Slides
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HALF YEAR 2026 EARNINGS August 6 , 2026 JAGUAR SBM OFFSHORE
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Disclaimer © SBM Offshore. All rights reserved. www.sbmoffshore.com 2 Some of the statements contained in this presentation that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views, expectations and various assumptions regarding the financial and non-financial position of SBM Offshore N.V., anticipated developments and other factors, and involve known and unknown risks, dependencies 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 / or 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 ‘Impacts, Risks and Opportunities’ section of the 2025 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 presentation. SBM Offshore N.V. does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect new information, subsequent events or otherwise. Data underpinning certain disclosures – particularly sustainability-related – may be subject to inherent limitations. These limitations include but are not limited to reliance on third party data providers whose data quality, completeness and integrity may differ; the use of estimates and assumptions where actual data is unavailable or incomplete; and dependencies on value chain partners for timely and accurate information provision. Methodologies, standards and regulatory requirements for measuring and reporting information – especially sustainability related information – continue to evolve. As a result, our measurement approaches and reported figures may be refined over time as more accurate, granular or standardized data becomes available. Accordingly, all data, and emissions data in particular, should be interpreted in light of these limitations and the ongoing maturation of sustainability reporting practices across our value chain. This presentation 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 2026 report, available on our website Half Year Earnings - SBM Offshore. Nothing in this presentation 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 presentation “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. ©2026. This presentation is the property of SBM Offshore N.V. or any of its subsidiaries (together referred as “SBM”) and contains material protected by intellectual property rights, including copyrights, owned by SBM. “SBM Offshore®”, the SBM logomark, “Fast4ward®”, “F4W®” and “Imodco®” are proprietary trade marks owned by SBM. All copyright and other intellectual property rights in this material are either owned by SBM or have been licensed to SBM by the rightful owner(s) allowing SBM to use this material as part of this presentation. Publication or other use, explicitly including but without limitation to the copying, disclosing, trading, reproducing, or otherwise appropriating of information, illustrations etc., for any other purposes, as well as creating derivative products of this presentation, is prohibited without the prior express written consent of SBM.
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Advancing our CORE Pioneering MORE PURPOSEFUL INNOVATION FOUNDED ON CORE EXPERTISE Focused on excellence in our core offshore energy production markets INCREASING MARKET SHARE IN A GROWING DEEPWATER MARKET OCEAN INFRASTRUCTURE DRIVING A SUSTAINABLE BLUE ECONOMY A realizable vision of a broader and deeper role of ocean infrastructure OCEAN INFRASTRUCTURE CREATING STAKEHOLDER VALUE
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2026 Half year highlights © SBM Offshore. All rights reserved. www.sbmoffshore.com 4 2 Hulls in anticipation 16 Prospects to 2029 Longtail FEED award SEAP I & II Project awards US$1,310m 1H26 EBITDA1 US$4,904m 1H26 Revenue1 (1) Directional reporting, as of June 30, 2026 US$7.6bn Increased revenue guidance US$1.9bn Increased EBITDA guidance
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© SBM Offshore. All rights reserved. www.sbmoffshore.com 5 Strong long-term core demand (1) 18kgCO2e/boe upstream GHG intensity from 2026 Rystad’s data; ~8-12kgCO2e/boe applicable for Fast4Ward ® new build FPSOs using Multi-Purpose Floater hulls, calculated based on nameplate capacity (2) Rystad Energy; Oil production growth of Offshore Deepwater relative to all supply segments from 2026 to 2030 DOUBLE RESILIENCE DRIVING DEEPWATER GROWTH ~45% Lower emissions1 ~30% of new oil production volumes to be sanctioned up to 2030 from deepwater2 ~US$20-35 Break-even oil price
