FPSO Liza Unity Purchase by ExxonMobil Completed

Rhea-AI Summary

SBM Offshore (SBMO) completes purchase of FPSO Liza Unity from ExxonMobil Guyana ahead of lease term end, with a total cash consideration of c. US$1.26 billion. The purchase allows ExxonMobil Guyana to assume ownership while SBM Offshore will continue to operate and maintain the FPSO up to 2033. The transaction will decrease SBM Offshore’s net debt position. The FPSO has been on hire since February 2022 and operated through an integrated model combining SBM Offshore and ExxonMobil’s expertise for outstanding operational performance.

November 9, 2023

SBM Offshore and ExxonMobil Guyana Limited, an affiliate of ExxonMobil Corporation, have completed the transaction related to the purchase of FPSO Liza Unity, a few months ahead of the end of the maximum lease term, in February 2024. The purchase allows ExxonMobil Guyana to assume ownership of the unit while SBM Offshore will continue to operate and maintain the FPSO up to 2033.

The transaction comprises a total cash consideration of c. US$1.26 billion. The net cash proceeds will primarily be used for the full repayment of the US$1.14 billion project financing and as such will decrease SBM Offshore’s net debt position.

The FPSO Liza Unity has been on hire since February 2022 and since 2023 was operated through the integrated operations and maintenance model combining SBM Offshore and ExxonMobil’s expertise and experience delivering outstanding operational performance.

Corporate Profile

SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for renewable energy sources.

More than 7,000 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar		Date	Year
Full Year 2023 Earnings		February 29	2024
Annual General Meeting		April 12	2024
First Quarter 2024 Trading Update		May 8	2024
Half Year 2024 Earnings		August 8	2024
Third Quarter 2024 Trading Update		November 14	2024

For further information, please contact:

Investor Relations
Ludovic Robino
Investor Relations Manager

Mobile:	+31 (0) 6 15 16 50 35
E-mail:	ludovic.robino@sbmoffshore.com
Website:	www.sbmoffshore.com

Media Relations

Evelyn Tachau Brown
Group Communications & Change Director

Mobile:	+377 (0) 6 40 62 30 34
E-mail:	evelyn.tachau-brown@sbmoffshore.com
Website:	www.sbmoffshore.com

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

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. 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 2022 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 release. SBM Offshore 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 new information, subsequent events or otherwise.

Nothing in this release 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 release “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.

"SBM Offshore^®", the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “Float4Wind^®” are proprietary marks owned by SBM Offshore.

 

Attachment

• FPSO Liza Unity Purchase by ExxonMobil Completed

FAQ

What is the total cash consideration for the purchase of FPSO Liza Unity by SBM Offshore?

The total cash consideration is approximately US$1.26 billion.

Until when will SBM Offshore continue to operate and maintain FPSO Liza Unity?

SBM Offshore will continue to operate and maintain the FPSO up to 2033.

How has the purchase of FPSO Liza Unity impacted SBM Offshore’s net debt position?

The purchase will decrease SBM Offshore’s net debt position.

What is the operational history of FPSO Liza Unity since its hire in February 2022?

The FPSO has been operated through an integrated model combining SBM Offshore and ExxonMobil’s expertise for outstanding operational performance.