Borrowings

The movement in interest bearing borrowings is as follows:

The additions in borrowings of US$1,762 million mainly relate to (i) drawdowns on project finance facilities for FPSO ONE GUYANA and FPSO Alexandre de Gusmão, (ii) drawdown on construction financing for FPSO Jaguar, (iii) full drawdown of the sale and leaseback financing agreement for FPSO Cidade de Paraty and (iv) drawdowns on the new RCF agreement and on the Company’s SCF.

As announced on April 9, 2025, the Company has signed a non-recourse sale and leaseback financing agreement for FPSO Cidade de Paraty for the total amount of US$400 million and with a tenor of 8 years. The facility has been fully drawn as of April 24, 2025.

The redemptions are mostly related to (i) the non-recourse debt repayment schedules, (ii) the full repayment of the MPF facility, (iii) the repayment of the existing RCF agreement, (iv) the full repayment of the US private placement notes in relation to FPSO Cidade de Anchieta and (v) repayments on the Company’s SCF.

On June 17, 2025, the Company repaid in full the US private placement notes in relation to FPSO Cidade de Anchieta for a total amount of US$101 million. The repayment was done in anticipation as the initial maturity date was on September 15, 2027.

For further disclosures about fair value measurement, the Company refers to note 4.3.27 Financial Instruments − Fair Values and Risk Management.

The Company has no ’off-balance sheet’ financing through special purpose entities. All long-term debt is included in the consolidated statement of financial position.

The borrowings, excluding the amount of transactions and amortized costs, have the following forecast repayment schedule:

The increase in the current portion of the borrowings reflects the early sale of FPSO ONE GUYANA completed on February 4, 2026, ahead of the end of the maximum lease term in August 2027, which triggered the full repayment of the associated loan at the date of sale.

The borrowings by entity are as follows:

Loans and borrowings per entity

• ¹ % interest per annum on the remaining loan balance.
• ² The company has repaid this loan during 2025. This was done in anticipation of the initial maturity date.
• ³ The loan with a contractual maturity of 31 July 2027 has been reclassified from non‑current to current liabilities. This classification reflects the contractual requirement for SBM to settle the loan in full on the date the FPSO sale transaction closes, which occurred in February 2026. As the repayment trigger is linked to the transaction date rather than the original maturity, the balance was reclassified to current liabilities.

For the project finance facilities, the operational vessels are mortgaged to the banks or to note holders.

The Company has available facilities resulting from the undrawn portions of (i) the Company‘s RCF, (ii) FPSO Jaguar project facility and (iii) short-term uncommitted credit lines and SCF.

Expiry date of the undrawn facilities and unused credit lines