Slide 1: Full Year Earnings 2024
FULL YEAR EARNINGS 2024 February 20, 2025 © SBM Offshore. All rights reserved. www.sbmoffshore.com 1
Slide 2: Disclaimer
Disclaimer Some of the statements contained in this presentation that are not historical facts are statements Nothing in this presentation shall be deemed an offer to sell, or a solicitation of an offer to buy, of future expectations and other forward-looking statements based on management’s current
Slide 3: Creating Stakeholder Value
CREATING STAKEHOLDER VALUE Advancing our TRUE. BLUE. Pioneering Pioneering CORE TRANSITION. MORE MORE CLEANER & MORE EFFICIENT SUSTAINABLE BLUE INNOVATIVE OCEAN ENERGY PRODUCTION ECONOMY GROWTH INFRASTRUCTURE SOLUTIONS © SBM Offshore. All rights reserved. www.sbmoffshore.com 3
Slide 4: Record performance, delivering results
Record performance, delivering results FINANCIAL OPERATIONAL GROWTH Record Revenue1 3 New FPSO Start-ups Strong Order Intake US$6,111 million 2.7 million bopd production 3 new awards in 2024, capacity by 2025 new countries, new clients Record EBITDA1 Low Recordable Injury Frequency Robust Market Out
Slide 5: Prime positioning in a robust market
Prime positioning in a robust market 120 ~10-20Mbpd oil supply shortage in the coming decade1 40 Potential FPSO Awards (2025-2027) 16 in SBM’s sweet spot 110 100 Million barrels per day (Mbpd) 90 80 70 60 2 50 40 4 1 30 20 3 3 9 2025 2030 2035 2040 2045 2050 7 4 2 13 8 Double resilience of our Fast4
Slide 6: Driving lifecycle excellence
Driving lifecycle excellence WIN & GROW OCEAN INFRASTRUCTURE PRODUCT & FLAWLESS ASSET RESPONSIBLE SERVICE EPCI START-UP MANAGEMENT RECYCLING DEVELOPMENT CONTINUOUS IMPROVEMENT +655k bbls/d installed capacity ~400 years 97% bringing total installed capacity of the cumulative operations & materials re
Slide 7: Fast4Ward setting the pace
Fast4Ward® setting the pace 3 Fast4Ward® 3 Fast4Ward® 2 FPSOs delivered FPSOs to be delivered Million barrels per day (Mbpd) 12% 1 6% 2% 2% 0 2022 2023 2024 2025 F4W® production1 F4W ® % of deepwater production FPSO Almirante Tamandaré (1) 2025 based on additional installed capacity © SBM Offshore.
Slide 8: Financial highlights
Financial highlights US$6.1bn (+35%) US$1.9bn (+44%) Record Revenue1 Record EBITDA1 US$35.1bn US$9.5bn Revenue backlog2 Net Cash backlog2 US$1.59 per share US$1.7bn 2025 shareholder return Cash return until 2030 (1) Directional reporting, at December 31, 2024 © SBM Offshore. All rights reserved. www
Slide 9: Directional overview
Directional overview1 Pro-forma backlog (US$ billions) Net debt (US$ billions) 35.1 30.3 16% 6.7 -15% 5.7 FY 2023 FY 2024 FY 2023 FY 2024 Revenue (US$ millions) EBITDA (US$ millions) 6,111 1,896 4,532 1,319 TK 35% 44% 724 TK 3,743 TK 296 TK 2,578 L&O L&O 1,261 L&O 1,124 L&O 2,369 1,954 Other, -(101)
Slide 10: Sale & Operate: accelerated cash and deleveraging
Sale & Operate: accelerated cash and deleveraging Revenue construction Revenue operations Sale & Operate model P&L impact (IFRS and Directional) EBITDA construction after > 25% POC1 EBITDA operations • EBITDA generated at 25% construction progress • Accelerates cash generation Net Cashflow • No debt
Slide 11: Growing Backlog
Growing Backlog1 Directional, US$ millions US$35.1billion ~US$9.5 billion pro-forma net cash pro- backlog forma backlog Additional US$0.6 bn 800 from Turnkey 10% Interest Curve Net Cash TK 0.6 TK 5.7 8% BOT 0.3 700 6% BOT 2.1 600 4% 500 BBB BB B 400 L&O 8.5 L&O 27.3 300 200 US$ billions 100 0 2025 2
Slide 12: Growing Returns to Shareholders