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Strong market outlook for large & complex FPSOs © SBM Offshore. All rights reserved. www.sbmoffshore.com 6 5 11 7 5 4 4 4 Worldwide potential awards1 ’26-’2941 1 (1) SBM Offshore market intelligence, as of June 2026 (2) Rystad Energy UCube, 2026-2030 exploration expenditure forecast for selected international oil companies (ExxonMobil, Shell, Che vron, TotalEnergies, BP, Eni, Petrobras, Equinor and Woodside). INCREASED DEMAND FOR GAS HANDLING Leveraging experience and standardization 16 PROSPECTS IN SWEET SPOT Robust pipeline of opportunities NEW FAST4WARD® HULLS ORDERED 2 hulls in anticipation supporting ongoing tendering activities MAJORS FOCUSED ON DEEPWATER c. 80% exploration expenditure directed toward deepwater2
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© SBM Offshore. All rights reserved. www.sbmoffshore.com 7 FAST4WARD DESIGN REPLICATION Design one, build two New frontier in Brazil TWO LARGE-SCALE FPSO AWARDS Building significant backlog OFFSHORE GAS TREATMENT TO PIPELINE QUALITY GAS 780 million cubic feet per day gas treatment capacity for gas delivery to shore RIO DE JANEIRO FPSOOO ESPIRITOSANTO FPSOOO CIDADE DE ANCHIETA FPSOOO SEPETIBA FPSOOO ALMIRANTE TAMANDARÉ FPSOOO ALEXANDRE DE GUSMÃO VITÓRIA SANTOS FPSOOO CIDADE DE PARATY FPSOOO CIDADE DE ILHABELA FPSOOO CIDADE DE MARICÁ FPSOOO CIDADE DE SAQUAREMA SERGIPE FPSOOO SEAP I FPSOOO SEAP II
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Design one, build many Scaling capacity for growth STANDARDIZATION REPLICATION PARTNERSHIPS CONSTRUCTION ENGINEERING AND PROCUREMENT TENDERING ~4 YEAR EPCI CYCLE INTEGRATION COMMISSIONING Optimizing engineering capacity through high design maturity Scaling EPC capacity; Strategic partnering with suppliers and yards SAME CORE ORGANIZATION GREATER EXECUTION CAPACITY © SBM Offshore. All rights reserved. www.sbmoffshore.com 8
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Progress on ongoing projects 1st oil date Percentage of completion FPSO Jaguar 2027 FPSO GranMorgu 2028 FSO Chalchi n/a FPSO SEAP II 2030 FPSO SEAP I 2031 Hull allocated to Longtail Unallocated hull Unallocated hull Phased execution and room for more © SBM Offshore. All rights reserved. www.sbmoffshore.com 9 50–75% 50–75% 50–75% <25% <25%
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Fleet performance Efficiency & reliability at scale © SBM Offshore. All rights reserved. www.sbmoffshore.com 10 FLEET OF 16 UNITS Largest FPSO contractor by oil production capacity 98.9% UPTIME 1H26 Reliable performance for our clients UNLOCKING VALUE FOR CLIENTS Debottlenecking increased installed capacity by ~140k bbls per day > 2M BBLS PER DAY PRODUCTION IN JUNE 17% of global deepwater production EXTENSIONS AND BROWNFIELD OPPORTUNITIES Unlocking other elements of value on the back of our in-house capabilities
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ZZ DATA-DRIVEN PERFORMANCE SAFER CONNECTED FIELD WORKERS Onboard digitalized workflows DIGITAL TWIN Visualization & remote support ASSET OPTIMIZATION PLATFORM Predictive maintenance & asset integrity FLEET OF 16 UNITS Smarter & safer operations © SBM Offshore. All rights reserved. www.sbmoffshore.com 11 SMARTER ROBOTICS-ASSISTED OPERATIONS
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Offshore innovation unlocking Blue Economy potential © SBM Offshore. All rights reserved. www.sbmoffshore.com 12 OCEAN INFRASTRUCTURE SOLUTIONS GLOBAL CHALLENGES Energy trilemma Grid congestion Limited coastal spaceFreshwater scarcity Decarbonization Alternative fuels Blue Ammonia FPSOBlue Power HubLower emissions and carbon capture FPSO Floating Desalination Solution OPPORTUNITITES Food scarcity Energy demand
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Financial highlights © SBM Offshore. All rights reserved. www.sbmoffshore.com 13 US$1,310m 1H26 EBITDA1 US$4,904m 1H26 Revenue1 (1) Directional reporting, as of June 30, 2026 (2) Pro-forma; Directional reporting, as of June 30, 2026 (3) Based on Directional Net Debt to LTM Directional EBITDA, as of June 30, 2026 1.6x Net leverage3 US$3.7bn Net debt1 US$35.6bn Revenue backlog2 US$8.0bn Net cash backlog2 Strong results Around US$1.9bn FY26 EBITDA Around US$7.6bn FY26 Revenue Increased guidance Record backlog Robust balance sheet
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Directional overview 1 © SBM Offshore. All rights reserved. www.sbmoffshore.com 14 (1) Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro -forma accounting policy, which treats all lease contracts as operating leases and consolidate all co-owned investees related to lease contracts on a proportional basis, based on percentage of ownership. Thi s explanatory note relates to all Directional reporting in this document. Numbers may not add up due to rounding.
