New Orders for SBM Offshore

SBM Offshore announced that they have recently received a number of Letters of Intent and Contract Awards as follows: FPSO for Chevron, Frade, Brazil A Letter of Intent was signed on April 26, 2006 by Chevron Frade LLC, a subsidiary of Chevron, and Single Buoy Moorings Inc under which the parties undertake to execute a lump sum Engineering, Procurement, Construction and Installation (EPCI) contract covering the provision of an FPSO based on the conversion of the VLCC 'Lu San' from SBM inventory. In addition to the EPCI contract the parties intend to enter into an Operations Contract for a minimum period of three years. The FPSO, moored by an internal turret accommodating 33 risers, will be fitted with topsides for the production of 100,000 barrels of oil, treatment and compression of 106 million standard cubic feet of gas and treatment and injection of 150,000 barrels of water per day. Installation in 1,080 meters of water depth at the Frade field offshore Brazil is scheduled for the second quarter of 2008.

Tanker Loading Terminals for Petrobras, Pra, Brazil An order was received from Petrobras for the turnkey supply of two very large and complex CALM terminals for installation at PRA in the Campos basin. These systems will handle the loading into export tankers of the oil produced from several fields in the Campos basin, flowing to the buoys via a gathering and booster platform and a large FSO. The buoys will be fabricated locally in Brazil and are due to be installed in the third quarter of 2007. Tanker Loading and Discharge Terminals for India Contracts have been signed for the supply of one crude oil import terminal and two refined products export terminals of the Catenary Anchor Leg Mooring (CALM) type for a location in India. Delivery is scheduled for the first quarter of 2007.

Basic Design Packages and Supply of Proprietary Hardware Components for Jack-Up Drilling Rigs, Labroy Offshore A contract was signed with Labroy Offshore covering the basic design and the supply of proprietary hardware components, including the skidding, fixation and jacking systems, for two jack-up drilling rigs to be built at Batam, Indonesia. The rigs will be delivered in 2007 and 2008 respectively. The aggregate portfolio value of the above projects amounts to approximately 750 million US Dollars. UPDATE EXXONMOBIL FPSO LEASE AWARD As previously announced in January 2006 an agreement was signed with an ExxonMobil affiliate, Esso Exploration Angola (Block 15) Limited, as Operator of Angola's Block 15, under which the Company commenced project development activities for two FPSOs for the Kizomba 'C' development offshore Angola. The Company is pleased to advise that the formal contracts between the parties, covering the lease and operation of both the Mondo and Saxi-Batuque FPSOs, have been signed in March and April 2006 respectively.