#1SBM Offshore UBS Presentation Brazil December 10, 2018 SBM Offshore 2018. All rights reserved. www.sbmoffshore.com OFFSHORE#2830 Disclaimer OFFSHORE The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this presentation "SBM Offshore" and "SBM" are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies. This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of SBM. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of SBM to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation. Neither SBM Offshore N.V. nor any of its subsidiaries undertakes any obligation to publicly update or revise any forward- looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. © 2018. This presentation is the property of SBM Offshore N.V. or any of its subsidiaries (together referred as "SBM") and contains material protected by intellectual property rights, including copyrights, owned by SBM. The trademark "SBM Offshore", the SBM logomark and the SBM trademark "Fast4ward” which covers a proprietary and patented SBM technology, are registered marks owned by SBM. All copyright and other intellectual property rights in this material are either owned by SBM or have been licensed to SBM by the rightful owner(s) allowing SBM to use this material as part of this presentation. Publication or other use, explicitly including but without limitation to the copying, disclosing, trading, reproducing, or otherwise appropriating of information, illustrations etc., for any other purposes, as well as creating derivative products of this presentation, is prohibited without the prior express written consent of SBM. © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 2#3Introduction BE OFFSHORE Saqu Macro environment Fast4Ward SBM Offshore Brazil BBM OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com#4SBM OFFSHORE Leading Global FPSO Contractor 1st FAST4WARDTM CONCEPT TO PROJECT AWARD > 50 FLOATING PRODUCTION SYSTEMS DELIVERED 2 LARGE PROJECTS UNDER CONSTRUCTION 10% GLOBAL DEEPWATER OIL PRODUCED BY SBM UNITS 99% HISTORICAL OIL PRODUCTION UPTIME Early and late cycle player © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 4#5830 OFFSHORE Why SBM Offshore, and why now..? +25% Global energy demand growth by 2040 50% of Deepwater projects more competitive than Shale FAST WARD TM ENERGY. COMMITTED. OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 5#6Introduction BE OFFSHORE Saqu Macro environment Fast4Ward SBM Offshore Brazil BBM OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com#7830 Oil Remains Primary Source OFFSHORE 250 200 150 100 50 World Energy Consumption by Energy Source (quadrillion Btu) History Projection petroleum and other liquids OFFSHORE coal natural gas renewables OFFSHORE OFFSHORE nuclear 1990 2000 2010 2020 2030 2040 Source: EIA International Energy Outlook 2018 © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 7#8Source: IEA 830 OFFSHORE Supply Gap Million bbls/d 120 World Oil Supply and Demand 100 80 60 40 20 20 Supply gap range 0 2005 2010 2015 2020 2025 2030 2035 2040 Existing supply + planned fields Extra recovery existing fields Demand range © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Lack of investment since 2014 Supply gap projected Investment required Not if, but when 8#96B00 OFFSHORE 140 120 Deepwater is Competitive Oil Projects Cost Curve¹ 100 Traditional Break-even Price (bbl/US$) ៩ Average Brent Break-even Price (US$/bbl) 60 55 0 5,000 10,000 Deepwater Shale 15,000 Cumulative Peak Oil Production (kboe/d) Project Economics 50 Shale² 45 40 35 FAST WARD Deepwater 30 2 4 6 8 10 Average Payback Time (years) US$100 billion Greenfield cost³ Source: Goldman Sachs, Rystad Energy, BofAML (1) Goldman Sachs Top Projects 2018 cost curve by win zone (prospective projects) (2) Top five shale plays used as representative example (3) Size of bubble corresponds to greenfield Capex expected to be sanctioned in 2018 © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Deepwater continues to gain. competiveness >50% Deepwater projects more competitive than shale Traditional Deepwater longer cycle Deepwater cycle time is key 9#1018 16 14 12 10 8 6 4 6300 OFFSHORE Overall FPSO Market As per 1H 2018 Historical and Estimated Total FPSO Market Awards 2 3 1 0 3 2 2 1 1 3 7 3 6 11 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 e2018e2019 SBM Offshore Awards FPSO Awards FPSO Awards Bear Case FPSO Awards Bull Case Source: SBM Offshore research, company presentations (1) Award FPSO Liza 2 subject to authorizations © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Up to 10 awards expected in 2018 2019 acceleration anticipated Improving outlook 10#11Introduction BE OFFSHORE Saqu Macro environment Fast4Ward SBM Offshore Brazil BBM OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com#12830 OFFSHORE Fast4Ward T FAST WARD TM Our ambition is to transform the business by reducing cycle time to energy delivery, de-risking projects, and