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SBM Offshore divests minority interest in FPSO Sepetiba

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SBM Offshore has completed the divestment of a 13.5% ownership interest in the FPSO Sepetiba special purpose companies to China Merchants Financial Leasing (CMFL). This follows their February 2022 agreement, which stipulated CMFL would acquire the interest after the FPSO commenced operations. SBM Offshore remains the operator and majority shareholder with 51% ownership. The FPSO Sepetiba is installed at the Mero unitized field in Brazil's Santos Basin, operated by Petrobras (38.6%) in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%), and PPSA (3.5%).

SBM Offshore ha completato la dismissione di una partecipazione del 13,5% nelle società veicolo speciali FPSO Sepetiba a China Merchants Financial Leasing (CMFL). Ciò segue l'accordo di febbraio 2022, che prevedeva che CMFL acquisisse l'interesse dopo l'inizio delle operazioni dell'FPSO. SBM Offshore rimane l'operatore e azionista di maggioranza con il 51% di partecipazione. L'FPSO Sepetiba è installato nel campo unificato Mero nel bacino di Santos in Brasile, operato da Petrobras (38,6%) in partnership con Shell Brasil (19,3%), TotalEnergies (19,3%), CNPC (9,65%), CNOOC (9,65%) e PPSA (3,5%).

SBM Offshore ha completado la desinversión de una participación del 13,5% en las empresas de propósito especial FPSO Sepetiba a China Merchants Financial Leasing (CMFL). Esto sigue el acuerdo de febrero de 2022, que estipulaba que CMFL adquiriría el interés después de que el FPSO comenzara sus operaciones. SBM Offshore sigue siendo el operador y el accionista mayoritario con una participación del 51%. El FPSO Sepetiba está instalado en el campo unificado Mero en la Cuenca de Santos de Brasil, operado por Petrobras (38,6%) en asociación con Shell Brasil (19,3%), TotalEnergies (19,3%), CNPC (9,65%), CNOOC (9,65%) y PPSA (3,5%).

SBM Offshore는 China Merchants Financial Leasing (CMFL)에 FPSO Sepetiba의 특별 목적 회사에서 13.5%의 소유권을 매각했습니다. 이는 2022년 2월에 체결된 계약을 따르는 것으로, 해당 계약에서는 CMFL이 FPSO가 운영을 시작한 후 해당 소유권을 인수할 것이라고 명시되었습니다. SBM Offshore는 여전히 운영자이자 51%의 지분을 가진 대주주로 남아 있습니다. FPSO Sepetiba는 브라질의 산토스 분지에 위치한 메로 통합 유전지에 설치되어 있으며, Petrobras(38.6%)가 Shell Brasil(19.3%), TotalEnergies(19.3%), CNPC(9.65%), CNOOC(9.65%), PPSA(3.5%)와 파트너십을 통해 운영하고 있습니다.

SBM Offshore a finalisé la cession d'une participation de 13,5% dans les sociétés à but spécial FPSO Sepetiba à China Merchants Financial Leasing (CMFL). Cela fait suite à leur accord de février 2022, qui stipulait que CMFL acquérirait l'intérêt après le début des opérations de l'FPSO. SBM Offshore reste l'opérateur et l'actionnaire majoritaire avec 51% de participation. L'FPSO Sepetiba est installé sur le champ unifié Mero dans le bassin de Santos au Brésil, opéré par Petrobras (38,6%) en partenariat avec Shell Brasil (19,3%), TotalEnergies (19,3%), CNPC (9,65%), CNOOC (9,65%) et PPSA (3,5%).

SBM Offshore hat den Verkauf einer 13,5%igen Beteiligung an den speziellen Zweckgesellschaften FPSO Sepetiba an China Merchants Financial Leasing (CMFL) abgeschlossen. Dies folgt auf die Vereinbarung von Februar 2022, die stipulierte, dass CMFL die Beteiligung erwerben würde, nachdem das FPSO in Betrieb genommen wurde. SBM Offshore bleibt der Betreiber und Mehrheitsaktionär mit 51% der Anteile. Das FPSO Sepetiba ist im vereinigten Feld Mero im brasilianischen Santos-Becken installiert, das von Petrobras (38,6%) in Partnerschaft mit Shell Brasil (19,3%), TotalEnergies (19,3%), CNPC (9,65%), CNOOC (9,65%) und PPSA (3,5%) betrieben wird.

Positive
  • Successful completion of planned divestment while maintaining majority control (51%)
  • Strategic partnership with CMFL demonstrates investor confidence in the project
Negative
  • Reduction in ownership stake from 64.5% to 51% reduces future revenue share from the FPSO

October 24, 2024

SBM Offshore announces it has completed the divestment of a 13.5% ownership interest in the special purpose companies related to the lease and operation of the FPSO Sepetiba to China Merchants Financial Leasing (Hong Kong) Holding Co., Limited (CMFL). This follows the announcement on February 10, 2022, of an agreement whereby CMFL would acquire its ownership interest after the FPSO Sepetiba had commenced operations. SBM Offshore is operator of the FPSO and will remain the majority shareholder with 51% ownership interest.

FPSO Sepetiba is installed at the Mero unitized field located in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro in Brazil. The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A. (PPSA) (3.5%), representing the government in the non-contracted area.


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
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
Half Year 2025 Earnings   August 7 2025

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Mobile: +31 (0) 2 02 36 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 Half Year Earnings 2024 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 percentage stake did SBM Offshore (SBFFF) sell in FPSO Sepetiba?

SBM Offshore sold a 13.5% ownership interest in the FPSO Sepetiba special purpose companies to China Merchants Financial Leasing.

What is SBM Offshore's (SBFFF) remaining ownership in FPSO Sepetiba after the divestment?

SBM Offshore remains the majority shareholder with 51% ownership interest in FPSO Sepetiba.

Where is the FPSO Sepetiba operated by SBM Offshore (SBFFF) located?

FPSO Sepetiba is installed at the Mero unitized field in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro, Brazil.

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