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© SBM Offshore N.V. 2012 Copyright by SBM Offshore N.V.

Content

1.  Reporting criteria ......................................................................................................................... 4 

1.1.  Safety reporting ................................................................................................................................... 4 

1.2.  Environmental reporting ..................................................................................................................... 5 

2.  Performance indicators ............................................................................................................... 6 

2.1.  Safety ................................................................................................................................................... 6 

2.1.1.  Offshore Production ................................................................................................................................................ 6 

2.1.2.  Onshore operations and subcontractors ................................................................................................................. 7 

2.2.  Environmental ..................................................................................................................................... 8 

2.2.1.  Greenhouse Gas Emissions ................................................................................................................................... 8 

2.2.2.  Non Greenhouse Gas Emissions ............................................................................................................................ 9 

2.2.3.  Indirect Energy Consumption ................................................................................................................................ 10 

2.2.4.  Waste generation .................................................................................................................................................. 10 

3.  Notes on calculation LTIFR and TRIFR .................................................................................... 11 

3.1.  Used abbreviations ........................................................................................................................... 11 

3.2.  Used formulas ................................................................................................................................... 11 

4.  Assurance report ........................................................................................................................ 12 

3

Introduction

This report provides an overview on selected Key Sustainability Indicators of SBM Offshore N.V.. The selection is based on the key indicators which we consider to be most relevant for our business. In addition we also included waste data. We wanted this indicator to be verified by a third party before inclusion in our performance indicators. The indicators are based on the Reporting criteria as set out in chapter 1 and are presented for both 2011 and 2012 to facilitate comparison.

This report is based on the performance of selected Key Sustainability Indicators 2012 only and therefore does not provide an overview relating to performance of the organization on sustainable development during the reporting year. Most of the data in this report are derived from the SBM Offshore N.V. Annual Report 2012, in which a total overview of SBM Offshore N.V. its performance relating to Sustainability is presented. The Annual Report can be found at http://www.sbmoffshore-annualreport.com/2012.

The Company has asked PwC to provide limited assurance on the indicators as included in this Report. The assurance-report is included in chapter 4.

4

1. Reporting criteria

1.1. Safety reporting

The reporting scope is divided into two main segments, Onshore Operations and Offshore Production. Depending on the performance indicators being reported, the segment can be split further. Performance indicators are applied to the Company for both Onshore Operations and Offshore Production. Indicators take into account all permanent employees, part-time employees, local employment staff from agencies on the construction sites, offices and onboard the offshore production fleet, i.e. all people working for SBM Offshore. HSSE incidents reporting is registered and managed through the Single Incident Reporting System (SIRS) database for the Company. SIRS is a reporting system that is used to collect data on all incidents on all units operated by the Company. Reporting scope was extended in 2012 to shore bases. The system is a web based application and is accessible worldwide from all the locations to facilitate data entry. The Company also reports on any incidents at subcontractor’s construction facilities if the incident occurs while working on one of the Company’s projects. Manhours are calculated in three different ways depending on the segment; offshore, onshore and onshore construction. The Company records manhours for Offshore Production based on the unit (POB) (Persons on Board). Onshore the Company personnel record their manhours, using an internal Time REGistration system (TREG). Onshore construction yard manhours are reported to the Company by the yards themselves as total manhours worked. The Company uses manhours records and SIRS data to calculate Health and Safety performance indicators. The safety statistics are reported based on the incident classifications defined by OSHA (Occupational Safety and Health Administration) International Industry Standard. The SIRS system will also record an incident that is classed as environmental, i.e. any unwanted release of pollutants to the environment. In addition to the SIRS monitoring application; the Monthly HSSE Report issued by the Corporate Head of HSSE, consolidates HSSE records and events for the Group, covering onshore and offshore.

5

1.2. Environmental reporting

Environmental performance of the production and/or storage units is reported taking into account the following reporting boundaries: units in the Company’s fleet producing and/or storing hydrocarbons under lease and operate

contracts during 2012; units in which the Company exercises full operational management control; units in which the Company has full ownership or participates in a Joint Venture (JV)

partnership, where the Company controls 50% or more of the shares.