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© SBM Offshore. All rights reserved. www.sbmoffshore.com 15 Continued deleveraging (1) Based on Directional Net Debt to LTM Directional EBITDA (2) Based on Directional Net Debt to Directional EBITDA STRUCTURALLY LOWER NET LEVERAGE 2 1 Net leverage <3x GREATER BALANCE SHEET FLEXIBILITY
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Strong near-term cash potential 1 Directional, US$ millions © SBM Offshore. All rights reserved. www.sbmoffshore.com 16 US$ billions Existing net cash backlog Pro-forma 6-year growth scenario Note: For the financial measures, refer to the Alternative Performance Measures section in the Half Year Earnings 2026 report . (1) Refer to c. 25 years of net cash flow visibility from L&O and Turnkey slide in appendix for more details. (2) Pro-forma; Growth scenario based on 10 FPSO awards until 2031 at US$3.5bn sales price and based on historical gross m argins. Rounding applied to nearest fifty million. 8.0 HY26 US$8.0 billion net cash pro- forma backlog
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On track to deliver Cash and Returns Directional, US$ millions © SBM Offshore. All rights reserved. www.sbmoffshore.com 17 (1) Rounding applied to the nearest ten million in backlog figures incl. minor adjustments to reconcile with reported pro -forma backlog (2) “Other” EBITDA (excl. one-off charges) of US$80 million per annum used as a proxy (3) Based on US$440m cash returns in FY26 and share price as of June 30, 2026 MINIMUM US$2.1 BILLION CASH RETURN 2026-2031 FY26 US$200m dividend & US$240m share buyback on track 7.2% SHAREHOLDER CASH YIELD FY26 3 Top quartile shareholder cash returns benchmarked against the AEX ADDITIONAL GROWTH OPPORTUNITIES Supported by a robust market outlook MATERIALIZING GROWTH POTENTIAL SEAP I and SEAP II awards and Longtail FEED award
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18 DIRECTIONAL EBITDA Around 1.9 billion US$ DIRECTIONAL REVENUE Around 7.6 billion US$ LEASE & OPERATE Around 2.4 billion US$ TURNKEY Around 5.2 billion US$ 18 2026 Guidance © SBM Offshore. All rights reserved. www.sbmoffshore.com
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READY FOR MORE GROWING THE CORE • 2 FPSO AWARDS & 1 FEED AWARD • STRONG MARKET, WELL POSITIONED • 2 FAST4WARD® HULLS IN ANTICIPATION • INCREASED GUIDANCE
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20 © SBM Offshore. All rights reserved. www.sbmoffshore.com 20 APPENDIX
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Financial performance per segment Directional, US$ millions “Other” EBITDA in HY 2026 of US$ (51) million vs HY 2025 US$ (41) million © SBM Offshore. All rights reserved. www.sbmoffshore.com 21
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c. 25 years of net cash flow visibility from L&O and Turnkey1 Directional, US$ millions Note: For the financial measures, refer to the Alternative Performance Measures section in the Half Year Earnings 2026 report . (1) Rounding applied to nearest hundred million in the L&O and Turnkey net cash flow and then adjustments applied to reconcile wi th the total net cash. The Turnkey pro-forma net cash flow does not include the net equity investment required during construction of the L&O type of projects. (2) EUR/share calculation based on the Net Present Value of L&O and Turnkey net cash flow discounted at different rates. Considering 1.1394 EUR/US$ exchange rate and 171,361,365 outstanding shares as of March 18, 2026. Value excludes future awards and potential contract extensions. (3) EUR/share calculation based on net cash backlog of L&O and Turnkey. Considering 1.1394 EUR/US$ exchange rate and 171,361,365 outstanding shares as of March 18, 2026 . © SBM Offshore. All rights reserved. www.sbmoffshore.com 22
