SBM Offshore signs contract extension of FPSOs Mondo and Saxi Batuque

Rhea-AI Summary

SBM Offshore (OTC:SBFFF) signed a contract extension with Esso Exploration Angola (Block 15) Limited for the lease and operation of FPSOs Mondo and Saxi Batuque, securing ownership and operations until 2032. The agreement includes life-extension activities for equipment replacement and refurbishment, with work expected to start in 2026, aimed at maintaining safety and operational standards.

The extension underscores SBM Offshore’s capacity to manage complex offshore brownfield work and supports Block 15 Contractor Group’s long-term offshore objectives in Angola, while contributing to regional growth and job security for SBM teams.

Positive

• Contract extension secures FPSO operations through 2032
• Life-extension scope begins in 2026 for equipment replacement and refurbishment
• Reinforces SBM Offshore capability in complex offshore brownfield operations
• Supports long-term growth and job security in Angola

Negative

• None.

Key Figures

Contract term end 2032 Extension of FPSOs Mondo and Saxi Batuque lease and operations

Work start 2026 Life-extension activities expected to start

Employees More than 7,800 Global SBM Offshore workforce mentioned in corporate profile

Full Year 2025 Earnings date February 26, 2026 Scheduled financial calendar event

AGM date April 15, 2026 Scheduled Annual General Meeting

Q1 2026 update May 7, 2026 First Quarter 2026 Trading Update

H1 2026 earnings August 6, 2026 Half Year 2026 Earnings release

Q3 2026 update November 12, 2026 Third Quarter 2026 Trading Update

Market Reality Check

$26.85 Last Close

Volume Volume 500 vs 20-day average 1,174, with relative volume at 0.43x, indicating lighter-than-usual trading. low

Technical Price at 28.2804 is at the 52-week high and trading above 200-day MA at 15.84.

Peers on Argus

SBFFF gained 8.77% while key peers were mixed: SBFFY at -0.18%, WYGPY and AKRYY flat, MTTRF up 0.33%, and TOLWF down 2.17%, pointing to a stock-specific reaction rather than a sector-wide move.

Market Pulse Summary

This announcement extends SBM Offshore’s lease and operation of FPSOs Mondo and Saxi Batuque in Angola until 2032, with life‑extension work expected from 2026. It reinforces the company’s deepwater infrastructure position and long-term presence in Block 15. Investors may monitor execution of the brownfield upgrades, upcoming events such as the February 26, 2026 full‑year earnings release, and how these contracts contribute to operational stability and regional growth.

Key Terms

fpsos technical

"contract extension of FPSOs Mondo and Saxi Batuque with Esso Exploration"

A FPSO is a ship-like facility that produces, processes and stores oil or gas at sea, then offloads it to tankers or pipelines. Think of it as a floating factory and storage tank that lets companies extract and sell offshore hydrocarbons without building a pipeline to shore. Investors watch FPSOs because they are large, long-term assets that drive production and cash flow but also carry construction, operating and regulatory risks that can affect a company’s revenue and project timelines.

deepwater technical

"operation and maintenance of deepwater assets. Through these contracts, SBM Offshore"

Deepwater describes oil and gas operations that take place far offshore in very deep ocean water, typically where the seafloor is hundreds to thousands of meters below the surface. For investors it signals higher setup and operating costs, greater technical and regulatory risks, and longer project timelines, but also the potential for larger resource discoveries—similar to investing in a remote, hard-to-reach property that can be expensive to develop yet valuable if successful.

brownfield technical

"manage complex offshore brownfield work as well as its capabilities in the"

A brownfield is a property or site that has been previously developed or used—often with existing buildings, infrastructure, or environmental contamination—and is being reused, redeveloped, or expanded rather than built on from scratch. For investors it matters because brownfields can offer cost and time savings compared with starting new (like renovating an old house versus building one), but they also carry risks such as cleanup obligations, regulatory delays, and hidden expenses that affect returns and timelines.

market abuse regulation regulatory

"inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation."

