SBM Offshore divests minority interest in FPSO Alexandre de Gusmão project

Rhea-AI Summary

On March 23, 2022, SBM Offshore announced the signing of a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kaisha regarding the FPSO Alexandre de Gusmão project. Mitsubishi and NYK will acquire 25% and 20% ownership, respectively, while SBM Offshore retains a majority 55% stake. The FPSO is under construction for deployment at the Mero field offshore Brazil under a 22.5-year contract with Petrobras, with first oil expected in 2025. This move reflects SBM's strategy to enhance partnerships and expand its offshore operations.

Positive

• SBM Offshore retains a 55% majority stake in the FPSO Alexandre de Gusmão project.
• Engagement with Mitsubishi and NYK strengthens strategic partnerships.
• First oil production from the Mero field is anticipated in 2025, offering long-term revenue potential.

Negative

• None.

March 23, 2022

Following the announcement on November 30 2021, with respect to the signature of the contracts for FPSO Alexandre de Gusmão, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK).

MC and NYK have acquired a respective 25% and 20% ownership interest in the special purpose companies related to the lease and operation of the FPSO Alexandre de Gusmão. SBM Offshore is operator and will remain the majority shareholder with 55% ownership interest.

FPSO Alexandre de Gusmão is currently under construction. The FPSO will be deployed at the Mero field in the Santos Basin offshore Brazil, 160 kilometers offshore Rio de Janeiro, under a 22.5-year lease and operate contract with Petróleo Brasileiro S.A. (Petrobras). The Mero Unitized field is operated by Petrobras (38,6%) in partnership with Shell Brasil (19,3%), TotalEnergies (19,3%), CNPC (9,65%), CNOOC Limited (9,65%), and Pré-sal Petróleo S.A. – PPSA (3,5%) as the Federal Union representative in non-contracted areas.

First oil is expected in 2025.

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 5,000 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.
  

The Management Board
Amsterdam, the Netherlands, March 23, 2022

Financial Calendar	Date	Year
Annual General Meeting	April 6	2022
First Quarter 2022 Trading Update	May 12	2022
Half Year 2022 Earnings	August 4	2022
Third Quarter 2022 Trading Update	November 10	2022
Full Year 2022 Earnings	February 23	2023

For further information, please contact:
  

Investor Relations
Bert-Jaap Dijkstra
Group Treasurer and IR

Mobile:	+31 (0) 6 21 14 10 17
E-mail:	bertjaap.dijkstra@sbmoffshore.com
Website:	www.sbmoffshore.com

Media Relations
Vincent Kempkes
Group Communications Director

Mobile:	+377 (0) 6 40 62 87 35
E-mail:	vincent.kempkes@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 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 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^TM” are proprietary marks owned by SBM Offshore.

Attachment

• SBM Offshore divests minority interest in FPSO Alexandre de Gusmão project

FAQ

What is the significance of the shareholder agreement signed on March 23, 2022?

The agreement enhances SBM Offshore's strategic partnerships by allowing Mitsubishi and NYK to acquire ownership stakes while SBM retains majority control.

What is the ownership structure for the FPSO Alexandre de Gusmão?

SBM Offshore holds a 55% stake, Mitsubishi Corporation has 25%, and Nippon Yusen Kaisha owns 20%.

When is the first oil expected from the FPSO Alexandre de Gusmão?

First oil production is expected in 2025 from the Mero field.

What company operates the FPSO Alexandre de Gusmão?

SBM Offshore is the operator of the FPSO Alexandre de Gusmão.

What are the major partners in the Mero field project?

Key partners in the Mero field include Petrobras, Shell Brasil, TotalEnergies, CNPC, CNOOC Limited, and Pré-sal Petróleo S.A.