4.3.30Information on Non-controlling Interests

The Company has several jointly owned subsidiaries:

Disposal of subsidiaries

On June 4, 2025, the Company announced it had signed a Share Purchase Agreement for the full divestment of the Company’s equity interest in the lease and operating entities of FPSO Aseng to its partner GEPetrol. The Company’s exit from Equatorial Guinea will take place following an operational transition phase lasting up to 12 months.

The transaction was completed in December 2025 and the Company recognized a loss of US$20 million upon completion, included in ‘Other operating income/(expense)’.

In the 2025 consolidated cash flow statement, the transaction generated net cash outflows totaling US$(55) million including US$(67) million from cash and cash equivalents derecognized, presented as cash flows from investing activities.

The carrying amounts of the derecognized assets and liabilities of the subsidiaries at the date of the transaction were:

Transactions with non-controlling interests

The US$(25)million reported in the line ’Disposal of subsidiaries’ in 4.2.4 Consolidated Statement of Changes in Equity arises from the derecognition of non-controlling interests following the Company’s divestment from the lease and operating entities of FPSO Aseng.

The US$33 million reported in the line ’Transaction with non-controlling interests’ in 4.2.4 Consolidated Statement of Changes in Equity mainly relates to:

• The impact of the full acquisition of the lease and operating entities related to FPSO Espirito Santo of US$33 million;
• Equity contributions towards investees made during the year, related to FPSO Sepetiba, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão for a combined US$114 million and received share premium reserve reimbursements from investees related to FPSO Sepetiba and FPSO Alexandre de Gusmão for a combined US$(112) million; partially offset by
• A US$2 million reattribution of dividends from non-controlling interests over Sonasing Xikomba Ltd.

As announced on September 6, 2024, the Company and its partner MISC Berhad signed share purchase agreements for the total acquisition of MISC Berhad’s entire effective equity interest in the lease and operating entities related to FPSO Espirito Santo in Brazil. The transaction was completed on January 31, 2025, following the completion of conditions precedent. Consequently, the Company recognized a reduction of US$33 million in non-controlling interests, including US$2 million that was reattributed to retained earnings.

In 2024, the Company obtained control of Sonasing Xikomba Ltd. through the purchase of an additional 30% stake from Sonangol, together with a subsequent disposal of 20% to AOSL. Both transactions were considered linked transactions and were therefore recognized as a single transaction, leading the Company to a final ownership position of 60% in 2024. The transaction with AOSL was completed in December 2025, following the AOSL payment of US$43 million in consideration for the 20% stake, presented in ’Acquisition of subsidiaries, net of cash acquired’ in the consolidated cash flow statement and with no impact on the Company’s equity or profit or loss in 2025.

Prior to completion of the transaction with AOSL, the percentage of dividends attributed to the subsidiary’s non-controlling interests, presented in ‘Cash dividend’ in the Company’s consolidated statement of changes in equity, was based on deemed ownership, while dividends were distributed to shareholders based on legal ownership. Accordingly, in 2025 an amount of US$2 million was reattributed in equity from non-controlling interests to retained earnings (2024: US$27 million).

Financial information on non-controlling interests (NCI)

Included in the consolidated financial statements are the following items that represent the Company’s interest in the revenues, assets and loans of the partially owned subsidiaries.

Figures are presented at 100% before elimination of intercompany transactions.

2025

2024

Reference is made to note 4.3.23 Borrowings and Lease Liabilities for a description of the bank interest-bearing loans and other borrowings per entity.

The risks associated with interests in subsidiaries, joint ventures and associates are described in section 4.3.27 Financial Instruments – Fair Values and Risk Management. The risks identified are deemed to be inherent to the operations of the Company as a whole and includes the risk profiles of interests in other entities.

Included in the consolidated financial statements are the following items that represent the aggregate contribution of the partially owned subsidiaries to the Company consolidated financial statements:

Interest in non-controlling interest (summary)

Reconciliation equity at 100% with Non-controlling interests on partially owned subsidiaries