SBM Offshore announces the completion of the Share Purchase Agreements with Sonangol

Rhea-AI Summary

SBM Offshore has completed the acquisition of shares in the lease and operating entities for FPSOs N’Goma, Saxi Batuque, and Mondo from Sonangol EP. This acquisition brings SBM Offshore’s ownership in the FPSOs Saxi Batuque and Mondo to 100% and in FPSO N’Goma to 80%. Additionally, SBM Offshore has sold all its shares in the parent company of the Paenal shipyard in Angola to a subsidiary of Sonangol EP. The net consideration for these transactions is approximately $40 million. SBM Offshore also signed an MOU with Angola Offshore Services (AOSL) regarding the potential purchase of 20% of SBM Offshore's shareholding in FPSO N’Goma, pending several conditions. This reorganization focuses SBM Offshore's business on core lease and operate activities in Angola while divesting non-core construction assets.

Positive

• SBM Offshore increased its ownership in FPSOs Saxi Batuque and Mondo to 100%.
• Ownership in FPSO N’Goma has risen to 80%.
• The transaction facilitates SBM Offshore's focus on core lease and operate activities.
• The reorganization enhances operational control in Angola.
• Net consideration for the transactions is approximately $40 million, providing clear financial terms.
• The potential sale of a 20% shareholding in FPSO N’Goma to AOSL could streamline operations further.

Negative

• The transaction's success depends on several conditions, including consent from clients and lenders, and regulatory approvals.
• The divestment of the Paenal shipyard may impact future construction capabilities in Angola.
• The strategic shift away from construction could limit SBM Offshore's diversification.

June 11, 2024

SBM Offshore is pleased to announce that it has completed the acquisition of the shares in the lease and operating entities related to FPSOs N’Goma, Saxi Batuque and Mondo from its partner Sonangol EP. Simultaneously, SBM Offshore completed the sale of all its shares in the parent company of the Paenal shipyard in Angola to a subsidiary of Sonangol EP.

The acquisition of the shares from Sonangol EP brings SBM Offshore’s ownership in the entities owning the FPSOs Saxi Batuque and Mondo to 100% and in the entity owning the FPSO N’Goma to 80%. The operating companies in Angola will be wholly owned by SBM Offshore after the acquisition. The total net consideration paid for the equity ownership of the acquired entities by SBM Offshore and including the sale of the parent company of the Paenal shipyard is approximately US$40 million.

In addition, SBM Offshore has signed an MOU with its minority partner (Angola Offshore Services Limited, “AOSL”) in the FPSO N’Goma concerning the purchase by AOSL of 20% of SBM Offshore’s shareholding (80%) in the entity owning the FPSO. This MOU is conditional on the signature of a share purchase agreement and upon several conditions precedent, including consent from clients and lenders, and approval by the various competent authorities.

Through this transaction, SBM Offshore is reorganizing its business in Angola, focusing on core lease and operate activities and divesting a non-core construction yard.

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 alternative energy sources.

More than 7,400 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
Half Year 2024 Earnings		August 8	2024
Third Quarter 2024 Trading Update		November 14	2024
Full Year 2024 Earnings		February 20	2025
Annual General Meeting		April 9	2025
First Quarter 2025 Trading Update		May 15	2025

        

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Mobile:	+31 (0) 20 236 32 36
E-mail:	wouter.holties@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 ‘Impact, Risk and Opportunity Management’ section of the 2023 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

• SBM Offshore announces the completion of the Share Purchase Agreements with Sonangol

FAQ

What did SBM Offshore announce on June 11, 2024?

SBM Offshore announced the completion of the acquisition of shares in the FPSOs N’Goma, Saxi Batuque, and Mondo from Sonangol EP.

What is SBM Offshore's new ownership percentage in FPSO N’Goma?

SBM Offshore now owns 80% of FPSO N’Goma.

What was the total net consideration for SBM Offshore's recent transactions?

The total net consideration for the transactions was approximately $40 million.

Which shipyard did SBM Offshore sell to a subsidiary of Sonangol EP?

SBM Offshore sold the parent company of the Paenal shipyard in Angola to a subsidiary of Sonangol EP.

What is the focus of SBM Offshore's recent business reorganization?

SBM Offshore's recent business reorganization focuses on core lease and operate activities in Angola, while divesting non-core construction assets.

What does SBM Offshore's MOU with AOSL involve?

The MOU involves AOSL potentially purchasing 20% of SBM Offshore's shareholding in the entity owning FPSO N’Goma, pending several conditions.