SBM OFFSHORE AGM 2008 - C.E.O.'S SPEECH AND C.S.R. REPORT

Departing C.E.O. Didier Keller delivered his speech to the Annual General Meeting of Shareholders this afternoon, 15 May 2008. The text of the speech is attached to this press release and can also be accessed through the Company's website www.sbmoffshore.com .

The Company is also proud to announce that it has published its inaugural dedicated Corporate Social Responsibility (C.S.R.) report on the Company's website. Printed copies will be distributed to shareholders or can be obtained from the Company upon request.

Financial Agenda

Annual General Meeting of Shareholders 2008                15 May    2008
Ex-dividend Date                                           19 May    2008
Half-year Results 2008 - Press Release                     19 August 2008
Half-year Results 2008 - Analysts Presentation (Amsterdam) 20 August 2008

Corporate Profile

The Dutch public company SBM Offshore N.V. is the holding company of a group of international, marine technology orientated companies. Its business is to serve on a global basis the offshore oil and gas industry by supplying engineered products, vessels and systems, and offshore oil and gas production services.

The product line comprises:

* Offshore import/export terminals for crude oil, refined products, LPG and LNG, mostly based on the single point mooring principle, Floating Production and/or Storage and Offloading systems (FSOs and FPSOs) and other floating production facilities based on ship hulls, semi-submersibles and Tension Leg Platforms (TLPs);

* Offshore oil and gas production services through the leasing of integrated production and storage facilities owned and operated by the Company;

* Design, construction and supply of semi-submersible drilling platforms;

* Special designs and engineering services and delivery of specific hardware components for dynamically positioned drillships, semi-submersible drilling platforms, jack-up drilling platforms, jack-up platforms for civil construction, large capacity offshore cranes, elevating and lifting systems, crane vessels and other specialised work vessels;

* Offshore construction and installation contracting services.

The Board of Management                              Schiedam, 15 May 2008

Disclaimer

Some of the statements contained in this release 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. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "may", "will", "should", "would be", "expects" or "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. 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 release 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 release to reflect subsequent events or circumstances.

To see the complete text of Mr Keller's speech click on the link http://hugin.info/130754/R/1219767/256151.pdf

For further information: SBM Offshore N.V. Karel Doormanweg 66 3115 JD Schiedam Post address: P.O. Box 31 3100 AA Schiedam The Netherlands Contact person: Mr. Sebastiaan de Ronde Bresser Telephone: ( 377) 92 05 85 15 Mobile: ( 33) 6 43 91 93 12 Fax: ( 377) 92 05 89 40 E-mail: Email Contact Website: www.sbmoffshore.com