SBM Offshore signed contracts for Petrobras’ FPSOs SEAP-I and SEAP-II

Rhea-AI Summary

SBM Offshore (SBFFF) signed contracts with Petrobras-led consortia to design, build and operate FPSOs SEAP-I (P-81) and SEAP-II (P-87) for Brazil’s Sergipe-Alagoas basin. SBM Offshore will operate each unit for an initial 6.5-year period under separate O&M contracts.

The FPSOs, based on SBM’s Fast4Ward® hulls, are each designed to produce 120,000 barrels of oil per day with significant gas treatment and water injection capacity. SEAP-II delivery is expected in 2030 and SEAP-I in 2031, with gas exported to shore via pipeline.

Positive

• Contracts to design, build and operate two Petrobras FPSOs in Brazil
• Initial 6.5-year operations and maintenance contracts for both SEAP units
• Use of 11th and 12th Fast4Ward® multi-purpose floater hulls
• SEAP-II capacity: 120,000 bpd oil, 425m scf/d gas, 120,000 bpd water injection
• SEAP-I capacity: 120,000 bpd oil, 355m scf/d gas, 200,000 bpd water injection
• Gas export pipeline enables direct onshore delivery and reduces offshore flaring

Negative

• None.

Market Context

This announcement highlights sizeable long‑term FPSO awards with Petrobras, adding two units each de...

Analysis

This announcement highlights sizeable long‑term FPSO awards with Petrobras, adding two units each designed for 120,000 barrels per day of oil and significant associated gas handling, with deliveries targeted for 2030 and 2031. Recent history shows multiple buyback updates and a strong trading statement in early 2026. Investors may watch future disclosures on project economics, execution progress, and how these contracts influence revenue guidance and capital allocation.

Key Figures

SEAP-II oil capacity: 120,000 barrels per day SEAP-II gas treatment: 425 million standard cubic feet per day SEAP-II water injection: 120,000 barrels per day +5 more

8 metrics

SEAP-II oil capacity 120,000 barrels per day Design production capacity for SEAP-II FPSO (P-87)

SEAP-II gas treatment 425 million standard cubic feet per day Associated gas treatment capacity for SEAP-II FPSO

SEAP-II water injection 120,000 barrels per day Water injection capacity for SEAP-II FPSO

SEAP-I oil capacity 120,000 barrels per day Design production capacity for SEAP-I FPSO (P-81)

SEAP-I gas treatment 355 million standard cubic feet per day Associated gas treatment capacity for SEAP-I FPSO

SEAP-I water injection 200,000 barrels per day Water injection capacity for SEAP-I FPSO

SEAP-II delivery 2030 Expected delivery year for SEAP-II FPSO

SEAP-I delivery 2031 Expected delivery year for SEAP-I FPSO

Historical Context

5 past events · Latest: May 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 13	Share repurchase update	Positive	-2.8%	Update on EUR 227 million share repurchase progress for May 7–13, 2026.
May 07	Trading update	Positive	-4.3%	First quarter 2026 trading update with strong revenue growth and higher guidance.
May 06	Share repurchase update	Positive	+0.1%	Weekly details on EUR 227 million buyback progress through May 6, 2026.
Apr 22	Share repurchase update	Positive	+0.1%	Further progress report on buyback program and shares repurchased April 16–22, 2026.
Apr 15	AGM resolutions	Positive	-5.1%	AGM approvals including CEO reappointment and EUR 84 million cash dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows several positive corporate updates followed by negative price reactions, suggesting a tendency for the stock to sell off on good news.

Recent Company History

Over the last few months, SBM Offshore reported multiple buyback updates and governance and trading milestones. Weekly share repurchase disclosures in April–May 2026 detailed progress on a EUR 227 million program, while the April 15, 2026 AGM approved a cash dividend of EUR 84 million. A strong first‑quarter 2026 trading update on May 7 highlighted sharp revenue growth and reduced net debt. Despite broadly constructive news, share reactions were often negative, similar to today’s divergence.

Key Terms

fpsos, operations and maintenance contracts, market abuse regulation, forward-looking statements, +3 more

7 terms

fpsos technical

"SBM Offshore announces that it has been awarded contracts ... for two FPSO projects"

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.

operations and maintenance contracts technical

"6.5 years under separate operations and maintenance contracts"

Operations and maintenance contracts are agreements where a company hires a service provider to run, repair and keep assets—like factories, power plants, transportation systems or IT infrastructure—working day to day. For investors, these contracts matter because they create predictable service revenue, limit the owner's direct operating headaches and costs, and shift performance risk to the contractor, similar to hiring a property manager who handles upkeep so the owner gets steady income with fewer surprises.

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 current views"

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

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

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.

apms financial

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

APMs (alternative performance measures) are company-reported financial metrics that adjust or add to standard accounting figures—examples include "adjusted" profit, underlying earnings, or free cash flow excluding one-off items. They matter to investors because they show how management believes the business performs after removing items it views as unusual, much like a chef describing a recipe without optional garnishes; used carefully they can clarify trends, but they can also make comparisons harder.

ifrs financial

"alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Amsterdam, May 29, 2026

SBM Offshore announces that it has been awarded contracts by Petróleo Brasileiro S.A. (Petrobras) for two FPSO projects located in the Sergipe-Alagoas basin, located in the northeastern part of Brazil. Under these contracts, SBM Offshore will design, build and operate FPSOs SEAP-I and SEAP-II. The consortia led by Petrobras will own the FPSOs and SBM Offshore will operate them for an initial period of 6.5 years under separate operations and maintenance contracts.