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Group P&L Directional, US$ millions Group P&L US$ millions HY 2025 HY 2026 Variance Revenue 2,311 4,904 2,593 Gross Margin 529 1,199 670 Overheads (122) (148) (26) Other operating income / (expense) 67 9 (58) Net impairment losses on financial and contract assets 2 1 (1) EBIT 475 1,061 586 Depreciation, amortization and impairment (206) (249) (43) EBITDA 682 1,310 628 Net financing costs (93) (151) (58) Share of profit of equity-accounted investees (2) 1 3 Income tax expense (106) (53) 53 Net Result 274 858 583 Attributable to Non-Controlling Interests (0) 32 32 Net Income attributable to shareholders 274 826 552 © SBM Offshore. All rights reserved. www.sbmoffshore.com 23
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Turnkey and Lease and Operate P&L Directional, US$ millions Turnkey US$ millions FY 2025 HY 2026 Variance Revenue 1,322 3,713 2,391 Gross Margin 278 858 580 EBIT 223 803 580 Depreciation, amortization and impairment (2) (11) (9) EBITDA 225 813 588 Lease and Operate US$ millions FY 2025 FY 2026 Variance Revenue 988 1,191 203 Gross Margin 250 340 90 EBIT 296 309 13 Depreciation, amortization and impairment (202) (238) (36) EBITDA 497 547 50 Comments Vessels In/Out FPSOs Almirante Tamandaré , Alexandre de Gusmão and One Guyana joining fleet in 2025. FPSOs Kikeh, Aseng and Thunder Hawk leaving the fleet following full divestment in 2025. FPSO One Guyana sale since 1Q 2026 (Operate only) D, A & I Increase from FPSOs Almirante Tamandaré, Alexandre de Gusmão and One Guyana joining the fleet in 2025 partially offset by FPSOs Aseng and Thunder Hawk full divestment in 2025. EBITDA Increase due to Vessels In/Out and increased performance of the fleet partially offset by the 2025 net gain on sale from FPSO Kikeh/Espirito Santo transactions. EBITDA Margin 1H 2026: 46% 1H 2025: 50% Comments Revenue Main contributors to 1H 2026 revenue are: FPSO One Guyana sale, FSO Chalchi 45% partial divestment, the recently awarded Longtail FEED, FPSOs SEAP I and SEAP II, and the progress on FPSOs GranMorgu partially offset reduced level of progress on FPSO Jaguar, and the completion of construction during 2025 of FPSOs Almirante Tamandaré, Alexandre de Gusmão and One Guyana. EBITDA Main contributors are the same as the ones mentioned above on Revenue and the successful completion of the close out activities of FPSOs Almirante Tamandaré, Alexandre de Gusmão and One Guyana. © SBM Offshore. All rights reserved. www.sbmoffshore.com 24
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Cash December 2025 891 Cash variation1 135 Cash June 2026 1,026 Debt drawdowns HY 2026 Sources and Uses of Cash and Liquidity Directional, US$ millions L&O 547 Turnkey 813 Other (51) EBITDA 1,310 Non-cash items and special transactions NBV of One Guyana (23) 1,712 © SBM Offshore. All rights reserved. www.sbmoffshore.com 25 (1) Includes foreign currency impact of US$5 million