Based on these boundaries, SBM reports on 11 production and/or storage units. The primary emissions from the SBM Offshore fleet are the Greenhouse Gases (GHG) from combustion and flaring, which occur during operations. Flaring represents approximately 50% of these emissions, which do not fall within the scope of the Company’s reporting activities, being reported by SBM’s clients. Offshore Production environmental performance results are chosen according to the performance indicators relative to GRI. This includes greenhouse gases referred to as GHG, which are N2O, CH4 and CO2, in addition other non-GHG air emissions, such as CO, NOx, SOx and VOC. The air emissions calculation from the offshore production units are performed using as the basis for the calculation the method recommended by Oil & Gas UK (OGUK). The Company uses the WRI Greenhouse Gas Protocol (GHG Protocol) method to calculate CO2 equivalents. Carbon dioxide equivalency is a quantity that describes, for a given mixture and amount of greenhouse gas, the amount of CO2 that would have the same global warming potential (GWP), when measured over a specified timescale (generally, 100 years). For more information on the GHG protocol and country specific calculation methods, please see their website: http://www.ghgprotocol.org/calculation-tools. Waste generation is reported for the second time in this report (and not in the Annual report 2012) for Brazilian units only. Next year more waste data are expected to be available.

2.

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2012, SBMmpared to a

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7

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8

2.2

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10

11

3. Notes on calculation LTIFR and TRIFR

3.1. Used abbreviations

FAT: Fatality LTI: Lost Time Incident RWC: Restricted Work Case MTC: Medical Treatment Case NM: Near Miss Days Lost: LTI Days Lost LTISR: Lost Time Incident Severity Rate LTIFR: Lost Time Incident Frequency Rate TRI: Total Recordable Incidents TRIFR: Total Recordable Incident Frequency Rate

3.2. Used formulas

The Total Recordable Incidents is the sum of the Fatalities, Lost Time, Restricted Work Case and Medical Treatment Case incidents, but exclude First Aid Case and Near Miss Incidents. TRI = FAT+LTI+RWC+MTC TRIFR = (TRI x 200,000)/ EH Where: TRI = Total Recordable Incidents 200,000 = base for 100 equivalent full-time workers (Working 40hrs per week, 50 weeks per year) EH = Exposure Hours, total hours worked by all employees LTIFR = (LTI x 200,000)/ EH Where: LTI = the number of Lost Time Incidents 200,000 = base for 100 equivalent full-time workers (Working 40hrs per week, 50 weeks per year) EH = Exposure Hours, total hours worked by all employees LTISR = (Days Lost x 200,000)/ EH Where: Days Lost = LTI Days Lost 200,000 = base for 100 equivalent full-time workers (Working 40hrs per week, 50 weeks per year) EH = Exposure Hours, total hours worked by all employees

12

4. Assurance report

Assurance report

To: the Board of Management of SBM Offshore N.V.

Engagement and responsibilities We have reviewed the Report on selected Key Sustainability Indicators 2012 (hereafter: Report) for the

year 2012 of SBM Offshore N.V., Rotterdam, in which the company renders account of its performance

related to these selected indicators.

A review is focused on obtaining limited assurance which does not require exhaustive gathering of

evidence as in audit engagements. Consequently, a review engagement provides less assurance than an

audit.

The Board of Management is responsible for the preparation of the Report. We are responsible for

providing an assurance report on the Report. Reporting criteria SBM Offshore N.V. has developed its own reporting criteria as set out in chapter 1 of the Report.

We consider the reporting criteria to be relevant and sufficient for our examination.

Scope and work performed We have conducted our examination of the key indicators in accordance with Dutch law, including the

Dutch Assurance Standard 3000 ‘Assurance engagements other than audits or reviews of historical

financial information’.

Our most important review procedures were: interviewing key employees; assessing the acceptability of the reporting policies and consistent application of this, such as

assessment of the reasonableness of estimates made by management, as well as evaluating the overall presentation of the Report;

reviewing the systems and processes for data gathering, internal controls and processing of other information, such as the aggregation process of data to the information as presented in the Report;

reviewing internal and external documentation to determine whether the information in the Report is substantiated adequately.

We believe that the information we have obtained from our examination is sufficient and appropriate to

provide a basis for our conclusion. Conclusion Based on our review procedures performed, nothing has come to our attention that would cause us to

believe that the Report, in all material respects, is not correctly prepared in accordance with the

reporting criteria of SBM Offshore N.V. as set out in chapter 1 of the Report.

13

Basis of preparation and selection of the key sustainability indicators Without qualifying our conclusion we draw your attention to the introduction of the Report, which

describes that this report does not provide a comprehensive overview of SBM Offshore N.V.’s

performance on sustainable development, because it does not contain all key sustainability figures as

included in the Annual Report 2012 of SBM Offshore N.V. We have not been engaged to provide

assurance on the sustainability information in the Annual Report 2012. Chapter 1 of the Report describes

the basis of preparation of the Report and the selection of the key sustainability indicators for the

Report. Use of this assurance report This assurance report has been prepared solely for the Board of Management of SBM Offshore N.V. It is

published for information purposes only and therefore cannot be used for any other purpose.

Rotterdam, 16 July 2013 PricewaterhouseCoopers Accountants N.V.

Original signed by J. van Hoof RA