© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com

Barclays Conference, September 2013

IR- 09/09/2013

Some of the statements contained in this presentation 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.

Disclaimer

2

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 presentation 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 presentation to reflect subsequent events or circumstances.

Agenda

Who we are, where we areEmerging OpportunitiesOur Strategy

3

IR- 09/09/2013

SBM Offshore No.1 FPSO Player Worldwide

4

Financials in US$ billion

2013 IFRS Revenue Outlook 4.3

Directional* Backlog (as of 30/06/2013) 22.4

Market Cap (as of 11/09/2013) 4.3

Performance YE2012

167 years of FPSO operations

99 % Uptime

1 million barrels of throughput per day

5,460 Tanker Offloads

The Company

4 Execution Centres

10 Shore Bases

5 Representative Offices

8,507 Employees

Lease Fleet

16 FPSOs

2 FSOs

1 Semi Sub

1 MOPU

4¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 09/09/2013

We Deliver along the Full Product Lifecycle

5

Product Life ExtensionLeader in FPSO relocation

World class after sales

Operations160+ years of FPSO experience

99+% production uptimeLargest international FPSO fleet

InstallationDedicated fleetUnparalleled experienceExtensive project capability

ConstructionStrategic partnerships Unrivalled project experience

ProcurementIntegrated supply chainGlobal efficienciesLocal sourcing

Engineering50 years of industry firstsLeading edge technology

IR- 09/09/2013

H1 2013 Key Figures(in millions of US$)

6*Restated for comparison purposes

IR- 09/09/2013

US$18.7 bn

US$3.7 bn

Directional Backlog

7

Lease & Operate

Turnkey

US$22.4 bn

0.0

0.5

1.0

1.5

2.0

2.5

3.0

H2 2013 2014 2015

in U

S$

bn

Turnkey backlog: Directional¹ vs IFRS

Directional

IFRS

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

in U

S$

bn

Lease & Operate backlog: Directional¹ vs IFRS

Directional

IFRS

¹ Directional view is a non-IFRS disclosure, which corrects the non-cash effects on revenue and earnings introduced by IFRS finance lease accounting

IR- 09/09/2013

SBM Lease Fleet Portfolio

8

L&O Portfolio Average Duration: 14.5 years

IR- 09/09/2013

• Continue strengthening Balance Sheet post Rights Issue• No dividend over 2013• Sale of non-core assets ongoing

• Contracts executed for FPSO Cidade de Maricá, FPSO Cidade de Saquarema and FPSO Stones

• Delivery of Deep Panuke and FPSO OSX 2• Updating 2013 IFRS revenue guidance to approximately

US$4.3 billion • US$3.3 billion in Turnkey• US$1.0 billion in Lease & Operate

H2 2013 Outlook

9

Agenda

Who we are, where we areEmerging OpportunitiesOur Strategy

10

IR- 09/09/2013

Understanding Global Market

11

IR- 09/09/2013

Understanding Our Clients

12

Production vs. E&P Spending

Sources: Pareto, Companies

0

100

200

300

400

500

600

Inde

x

E&P Spending (volume) E&P Spending (nominal) Oil & Gas production

CAGR

6.8%

14.1%

1.8%

• Cash Flows situation of clients

• Cost of new developments

• IOCs vs. NOCs

• Delays in project sanctions due to increasing field complexity

IR- 09/09/2013

Demand for New Production

Source: Morgan Stanley, IEA, Internal analysis

0

10

20

30

40

50

60

70

80

90

100

11 12 13e 14e 15e 16e 17e 18e

in m

illio

n ba

rrel

s pe

r da

yDemand Growth vs. Field Depletion

2011/12 Demand Existing Supply

Offsetting decline (5% depletion rate) Meeting demand growth

Spare capacity

13

Over 24 mln bbl/day = 2 x 2012 Saudi Arabia production

IR- 09/09/2013

• Deep and ultra-deep water breakeven costs are competitive

• Average SBM Generation 3 FPSO production costs are below US$5/bbl

Oil Production Dynamics

14

Breakeven Oil Price(IRR>10%)

Sources: IEA, CERA, Total, Goldman Sachs, Internal analysis

IR- 09/09/2013

What’s Happening?