improving quality & safety. This is what we refer to as Fast4Ward ™ ENGINEERING EXTENSION PRODUCT LIFE PROCUREMENT Fast4Ward™ is based on five key principles 1. Client first 2. Standardization 3. Flawless execution 4. Integrated supply chain 5. Enabling digital solutions OPERATIONS CONSTRUCTION Fast4Ward™M Better Performance, Delivered Faster © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com INSTALLATION 12 12#13US$ million Net Present Value SBM The Answer OFFSHORE FAST WARD TM Fast4Ward™ Better Performance, Delivered Faster Reducing cycle time De-risking projects Enabling lower break-evens Up to 12 months faster; Standardized hull and Lower Capex and Opex Up to $1 bn NPV gain topsides NPV impact accelerated delivery 2,000 1,600 1,200 800 400 3 months 6 months 9 months 12 months Months of schedule gain © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Less engineering hours Integrated supply chain Greater safety and reliability 13 133#14Source: Barclays NPV gain (in US$ million) SBM OFFSHORE Time is Money Oll Company IRR 50% 40% Time to First Oil Scenarios¹ FAST WARD TM 30% 20% 10% 1 yr gain On time delivery Fast4Ward™ accelerates first oil up to 12 months 1 yr delay 2 yr delay 3 yr delay Up to US$1 billion NPV gain 0% 30 40 50 60 70 80 90 100 110 120 US$/bbl NPV impact 12 months acceleration to 1st Oil1 Every 1 year acceleration improves break-even up to US$10 per barrel (IRR 15%) 1,500 1,106 899 1,000 699 489 500 290 30 50 70 US$/bbl 90 110 (1) Based on Barclays model, reflects major world-class greenfield development © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Major client gains 14#15830 OFFSHORE Experience Matters -5 N=50 SBM Offshore delivered 10 out of 16 FPSOS closest to schedule Average 11 months delay O OFFSHORE Non-SBM Offshore Contractors * Redeployment ◇ Generation 3 FPSO 00 15 25 35 Source: Goldman Sachs, Rystad Energy, SBM Offshore company research (1) Profitability Index = NPV/ Initial investment. Risk score is Goldman Sachs internal method based on technical and political risk © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 55 15#16250 Cumulative Operating Experience (Yrs) 50 50 100 150 200 830 OFFSHORE Industry Experience 0 6 11 16 21 26 8811 OFFSHORE 3 800 kboepd 1 600 kboepd 31 36 41 Cumulated FPSOS Built (as main contractor) = Industry peers, bubble size relates to cumulative throughput capacity of FPSOS built (kboepd) Source: SBM Offshore research © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com Unique track record in EPC, FPSO delivery and operations SBM Offshore's unique experience 16#17Introduction BE OFFSHORE Saqu Macro environment Fast4Ward SBM Offshore Brazil OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com#18830 OFFSHORE Over 20 Years Brazil Experience 7 UNITS OPERATING IN BRAZIL 15 Units DELIVERED IN BRAZIL 1,700 EMPLOYEES IN BRAZIL 630 kbopd SBM DAILY BRAZILIAN OIL PRODUCTION 25% OF TOTAL BRAZILIAN OFFSHORE OIL PRODUCTION 40% OF THE DAILY PRE-SALT PRODUCTION © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 18 188#19SBM 7 Brazilian FPSOS in Operation OFFSHORE Cidade de Anchieta Espirito Santo Capixaba Cidade de Paraty Cidade de Maricá Cidade de Saquarema Cidade de Ilhabela SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 19 19#206300 OFFSHORE Top-10 Brazilian Producing Units BOPD as per July 2018 OFFSHORE OFFSHORE 151k 146k 145k OFFSHORE 144k 136k 130k OFFSHORE 120k 111k 110k 77k FPSO CIDADE DE FPSO CIDADE DE PETROBRAS 58 PETROBRAS 66 FPSO CIDADE DE FPSO CIDADE DE FPSO CIDADE DE FPSO CIDADE DE FPSO CIDADE DE PETROBRAS 52 MARICÁ SAQUAREMA (P-66) ILHA BELA ITAGUAÍ PARATY MANGARATIBA SÃO PAULO Source: Data from ANP Public Reports © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 20 20#21Operator Sum of Oil (bbl/d) 830 OFFSHORE 700000 + Capixaba (Cach.) 600000 500000 400000 300000 200000 100000 0 2009/02 Period 2009/04 2009/06 2009/08 2009/10 2009/12 2010/02 2010/04 2010/06 2010/08 2010/10 2010/12 2011/02 - Espadarte 2011/04 2011/06 2011/08 Production Evolution in Brazil SBM is a key oil producer in Brazil Oil Production (bopd) + Anchieta + Paraty + Ilhabela + Maricá + Saquarema - Brasil - MLS > 600,000 bopd SBM DAILY OIL PRODUCTION IN BRAZIL > 45% OF THE DAILY PRE-SALT PRODUCTION Name FPSO MARUIM SUL FPSO ESPIRITO SANTO ■FPSO CIDADE DE SAQUAREMA FPSO CIDADE DE PARATY FPSO CIDADE DE MARICÁ FPSO CIDADE DE ILHA BELA FPSO CIDADE DE ANCHIETA ■FPSO CAPIXABA FPSO BRASIL ESPADARTE FPSO > 25% OF THE DAILY BRAZIL PRODUCTION IN MAY 2011/10 2011/12 2012/02 2012/04 2012/06 2012/08 2012/10 2012/12 2013/02 2013/04 2013/06 2013/08 2013/10 2013/12 2014/02 2014/04 2014/06 2014/08 2014/10 © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com 2014/12 2015/02 2015/04 2015/06 2015/08 2015/10 2015/12 2016/02 2016/04 2016/06 2016/08 2016/10 2016/12 2017/02 Data source: www.anp.gov.br 7 FPSOS IN BRAZIL 21 21#22SBI Q&A OFFSHORE © SBM Offshore 2018. All rights reserved. www.sbmoffshore.com