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SBM Offshore awarded FSO contract for Woodside’s Trion development

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SBM Offshore has secured a contract with Woodside for the Trion deepwater oil field development in the Gulf of Mexico. The company will construct and lease a Floating Storage and Offloading (FSO) unit for 20 years. This complements SBM Offshore's previous Transportation & Installation contract for the FSO and FPU awarded in 2023.

The new FSO will be based on a Suezmax-type hull with a Disconnectable Turret Mooring system. It will operate in 2,500 meters water depth and store about 950,000 barrels of crude oil. The Trion field is located 180 km off the Mexican coast and is a joint venture between Woodside (60%) and PEMEX Exploración y Producción (40%).

SBM Offshore ha assicurato un contratto con Woodside per lo sviluppo del giacimento petrolifero Trion in acque profonde nel Golfo del Messico. L'azienda costruirà e affitterà un'unità di stoccaggio e scarico galleggiante (FSO) per 20 anni. Questo si aggiunge al precedente contratto di Trasporto e Installazione per l'FSO e l'FPU assegnato nel 2023.

Il nuovo FSO avrà uno scafo di tipo Suezmax con un sistema di ormeggio a torretta disconnettibile. Opererà a una profondità d'acqua di 2.500 metri e stoccaggio di circa 950.000 barili di petrolio greggio. Il giacimento Trion si trova a 180 km dalla costa messicana ed è una joint venture tra Woodside (60%) e PEMEX Exploración y Producción (40%).

SBM Offshore ha asegurado un contrato con Woodside para el desarrollo del campo petrolero profundo Trion en el Golfo de México. La compañía construirá y arrendará una unidad de Almacenamiento y Descarga Flotante (FSO) por 20 años. Esto complementa el anterior contrato de Transporte e Instalación para el FSO y el FPU otorgado en 2023.

El nuevo FSO se basará en un casco tipo Suezmax con un sistema de amarre de torreta desconectable. Operará en una profundidad de agua de 2,500 metros y almacenará aproximadamente 950,000 barriles de petróleo crudo. El campo Trion se encuentra a 180 km de la costa mexicana y es una empresa conjunta entre Woodside (60%) y PEMEX Exploración y Producción (40%).

SBM Offshore는 Woodside와 함께 Trion 심해 유전 개발을 위해 계약을 체결했습니다. 이 회사는 부유식 저장 및 하역(FSO) 유닛을 20년 동안 건설하고 임대할 예정입니다. 이는 2023년에 수여된 FSO 및 FPU에 대한 이전의 운송 및 설치 계약을 보완합니다.

새로운 FSO는 Suezmax형 선체를 기반으로 하며 분리형 터렛 부두 시스템을 갖추고 있습니다. 이것은 2,500미터의 수심에서 운영되며 약 950,000배럴의 원유를 저장할 수 있습니다. Trion 유전은 멕시코 해안에서 180km 떨어진 곳에 위치하고 있으며, Woodside (60%)와 PEMEX Exploración y Producción (40%)의 공동 투자입니다.

SBM Offshore a sécurisé un contrat avec Woodside pour le développement du champ pétrolier en eau profonde Trion dans le Golfe du Mexique. L'entreprise va construire et louer une unité de stockage et de déchargement flottante (FSO) pour 20 ans. Cela complète le précédent contrat de transport et d'installation pour le FSO et le FPU attribué en 2023.

Le nouveau FSO sera basé sur une coque de type Suezmax avec un système d'amarrage à tour détachable. Il fonctionnera à une profondeur d'eau de 2 500 mètres et stockera environ 950 000 barils de pétrole brut. Le champ Trion est situé à 180 km de la côte mexicaine et est une coentreprise entre Woodside (60 %) et PEMEX Exploración y Producción (40 %).

SBM Offshore hat einen Vertrag mit Woodside für die Entwicklung des Trion Tiefseeölfeldes im Golf von Mexiko gesichert. Das Unternehmen wird eine schwimmende Lager- und Entladeeinheit (FSO) für 20 Jahre bauen und vermieten. Dies ergänzt den vorherigen Transport- und Installationsvertrag für die FSO und FPU, der 2023 vergeben wurde.

Die neue FSO wird auf einem Suezmax-Typ Rumpf basieren und ein trennbares Turmmoorungssystem haben. Sie wird in 2.500 Metern Wassertiefe betrieben und etwa 950.000 Barrel Rohöl lagern. Das Trion-Feld befindet sich 180 km vor der mexikanischen Küste und ist ein Gemeinschaftsunternehmen zwischen Woodside (60 %) und PEMEX Exploración y Producción (40 %).

Positive
  • Secured 20-year lease contract for FSO unit with Woodside
  • Complements previous Transportation & Installation contract for FSO and FPU
  • FSO will have 950,000 barrels crude oil storage capacity
  • Project enhances SBM Offshore's position in deepwater oil field developments
Negative
  • None.

August 8, 2024

SBM Offshore is pleased to announce that it has signed a contract with Woodside Petróleo Operaciones de México, S. de R.L. de C.V. (“Woodside”), operator of the Trion deepwater oil field development located in the Perdido Belt of the western Gulf of Mexico. Under this contract, SBM Offshore will construct and thereafter lease to Woodside a Floating Storage and Offloading (“FSO”) unit for a period of 20 years. This award complements the Transportation & Installation contract for the FSO and the FPU awarded to SBM Offshore in 2023.

The new build FSO, based on a Suezmax-type hull, will be equipped with a Disconnectable Turret Mooring (“DTM”) system designed by SBM Offshore. The FSO will be moored in water depth of about 2,500 meters and will be able to store around 950,000 barrels of crude oil.

The Trion field is located 180 km off the Mexican coastline and 30 km south of the US/Mexico maritime border. The Trion project is an alliance between Woodside (60%, Operator) and PEMEX Exploración y Producción (40%, non-Operator).

        
        

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  DateYear
Third Quarter 2024 Trading Update November 142024
Full Year 2024 Earnings February 202025
Annual General Meeting April 92025
First Quarter 2025 Trading Update May 152025
Half Year 2025 Earnings August 72025

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.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half-Year Management Report accompanying the 2024 Half-Year Earnings report, available on our website https://www.sbmoffshore.com/investors/financial-disclosures.

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 “F4W®” are proprietary marks owned by SBM Offshore.

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FAQ

What is the duration of SBM Offshore's FSO lease contract for the Trion project?

SBM Offshore (SBFFF) has secured a 20-year lease contract for the Floating Storage and Offloading (FSO) unit for Woodside's Trion deepwater oil field development.

What is the storage capacity of the FSO unit for the Trion project?

The FSO unit for the Trion project will have a storage capacity of approximately 950,000 barrels of crude oil.

At what water depth will the FSO unit be moored for the Trion project?

The FSO unit for the Trion project will be moored at a water depth of about 2,500 meters in the Gulf of Mexico.

Who are the partners in the Trion oil field development?

The Trion oil field development is a joint venture between Woodside (60% stake, operator) and PEMEX Exploración y Producción (40% stake, non-operator).

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