15Source: Goldman Sachs

• Remote discoveries favorable for FPSOs

• Exponential technology demand

• High end of FPSO market: production capacity above 100,000 bl/day

0

5,000

10,000

15,000

20,000

25,000

Onshore 0-500 500-1000 1000-1500 1500-2000 2000+

in m

ln b

bls

Water Depth (m)

Trends in Giant Field Discoveries

Oil discoveries over past 3 years Oil discoveries over past 6 years

IR- 09/09/2013

• Offshore GrowthCAGR 2012-15E: +20%

• Ultra-deep Water Growth CAGR 2012-15E: +38%

• Onshore Growth CAGR 2012-15E: +38%

Capitalising on CAPEX

16Source: Goldman Sachs

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010 2011 2012 2013 E 2014 E 2015 E

in U

S$

mln

Global Upstream CAPEX (in US$ mln)

Total Onshore Deep water Ultra-deep water Other Offshore

IR- 09/09/2013

Regional Opportunities

• Growth located in: � North America � Africa � Latin America

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2006

2007

2008

2009

2010

2011

2012

2013

E

2014

E

2015

E

2016

E

2017

E

2018

E

in U

S$

mln

Top 380 Giant Fields: Ultra-deep Water CAPEX

North America Latin America Africa Asia- Pacific Other

Source: Goldman Sachs

17

IR- 09/09/2013

-3,000

-2,500

-2,000

-1,500

-1,000

-500

01996 2001 2006 2011 2016

Wat

er D

epth

(m

)

Year of first oil

Cd de Ilhabela

Cachalote

Cd de Anchieta

Serpentina

XikombaBrasil

Espadarte

Kuito

SBM Record in Serving Depth Trend

18

Marlim Sul

Cd de Paraty

P 57

Mondo Saxi

N’GomaKikeh

Frade

BC 10

Aseng

Cd de Marica Cd de Saquarema

Stones

Source: Internal analysis-July 2013

IR- 09/09/2013

Scale and Complexity

19

Turrets – Swivel stack size

Sw

ivel

sta

ck s

ize

in m

eter

s

Source: Internal Analysis - August 2013

IR- 09/09/2013

Getting Complex

November 20121996IR – 09/09/2013

IR- 09/09/2013

FPSO Awards in Review

21

Source: Internal Analysis - August 2013

IR- 09/09/2013

0

1

2

3

4

5

6

7

0 50,000 100,000 150,000

Aw

ards

won

Average production capacity (bbl/d)Engineering complexity

FPSO Market 2010-2013 YTD AwardsConverted FPSOs only

Supply side

Source: Internal Analysis – September 2013

22

IR- 09/09/2013

FPSO Market Outlook

Field developments requiring FPSOs over the next 3 yearsMore than 50 FPSO project awards anticipatedSBM will focus on ~20 projects to obtain targeted share

Source: Internal Analysis - August 2013

23

Lease

Sale

Lease or Sale

51

2

Asia

3

1

Other

43

North America

8

4

5

Africa

14

2

2

South America

Agenda

Who we are, where we areEmerging OpportunitiesOur Strategy

24

IR- 09/09/2013

FPSOFPSOFPSO

FPSO³

25

The Company has refocused its

product line on core FPSO products

and associated services.

By focusing on core products with

historically good margins, whilst

improving execution standards and

project risk profiles, the Company

believes it will return to delivering

superior financial returns.

IR- 09/09/2013

Improving Risk/Reward Balance

26IR – 09/09/2013

• Unsustainable historic industry returns

• SBM recent steps:� Discipline in tendering� Attractive niche position� Not a commodity product� Excellent operations (99%

uptime)

July 2013

IR- 09/09/2013

Improving Risk/Reward Balance

27IR – 09/09/2013 July 2013

Current Focus:� Consultations with clients� Improving standard terms and

conditions in the industry contracting practice

IR- 09/09/2013

2013 Restoring Pride

28

Closure of legacy projects

Selective bidding policy

Investment in technological edge

Strengthenedbalance sheet

Directional reporting

Reshaped organisation

Still in Transformation Process

IR- 09/09/2013

Local Content: Competitive Advantage

29IR - 07/08/2013

Brazil:� In-country presence since 1995� First FPSO in 1997� Brasa yard key asset for SBM� Stake in biggest floating crane in

Latin America� Over 2,700 employees

August 2013 29IR – 09/09/2013

IR- 09/09/2013

Local Content: Competitive Advantage

30IR - 07/08/2013

Angola:� In-country presence since 1968� First FPSO in 1999� Paenal yard key asset for SBM:

biggest crane in West Africa� Over 1,400 employees

August 2013 30IR – 09/09/2013

© SBM Offshore 2013. All rights reserved. www.sbmoffshore.com

Q&A Session

31