SBM Offshore Announces CGCO to Retire and Join Supervisory Board

SBM Offshore announces that Sietze Hepkema has decided to retire as Chief Governance and Compliance Officer (CGCO). Mr. Hepkema will continue to serve in his current role as CGCO until the Annual General Meeting of Shareholders on April 15, 2015 at which time it will be proposed that he join the Company’s Supervisory Board. At that time, it will also be proposed that Erik Lagendijk succeed him.

Mr. Lagendijk joins SBM Offshore on January 2, 2015 following a distinguished 25 year career in the financial services industry. His leadership experience includes 14 years as General Counsel of AEGON N.V., a Dutch listed international insurance company, where he was most recently responsible for building a mature regulatory and compliance function. He will be responsible for overseeing the legal, compliance and risk functions; all areas in which he has gained significant relevant experience while at AEGON N.V.

Mr. Hepkema’s anticipated retirement has been part of the Management Board succession planning process for the last several months. The Supervisory Board is of the view that the CGCO function at Management Board level has created significant value for the Company, and has decided to maintain it. Under his guidance the Company has greatly enhanced its governance and compliance functions while also closing a number of legacy issues. Until his retirement, Mr. Hepkema will continue to oversee the final issues remaining from the Company’s compliance investigation in Brazil.

Bruno Chabas, CEO of SBM Offshore commented:

“We thank Sietze for his many contributions to the success of the Company, particularly in his unwavering commitment to further advancing governance and compliance within SBM Offshore. Given the weight attached to the Chief Governance and Compliance Officer function, we are pleased to have him succeeded by someone as experienced as Erik Lagendijk.”

Heinz Rothermund, Chairman of the Supervisory Board of SBM Offshore also commented:

“Sietze has played a crucial role in transforming the Company culture and we are pleased to retain his services at the Supervisory Board level as it reinforces the Company’s continued commitment to strong governance.”

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 17, 2014

For further information, please contact:

Investor Relations

Nicolas D. Robert
Head of Investor Relations

Media Relations

Anne Guerin-Moens
Group Communications Director

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 circumstances.