SBM Offshore Sells FPSO Mystras, Extends Lease on FPSO Falcon

FPSO Mystras Purchase Option Exercised

FPSO Mystras Producao de Petroleo LTDA (FMPP), a 50% owned subsidiary of SBM Offshore N.V., has received a notice from Agip Energy and Natural Resources Ltd (AENR), exercising AENR's option under the current Service Agreement to purchase the FPSO Mystras.

Full delivery pursuant to the purchase option is scheduled to take place at the FPSO's present location in the Okono and Okpoho fields offshore Nigeria on July 16, 2008. Responsibilities of the owner for the management, operation and maintenance were transferred to AENR as of May 16, 2008.

FPSO Falcon Lease Extension

A one-year extension of the lease and operate contract for the FPSO Falcon has been obtained from Esso Deepwater Limited, a subsidiary of ExxonMobil. The FPSO Falcon, which is fully owned and operated by SBM Offshore N.V., is consequently under contract until November 23, 2009.