014 and 2015.

Workforce reduction plans will vary by country, based on local legal requirements and in close consultation with work councils and employee representatives, as appropriate.

The restructuring is expected to generate annualized savings of approximately US$40 million relating to Company employees only.  Total redundancy costs of US$25 million are expected, of which US$17 million will be recorded in 2014 and a further US$8 million in 2015.

CORPORATE HEADQUARTERS

SBM Offshore also announces the relocation of its corporate headquarters to Amsterdam effective from the third quarter of 2015.  The international orientation, presence of many other stakeholders in the Netherlands, the Company's Euronext listing and the proximity to the industry and Schiphol airport are expected to provide many advantages to SBM Offshore as a global player in the industry.  Approximately 100 people are expected to work with the Management Board from new offices in the Amsterdam region.  Monaco remains a strategic location for technology, engineering and operations.

Bruno Chabas, CEO of SBM Offshore, commented:

"Although we regret losing some of our colleagues, we believe these steps are necessary to deliver value to our stakeholders and drive profitable growth over time."

 

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam. 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 life-cycle.  The Company is market leading in leased floating production systems 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, Storage and Offloading (FPSO) vessels.  These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.

Group companies employ over 10,500 people worldwide, who are spread over five execution centres, eleven operational shore bases, the joint ventures with several construction yards and the offshore fleet of vessels.  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

Schiedam, The Netherlands, December 11, 2014

	Financial Calendar	Date	Year
	Full-Year 2014 Results - Press Release	February 5	2015
	Publication of AGM Agenda	March 3	2015
	Annual General Meeting of Shareholders	April 15	2015
	Trading Update Q1 2015 - Press Release	May 8	2015
	Half-Year 2015 Results - Press Release	August 6	2015
	Trading Update Q3 2015 - Press Release	November 12	2015

For further information, please contact:

Investor Relations Nicolas D. Robert Head of Investor Relations

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

Media Relations Anne Guerin-Moens Group Communications Director

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

Disclaimer

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 circumstance

 To see the complete version of this Press Release, please click on the link below

SBM Offshore Press Release http://hugin.info/130754/R/1879050/662482.pdf

HUG#1879050