SBM OFFSHORE RAISES NET INCOME EXPECTATIONS

 | Source: SBM Offshore Amsterdam B.V. SBM Offshore Amsterdam B.V.

SBM Offshore N.V. (the Company) is pleased to announce that it has raised its 2006 net income expectations from the US$ 165 million originally forecast in January of this year to US$ 185 million. This increase results from several developments during recent months:
 
  • recently announced major contract awards and execution of contracts in hand have enhanced expected returns from turnkey systems projects in 2006;
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  • good performance of F(P)SO fleet generates bonus revenues in excess of originally budgeted amounts;
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  • confirmation from Total of a one year extension to the lease and operate contract for the LPG FSO Nkossa II currently operating offshore Congo;
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  • net interest expense will be lower than expected, mainly due to accelerated cashflow compared to budget, prepayment of certain project loans and negotiation of reduced margins on other facilities.
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    The Company will provide a more detailed update of full year expectations at the time of publication of its half-year results.
     
     
    Contact person: Mr. Hans Peereboom, V.P. Investor Relations
     
     
     
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    Attachments

    SBM Offshore Press Release
    GlobeNewswire

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