SBM Offshore Enters Shareholder Agreement for FPSO Sepetiba Project

Following the announcement on December 11, 2019, with respect to the contract signature for FPSO Sepetiba, SBM Offshore is pleased to announce that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK) regarding the divestment of a 35.5% interest in the special purpose companies related to the lease and operation of FPSO Sepetiba.

MC acquired 20% and NYK acquired 15.5% ownership interest in the companies. SBM Offshore is operator and majority shareholder with the remaining 64.5% ownership interest.

FPSO Sepetiba is currently under construction. The FPSO will be deployed at the Mero field in the Santos Basin offshore Brazil, 180 kilometers offshore Rio de Janeiro, under a 22.5 years lease and operate contract with Petróleo Brasileiro S.A. (Petrobras). Delivery of the FPSO is expected in 2022.

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