The design of both FPSOs is based on SBM Offshore’s leading Fast4Ward^® program that incorporates the Company’s 11^th and 12^th new build, multi-purpose floater hulls.

The SEAP-II FPSO (P-87) will be designed to produce 120,000 barrels of oil per day, will have associated gas treatment capacity of 425 million standard cubic feet per day and water injection capacity of 120,000 barrels per day. Delivery of the FPSO is expected in 2030. The FPSO will operate in the Sergipe-Alagoas basin offshore Brazil, approximately 80 kilometers off the coast and spread moored in approximately 2,500 meters water depth.

The SEAP-I FPSO (P-81) will be designed to produce 120,000 barrels of oil per day with associated gas treatment of 355 million standard cubic feet per day and water injection capacity of 200,000 barrels per day. Delivery of the FPSO is expected in 2031.The FPSO will operate in the Sergipe-Alagoas basin offshore Brazil, approximately 100 kilometers off the coast and spread moored in approximately 2,500 meters water depth.

The FPSOs will be connected to an export pipeline for direct gas delivery to shore. This configuration allows associated gas produced offshore to be transported to shore for commercial use, supporting domestic gas usage in Brazil while minimizing flaring and reinjection offshore. The integration of gas treatment and export infrastructure enhances the overall value of the developments by monetizing gas alongside oil production and represents a step forward in the treatment of gas onboard SBM Offshore’s FPSOs.

Øivind Tangen, CEO of SBM Offshore, commented:

“SBM Offshore is very pleased to have been selected by Petrobras to provide the FPSOs for the Sergipe-Alagoas development in Brazil. This confirms our commitment to our long-term partnership with Petrobras. The advanced gas treatment requirements are a good fit for SBM Offshore’s expertise, and the export gas from the development will help boost the availability of gas for the region. SBM Offshore teams are fully committed to the success of these projects and to contributing long term to the Sergipe-Alagoas region’s economic development, creating lasting value for local communities and stakeholders.”

  
Corporate Profile

SBM Offshore is a global leader in deepwater ocean infrastructure, delivering floating production solutions across the full asset lifecycle—from design and construction to installation and operation. Supported by a global team of more than 8,000 professionals, the Company operates a long-term, asset-backed business model that delivers high-availability assets and predictable cash flows. SBM Offshore combines engineering expertise, operational reliability, and selective innovation to support safe, efficient, and lower-carbon energy production, while extending its capabilities into new opportunities across the blue economy.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar		Date	Year
Half Year 2026 Earnings		August 6	2026
Third Quarter 2026 Trading Update		November 12	2026
Full Year 2026 Earnings		February 18	2027
Annual General Meeting		April 7	2027
First Quarter 2027 Trading Update		May 5	2027

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, 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 release. 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 release 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 standardised 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 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 2025 Annual Report, available on our website Annual Reports - 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^®” and “Imodco^®” are proprietary marks owned by SBM Offshore.

Attachment

• SBM Offshore signed contracts for Petrobras’ FPSOs SEAP-I and SEAP-II

FAQ

What did SBM Offshore (SBFFF) announce on May 29, 2026 regarding Petrobras FPSOs SEAP-I and SEAP-II?

SBM Offshore announced contracts to design, build and operate FPSOs SEAP-I and SEAP-II for Petrobras-led consortia in Brazil. According to SBM Offshore, the company will also provide initial 6.5-year operations and maintenance services for both units in the Sergipe-Alagoas basin.

What are the production and gas treatment capacities of SBM Offshore’s FPSO SEAP-II (P-87)?

FPSO SEAP-II is designed to produce 120,000 barrels of oil per day and treat 425 million standard cubic feet of gas per day. According to SBM Offshore, it will also provide 120,000 barrels per day of water injection, with delivery expected in 2030 offshore Sergipe-Alagoas.

What are the key specifications of SBM Offshore’s FPSO SEAP-I (P-81) for Petrobras?

FPSO SEAP-I is designed for 120,000 barrels of oil per day and 355 million standard cubic feet per day of gas treatment. According to SBM Offshore, it includes 200,000 barrels per day of water injection, with delivery targeted for 2031 in the Sergipe-Alagoas basin.

How long will SBM Offshore operate the SEAP-I and SEAP-II FPSOs for Petrobras consortia?

SBM Offshore will operate both FPSOs under separate operations and maintenance contracts for an initial 6.5-year period. According to SBM Offshore, the Petrobras-led consortia will own the units while SBM focuses on day-to-day operation in deepwater Sergipe-Alagoas fields.

How do SBM Offshore’s SEAP FPSOs support Brazil’s domestic gas supply and reduce flaring?

The SEAP FPSOs will connect to an export pipeline that delivers associated gas directly to shore for commercial use. According to SBM Offshore, integrating gas treatment and export infrastructure helps minimize offshore flaring and reinjection while monetizing gas alongside oil production.

When are SBM Offshore’s FPSOs SEAP-I and SEAP-II expected to be delivered for operation?

FPSO SEAP-II delivery is expected in 2030, and FPSO SEAP-I in 2031. According to SBM Offshore, both units will operate in about 2,500 meters water depth offshore Brazil, roughly 80–100 kilometers from the Sergipe-Alagoas coastline, under Petrobras-led developments.