May 2, 2023

SBM Offshore is pleased to announce that it has signed a 10 year O&M enablement agreement with Esso Exploration & Production Guyana Ltd (a.k.a. “ExxonMobil Guyana”) for the operation and maintenance of FPSOs Liza destiny, Lisa Unity, prosperity And A GUYANA. This framework agreement sets out the new terms of operation for the Guyana FPSO fleet for a period of 10 years until 2033. Lease terms and durations remain the same for all units, with 10-year leases for FPSO Liza destiny and up to 2 years lease for FPSOs Lisa Unity, prosperity And A GUYANA After that, ownership of the FPSOs passes to the customer. This contract supports SBM Offshore’s long-term business vision in Guyana, which will enable the company to make local and sustainable investments in people and infrastructure, as well as deploy its digital and operational technologies in the Guyana fleet. Estimated revenue backlog impact is approximately $3 billion based on various O&M assumptions.

SBM Offshore will operate the entities through an integrated operating model that includes an organizational model that includes secondment of ExxonMobil Guyana employees to a number of key onshore and offshore positions. This model will combine the experience and resources of SBM Offshore and ExxonMobil Guyana to increase team efficiency and foster synergy between the two companies.

Bruno Chabas, CEO of SBM Offshore commented:

“We are very pleased to have signed an agreement with ExxonMobil Guyana, which leverages the recognized operational excellence of both companies. This contract leverages our past developments in Guyana and positions the Company for long-term operations in the country. This integrated operating model is the first of its kind in the industry and expands our relationship with ExxonMobil Guyana as our teams continue to integrate. We believe this is the optimal solution to achieve operational excellence in Guyana assets that add value to all bring…