Market abuse regulation consists of laws and rules designed to prevent dishonest or manipulative practices in financial markets. It aims to ensure fair and transparent trading, so investors can trust that markets operate honestly, much like rules that keep a game fair. By reducing unfair advantages, it helps protect investor confidence and promotes healthy, efficient markets.

forward-looking statements regulatory

"statements of future expectations and other forward-looking statements based on management’s"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

alternative performance measures financial

"This release contains certain alternative performance measures (APMs) as defined by the ESMA"

Alternative performance measures are financial figures companies present alongside official accounting numbers that strip out certain costs or gains to highlight how management views underlying business trends. Think of it like a cook showing a recipe’s calories without the sauce to emphasize the main ingredients; investors use these adjusted numbers to compare performance and spot trends, but they can vary by company and require careful scrutiny to avoid misleading comparisons.

AI-generated analysis. Not financial advice.

Amsterdam, December 17, 2025

SBM Offshore announces it has signed a contract extension related to the lease and operation of FPSOs Mondo and Saxi Batuque with Esso Exploration Angola (Block 15) Limited, as the Operator of Block 15, an affiliate of ExxonMobil. The extension secures ownership and operations by SBM Offshore until 2032.

The agreement includes life-extension activities, for equipment replacement and refurbishment, to maintain high safety standards and ensure operational excellence throughout the contract term. The scope of work is expected to start in 2026.

The extension of the contract marks a recognition of SBM Offshore’s capability to manage complex offshore brownfield work as well as its capabilities in the operation and maintenance of deepwater assets. Through these contracts, SBM Offshore supports Block 15 Contractor Group’s offshore energy objectives in Angola while contributing to the long-term growth in the region.

Esso Exploration Angola (Block 15) Limited is the operator of Block 15. Other Block 15 Co-Venturers are Azule Angola Limited, Azule Angola BV, Equinor Angola Block 15 A.S. and Sonangol E&P.

Øivind Tangen, CEO of SBM Offshore, commented:

“We are very pleased with the contract extension of FPSOs Mondo and Saxi Batuque. This allows us to maintain our structure and scale in Angola, and most importantly to provide job security to our teams. Through this extension, SBM Offshore will continue to generate value to the Angolan energy industry, as we have been for the last three decades. We remain committed to the continued safe and reliable operations through this extension period.”

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy. 
More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.
For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar		Date	Year
Full Year 2025 Earnings		February 26	2026
Annual General Meeting		April 15	2026
First Quarter 2026 Trading Update		May 7	2026
Half Year 2026 Earnings		August 6	2026
Third Quarter 2026 Trading Update		November 12	2026

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Phone:	+31 (0)20 236 32 36
E-mail:	wouter.holties@sbmoffshore.com
Website:	www.sbmoffshore.com

Media Relations

Giampaolo Arghittu
Head of External Relations

Phone:	+31 (0)6 212 62 333 / +39 33 494 79 584
E-mail:	giampaolo.arghittu@sbmoffshore.com
Website:	www.sbmoffshore.com

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

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 management’s 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. 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 2024 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 release. SBM Offshore 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 new information, subsequent events or otherwise.

This release 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 2025 report, available on our website Half Year Earnings - SBM Offshore.

Nothing in this release 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 release “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.

"SBM Offshore^®", the SBM logomark, “Fast4Ward^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

Attachment

• SBM Offshore signs contract extension of FPSOs Mondo and Saxi Batuque

FAQ

What did SBM Offshore (SBFFF) announce about FPSOs Mondo and Saxi Batuque on December 17, 2025?

SBM Offshore announced a contract extension with Esso Exploration Angola (Block 15) securing ownership and operations of FPSOs Mondo and Saxi Batuque until 2032.

When will the life-extension work for FPSOs Mondo and Saxi Batuque start for SBFFF?

The life-extension activities for equipment replacement and refurbishment are expected to start in 2026.

How long will SBM Offshore operate FPSOs Mondo and Saxi Batuque under the new SBFFF agreement?

The extension secures SBM Offshore’s ownership and operations of both FPSOs through 2032.

What is the expected impact of the SBFFF contract extension on SBM Offshore’s presence in Angola?

The extension maintains SBM Offshore’s scale and structure in Angola, supporting long-term regional growth and providing job security for SBM teams.

Who is the counterparty for SBM Offshore’s (SBFFF) FPSO contract extension?

The extension was signed with Esso Exploration Angola (Block 15) Limited, operator of Block 15 and an affiliate of ExxonMobil.