SBM Offshore awarded Letter of Intent for FPSO Almirante Tamandar lease and operate contract by Petrobras – GlobeNewswire

February 25, 2021

SBM Offshore is pleased to announce that it has signed a Letter of Intent (LOI) together with Petrleo Brasileiro S.A. (Petrobras) for a 26.25 years lease and operate contract for the FPSO Almirante Tamandar, to be deployed at the Bzios field in the Santos Basin approximately 180 kilometers offshore Rio de Janeiro in Brazil.

Under the contract, SBM Offshore is responsible for the engineering, procurement, construction, installation and operation of the FPSO. SBM Offshore will design and construct the FPSO Almirante Tamandar using its industry leading Fast4Ward program as it incorporates the Companys new build, Multi-Purpose Floater (MPF) hull combined with several standardized topsides modules. SBM Offshores fourth Fast4Ward MPF hull has been allocated to this project.

The FPSO will be the largest oil producing unit operating offshore Brazil and one of the largest in the world, with daily processing capacity of 225,000 barrels of oil and 12 million m3 of gas. Furthermore, the FPSO will have a water injection capacity of 250,000 barrels per day and a minimum storage capacity of 1.4 million barrels of crude oil. The FPSO will be spread moored in approximately 2,000 meters water depth. Delivery of the FPSO is expected in the second half of 2024.

Bruno Chabas, CEO of SBM Offshore, commented:

SBM Offshore is proud to announce that Petrobras has awarded the Company the LOI for the 6th FPSO development in the world class Bzios field in Brazil. This award for one of the largest production units in the world demonstrates the trust placed in our ability to reliably deliver large-scale FPSOs and the agreement again confirms the significant value we bring to our clients with our industry leading Fast4Ward program. SBM Offshore teams look forward to starting the execution phase in order to continue to deliver value to one of our key clients Petrobras.

Corporate Profile

The Companys main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.

As of December 31, 2020, the Company employed approximately 4,570 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.

SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.

Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies SBM Offshore or the Company are sometimes used for convenience.

For further information, please visit our website at http://www.sbmoffshore.com.

The Management BoardAmsterdam, the Netherlands, February 25, 2021

For further information, please contact:

Investor RelationsBert-Jaap DijkstraGroup Treasurer and IR

Media RelationsVincent KempkesGroup Communications Director

Disclaimer

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. 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 managements 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. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Companys business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as believes, may, will, should, would be, expects or anticipates or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV 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 subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.

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SBM Offshore awarded Letter of Intent for FPSO Almirante Tamandar lease and operate contract by Petrobras - GlobeNewswire