SBM Offshore N : Full Year 2021 Earnings

EARNINGS UPDATE

February 10, 2022

Disclaimer

Some of the statements contained in this presentation 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. These statements may be identified by words such as 'expect', 'should', 'could', 'shall' and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the 'Risk Management' section of the 2021 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company's business may vary materially and adversely from the forward-looking statements described in this presentation. SBM Offshore N.V. does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect new information, subsequent events or otherwise.

Nothing in this presentation shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. 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.

© 2022. 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. "SBM Offshore®", the SBM logomark, "Fast4Ward®", "emissionZERO®" and "Float4WindTM" are proprietary 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.

ENERGY. COMMITTED.	© SBM Offshore 2022. All rights reserved. www.sbmoffshore.com	2

Energy transition as a business model

ENERGY TRANSITION COMPANY

REDUCE COSTS AND EMISSIONS	DEVELOP COMPETITIVE
FROM O&G PRODUCTION	RENEWABLE ENERGY SOLUTIONS

VALUE PLATFORMS

OCEAN INFRASTRUCTURE

GROWING THE CORE

NEW ENERGIES

Contractual	Fleet uptime	Emissions	Digital
backlog	performance	reduction
services

ENERGY. COMMITTED.	© SBM Offshore 2022. All rights reserved. www.sbmoffshore.com	3

Highlights

STRONG DELIVERY		RECORD PERFORMANCE		ENERGY TRANSITION
FPSO Liza Unity on track for first oil in 1Q22		<0.1 TRIFR1		c. 30% gas flaring reduction over the last 5 years
Fleet uptime		US$29.5 billion record backlog		c. 10% fleet GHG intensity reduction vs 2020
EBITDA Guidance delivered		US$4.8 billion financing raised		Net ZERO2 by 2050
2 major FPSO Awards		US$343 million returned to shareholders in 2021		Continuing achievements in Floating Offshore Wind

1. Total Recordable Injury Frequency Rate per 200,000 man-hours
2. Strategy compatible with net Zero emissions on scope 1, 2, 3 (downstream leased assets) no later than 2050

ENERGY. COMMITTED.	© SBM Offshore 2022. All rights reserved. www.sbmoffshore.com	4

Strong performance driving shareholder returns US$ millions

Dividend		Share repurchase		Dividend US$ per share

$1.00

$0.89

$0.81

				165	178
			$0.37
166
	$0.25
$0.21	$0.23	196			1801
	150	165
45	47	51	75
2016	2017	2018	2019	2020	2021	2022

13% DIVIDEND INCREASE

to US$1.00 per share

6 CONSECUTIVE YEARS

of growing dividends

> US$ 1.4 BILLION

Returns over the period

Presents dividends and share repurchase amounts per year of payout

1. 2022 dividend will be proposed to the Annual General Meeting, dividend amount disclosed is based on the number of shares outstanding less the treasury shares held at December 31, 2021, the final amount depends on number of shares entitled to dividend as of Ex-dividend date

ENERGY. COMMITTED.	© SBM Offshore 2022. All rights reserved. www.sbmoffshore.com	5