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Comments US$ millions 31-Dec-2025 30-June-2026 Variance Property, plant & equipment and Intangibles 7,523 5,594 (1,928) FPSO One Guyana sale, depreciation over the period and FSO Chalchi divestment partially offset by capitalization of FSO project under construction. Investment in associates and other financial assets 344 500 156 Mainly shareholder loan recognition following FSO Chalchi divestment already received in July. Construction contracts 774 1,157 383 Increase driven by progress on existing FPSO projects under construction. Trade receivables and other assets 1,858 2,361 503 Milestone and upfront invoicing on FPSO projects under construction. Derivatives assets 267 283 16 See derivative liabilities. Cash and cash equivalents 891 1,026 135 See cash flow statement. Total assets 11,656 10,921 (735) Total equity 2,536 3,154 618 Net income partially offset by hedging reserve and returns to shareholders. Borrowings and lease liabilities 6,542 4,706 (1,836) FPSO One Guyana project loan repayment and amortization of existing project loans partially offset by drawdowns on project financing on FPSO under construction. Provisions 625 605 (20) Local content penalty partially offset by discounting effect on demobilization provisions. Trade payables and other liabilities 1,876 2,301 425 Mostly increase on construction contract liabilities on FPSO projects under construction. Derivatives liabilities 23 98 75 Increase due to currency hedging instruments marked-to-market partially offset by improvement in interest rate swap. Deferred income 54 57 3 Deferred income on lease contracts with declining bareboat profile. Total equity and liabilities 11,656 10,921 (735) Balance Sheet Directional, US$ millions 26© SBM Offshore. All rights reserved. www.sbmoffshore.com
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Lease qualification and consolidation methods as of 30 June 2026, IFRS 10 & 11 Assets Lease Contract Type SBM Share % Directional IFRS FPSO N’Goma FL 60% Proportional Full consolidation FPSO Saxi Batuque FL 100% 100% Full consolidation FPSO Mondo FL 100% 100% Full consolidation FPSO Cidade de Ilhabela FL 75% Proportional Full consolidation FPSO Cidade de Maricá FL 61% Proportional Full consolidation FPSO Cidade de Paraty FL 63.13% Proportional Full consolidation FPSO Cidade de Saquarema FL 61% Proportional Full consolidation FPSO Sepetiba FL 51% Proportional Full consolidation FPSO Espirito Santo FL 100% 100% Full consolidation FPSO Almirante Tamandaré FL 55% Proportional Full consolidation FPSO Alexandre de Gusmão FL 55% Proportional Full consolidation FPSO Cidade de Anchieta OL 100% 100% Full consolidation FSO Chalchi FL 55% Proportional Full consolidation Normand Installer - 49.9% Equity Equity © SBM Offshore. All rights reserved. www.sbmoffshore.com 27
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External funding loans and borrowings 1 US$ millions Net book value as of June 30, 2026 Full Amount IFRS Directional FACILITIES DRAWN FPSO Cidade de Ilhabela 593 593 445 FPSO Cidade de Maricá 339 339 207 FPSO Cidade de Saquarema 538 538 328 SLB Cidade de Paraty 334 334 211 FPSO Sepetiba 1,201 1,201 612 FPSO Almirante Tamandaré 1,383 1,383 761 FPSO Alexandre de Gusmão 1,427 1,427 785 FPSO Jaguar 1,149 1,149 1,149 Revolving Credit Facility and other 96 96 96 NET BOOK VALUE 7,060 7,060 4,594 © SBM Offshore. All rights reserved. www.sbmoffshore.com 28 (1) Excluding lease liabilities
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Well-structured debt enables growth Directional, US$ millions US$1.1bn debt2 US$3.3bn debt Debt freeUS$0.8bn net cash No refinancing risk Interest rate > 90% hedged US$3.6bn net debt covered by US$35.6bn revenue backlog 975 Corporate debt Unlevered fleetNon-Recourse Project debt1 Projects Under Construction US$35.6bn backlog US$14.4bn US$16.0bn US$5.2bn (1) Non-Recourse Project debt fully amortizing or bullet repayment from guaranteed purchase proceeds. (2) Excluding undrawn facilities . Note: General items are allocated on a pro-rata basis to the L&O Net Cash Backlog distribution. © SBM Offshore. All rights reserved. www.sbmoffshore.com 29
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Group net debt and borrowings Directional, US$ millions (1) Project debt © SBM Offshore. All rights reserved. www.sbmoffshore.com 30
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Revolving Credit Facility Covenants Key financial covenants HY 2026 Definition1 Solvency ratio > 25% ✓ 35% IFRS Tangible net worth divided by total tangible IFRS assets Interest cover ratio > 4.0 ✓ 6.6 Directional Underlying EBITDA divided by Consolidated Directional Net Interest Payable Backlog cover ratio > 1.5:1.0 ✓ >1.5 Consolidated Directional Backlog Net Present Value divided by the Consolidated Directional sum of outstanding principal amount of RCF loans and Other Borrowing Base Debt All covenants are satisfied (1) Further explanation on definitions and covenant calculations can be found in the Company’s 2026 Half year earnings. © SBM Offshore. All rights reserved. www.sbmoffshore.com 31
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Turnkey Model TURNKEY ACTIVITIES IFRS Turnkey Gross Margin (L&O SBM Offshore FPSO share) (Research & Development) (Alternative Energy Investments) (Sales & Marketing) (Overheads) = Turnkey Directional EBITDA TURNKEY ACCOUNTING (1) Average IFRS Turnkey Gross Margin from 2022 to 2024 © SBM Offshore. All rights reserved. www.sbmoffshore.com 32
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Commercial models Indicative net cash profiles 33© SBM Offshore. All rights reserved. www.sbmoffshore.com
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01/2008 12/2022 2032 07/2008 06/2023 2032 01/2009 12/2023 12/2028 12/2033 06/2012 09/2031 09/2033 06/2013 06/2033 11/2014 11/2034 11/2014 11/202612/2028 12/2029 02/2016 02/2036 07/2016 07/2036 12/2019 12/2024 07/2033 02/2022 11/2023 07/2033 11/202311/2024 11/2033 01/2024 07/2046 02/2025 2051 05/2025 2047 08/2025 02/2026 2035 2027 2037 2028 2030 2028 2048 2055 2030 2037 2031 2038 FPSO SEAP II* PETROBRAS BRAZIL FPSO SEAP I* PETROBRAS BRAZIL GUYANA BRAZIL 2055 FPSO ONE GUYANA (3) EXXONMOBIL GUYANA FPSO Cidade de Anchieta (1) PETROBRAS BRAZIL FPSO Almirante Tamandaré EXXONMOBIL FPSO Liza Destiny BRAZIL PETROBRAS EXXONMOBIL BRAZIL BRAZIL GUYANA BRAZIL FPSO Cidade de Paraty FPSO Cidade de Ilhabela FPSO N’Goma(2) FPSO Cidade de Maricá FPSO Cidade de Saquarema ANGOLA EXXONMOBIL FPSO Jaguar* (4) EXXONMOBIL GUYANA FPSO Sepetiba PETROBRAS PETROBRAS PETROBRAS FPSO Liza Unity BRAZIL BRAZIL BRAZIL ANGOLA GUYANA EXXONMOBIL SHELL FPSO GranMorgu* TOTALENERGIES SURINAME 2005 2015 2035 2045 CountryVessel Name Client FPSO Saxi Batuque FPSO Espirito Santo PETROBRAS 2026 FSO Chalchi* WOODSIDE MEXICO FPSO Mondo EXXONMOBIL ANGOLA FPSO Prosperity FPSO Alexandre de Gusmão ENI PETROBRAS PETROBRAS © SBM Offshore. All rights reserved. www.sbmoffshore.com 34 SBM Offshore Fleet Portfolio (1) Extension of the contract corresponding to the period of shutdown beyond the initial lease end date (2) ENI Angola SpA merged with BP to form a new Incorporated Joint Venture in Angola (‘Azule Energy’) (3) One Guyana was purchased by ExxonMobil Guyana on February 4, 2026 (4) Operating and Maintenance scope agreed in principle * Under construction Initial Lease Period Contractual Extension Option Confirmed Extension Operation & Maintenance only