Growing Returns to Shareholders 25 70 30% INCREASE IN CASH RETURN TO US$1.59/SHARE IN 2025 125 US$0.88/share allocated to dividend; US$0.71/share to buyback1 70 US$ millions 197 178 US$155M DIVIDEND & US$150M SHARE BUYBACK 150 155 Shares repurchased will be cancelled or used for employee share plans
Slide 13: Strong visibility on Cash and Returns
Strong visibility on Cash and Returns Directional, US$ millions Net Cash in-hand up to and incl. 2030 1 US$1.7 BILLION CASH RETURN UNTIL 2030 US$ billions 1.1 US$470m US$1.1 BILLION FOR GROWTH AND INCREMENTAL Available CASH RETURNS FROM EXISTING BACKLOG Free Cash 3.5 on average 1.7 per year3 ADDITIO
Slide 14: 2025 Guidance
2025 Guidance DIRECTIONAL EBITDA Around 1.55 billion US$ DIRECTIONAL REVENUE Above 4.9 billion US$ LEASE & OPERATE Above 2.2 billion US$ TURNKEY Around 2.7 billion US$ © SBM Offshore. All rights reserved. www.sbmoffshore.com 14
Slide 15: Advancing our CORE. Pioneering MORE.
Advancing our CORE. Pioneering MORE. Around 2025 Towards 2030 2030 and beyond EXCELLENCE IN EXECUTION OCEAN INFRASTRUCTURE 50% GHG intensity reduction No Harm, No Defects, No Leaks Stable Project Execution Net-Zero by 2050 Capacity GROW CURRENT BACKLOG DEVELOP NEW BUSINESS MODELS & MARKETS WIN & GRO
Slide 16: Pioneering progress, sustaining growth
Pioneering progress, sustaining growth 2025 & beyond... Ammonia CALM terminal CO2 injection terminal Floating Power Hub Near Zero Emission FPSO Blue Ammonia FPSO 2025 2023 2023 2022 2016 ONE GUYANA Digital Platform First Tension Leg First FPSO with Deepest Moored Unit FPSO & Intelligent Agents Float
Slide 17: A Strategy That Pays
(1) Pro-forma; Directional reporting, at December 31, 2024 (2) Refer to ‘Growing Returns to Shareholders’ slide for more details. A STRATEGY THAT PAYS US$9.5 BILLION NET CASH BACKLOG1 30% INCREASE IN CASH RETURN FOR 20252 US$1.7 BILLION SHAREHOLDER CASH RETURNS until 20302 FAST4WARD® SETTING THE PAC
Slide 18: Appendix
APPENDIX © SBM Offshore. All rights reserved. www.sbmoffshore.com 18
Slide 19: Financial performance per segment
Financial performance per segment Directional, US$ millions Lease and Operate Turnkey Revenue EBITDA Revenue EBITDA 3,743 2,369 2,578 1,954 1,261 1,124 724 296 2023 2024 2023 2024 2023 2024 2023 2024 “Other” EBITDA 2023 US$ (101) million vs 2024 US$(89) million © SBM Offshore. All rights reserved. w
Slide 20: High quality long-term backlog
High quality long-term backlog Directional, US$ millions Pro-forma Directional backlog and debt service INVESTMENT GRADE PROFILE Weighted average IG rated client portfolio & project debt ratings 5.5 4.5 STRONG UNDERLYING PROJECT PORTFOLIO 3.5 With low break-even costs 2.5 INFLATION PROTECTED 1.5 Due
Slide 21: c. 25 years of net cash flow visibility from L&O, BOT & Turnkey
c. 25 years of net cash flow visibility from L&O, BOT & Turnkey1 Directional, US$ millions US$35.1billion pro-forma backlog ~US$9.5 billion net cash from net cash pro-forma backlog Additional US$0.6 billion from Turnkey Net Cash 800 TK 0.6 BOT 0.3 700 Average L&O net cash p.a. after tax 600 ~US$440
Slide 22: Group P&L
Group P&L Directional, US$ millions Group P&L US$ millions 2023 2024 Variance Revenue 4,532 6,111 1,579 Gross Margin 1,062 1,480 418 Overheads (242) (225) 17 Other operating income / (expense) (11) 74 84 Net impairment losses on financial and contract assets (22) (8) 14 EBIT 788 1,321 533 Depreciati
Slide 23: Turnkey and Lease and Operate P&L
Turnkey and Lease and Operate P&L Directional, US$ millions Turnkey Comments US$ millions 2023 2024 Variance Main contributors to 2024 revenue are: FPSO Destiny and Prosperity sale, FPSO Sepetiba divestment of 13.5% and progress Revenue 2,578 3,743 1,165 Revenue on awarded contracts for FPSOs Jaguar
Slide 24: FY 2024 Sources and Uses of Cash and Liquidity
FY 2024 Sources and Uses of Cash and Liquidity Directional, US$ millions L&O 1.261 Turnkey 723 Other (88) Other including Cash from Special transaction EBITDA 1.896 Non-cash items and other (144) NBV of Liza Destiny and Liza Prosperity NBV 1.112 90 Debt drawdowns Cash from Operations Sources of cash
Slide 25: Balance Sheet
Balance Sheet Directional, US$ millions Comments US$ millions 31-Dec-2023 31-Dec-2024 Variance Capitalization of FPSO projects under construction offset by Property, plant & equipment and Intangibles 8,515 7,490 (1,025) depreciation over the period, Liza Destiny and Liza Prosperity sale. Mainly a
Slide 26: Lease qualification and consolidation methods
Lease qualification and consolidation methods as of 31 December 2024, 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 Il
Slide 27: External funding loans and borrowings
External funding loans and borrowings1 Directional, US$ millions Net book value as of December 31, 2024 Full Amount IFRS Directional FACILITIES DRAWN FPSO Cidade de Anchieta 122 122 122 FPSO Cidade de Ilhabela 672 672 504 FPSO N’Goma 117 117 70 Normand Installer 11 - - FPSO Cidade de Maricá 544 544
Slide 28: Well-structured debt enables growth
Well-structured debt enables growth Directional, US$ millions Non-Recourse Unlevered FPSOs Corporate debt Construction debt Project debt1 and other non-FPSO 5 6 9 US$0.1bn net debt US$3.4bn debt2 US$2.2bn debt Debt free US$35.1bn backlog US$18.0bn3 US$9.9bn US$7.2bn US$9.5bn net cash4 US$5.0bn US$3.
Slide 29: Group net debt and borrowings
Group net debt and borrowings Directional, US$ millions Net debt Undrawn facilities + cash 6,500 6,654 5,719 1,533 4,500 2,500 606 500 500 FY 2024 (1,500) FY 2023 FY 2024 Undrawn corporate facilities Cash Undrawn project debt Net cash Project debt Lease liabilities Average cost of debt1 FY 2024 borr
Slide 30: Revolving Credit Facility Covenants
Revolving Credit Facility Covenants Key financial covenants FY 2024 Definition1 Solvency ratio > 25% 32% IFRS Tangible net worth divided by total tangible IFRS assets Interest cover ratio > 4.0 6.8 Directional Underlying EBITDA divided by net interest payable Represents maximum theoretical lendi
Slide 31: Turnkey Model
Turnkey Model TURNKEY ACTIVITIES TURNKEY ACCOUNTING IFRS Turnkey Gross Margin (L&O / BOT SBM Offshore FPSO share) (Research & Development) (Alternative Energy Investments) (Sales & Marketing) (Overheads) = Turnkey Directional EBITDA Margin generated from BOT/L&O phase IFRS Turnkey Gross Margin 1 18%
Slide 32: Commercial models
Commercial models Indicative net cash profiles Sale & Operate model Booked in Turnkey SALE & OPERATE FPSO Booked in L&O 100% SBM ownership No debt financing Opex reimbursable Y-4 Y-3 Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Build-Operate-Transfer model BOT FPSO
Slide 33: Lease and Operate portfolio
Lease and Operate portfolio Initial Lease Period Contractual Extension Option Confirmed Extension Operation & Maintenance only (1) Lease only (2) Noble Energy EG Limited is now a wholly-owned indirect subsidiary of Chevron Corporation (3) Extension of the contract corresponding to the period of shut
Slide 34: © SBM Offshore. All rights reserved. www.sbmoffshore.com
© SBM Offshore. All rights reserved. www.sbmoffshore.com 34