SBM Offshore announces a lease and operation agreement for FPSO Sepetiba with its longtime partners Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha

Following the announcement on December 11, 2019, regarding the signing of the FPSO Sepetiba contract, SBM Offshore is pleased to announce that it has entered into a shareholders' agreement with its long-standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the disposal of a 35,5% stake in the special purpose related to the leasing and operation of FPSO Sepetiba.

MC acquired 20% and NYK acquired a 15,5% stake in the companies. SBM Offshore is operator and majority shareholder with the remaining 64,5% equity interest.

FPSO Sepetiba is currently under construction. The FPSO will be deployed in the Mero field, offshore Santos Basin, Brazil, 180 kilometers from Rio de Janeiro, under a 22,5-year lease and operation agreement with Petróleo Brasileiro SA (Petrobras). The delivery of the FPSO is scheduled for 2022.

The financial effects of this divestment were anticipated in SBM Offshore's full year 2019 guidance provided in this year's Third Quarter Trading Update.

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Corporate Profile

SBM Offshore is a market leader in floating production systems and has multiple units currently in operation.

Group companies employ approximately 4.350 people worldwide, including around 650 contractors, who are spread across offices in key markets, operational support bases and fleet of offshore vessels. Group companies employ over 400 people, working for joint ventures with two construction yards.

The companies in which SBM Offshore NV has direct and indirect investments are separate entities. In this communication, “SBM Offshore” is sometimes used for convenience where references are made to SBM Offshore NV and its subsidiaries generally, or where no useful purpose is served by identifying the particular company or companies.