SBM Offshore Secures Major Contracts for GranMorgu Project

SBM Offshore's Landmark Contracts for GranMorgu Field Development

SBM Offshore proudly announces its recent achievement in securing contracts for the highly anticipated GranMorgu field development project. This project, located in Block 58, marks a significant partnership with TotalEnergies EP Suriname B.V., a subsidiary of TotalEnergies. The collaboration will see SBM Offshore and Technip Energies working together to construct and install a Floating Production, Storage and Offloading vessel (FPSO), a critical component for the successful execution of the project.

Overview of the GranMorgu Project

The GranMorgu project represents the inaugural development within Block 58, situated approximately 150 kilometers from the coast. In this venture, TotalEnergies holds a 50% stake, while APA Corporation retains the remaining interest. Recently, