SBM Offshore 2017 Full Year Earnings

Financial Highlights

Underlying[^1] Directional[^2] 2017 EBITDA of US$806 million, an increase of c. 4% compared to last year
Underlying Directional 2017 Earnings per share of US$0.39, a decrease of US$0.18 year-on-year
Directional 2017 revenue of US$1,676 million, a decrease of 17% year-on-year
Directional year-end pro-forma backlog of US$16.8 billion, stable compared with US$17.1 billion at year-end 2016
Cash dividend of US$0.25 per share for 2017, a c. 9% increase compared with 2016
Proportional net debt at year end decreased to US$2.7 billion, with cash/undrawn credit facilities of US$1.9 billion
2018 Guidance: Directional revenue around US$1.9 billion, Directional EBITDA around US$750 million; excluding gain on the sale of Turritella and the impact of the new IFRS16 standard and further assuming a partial sell-down of the ownership share of FPSO Liza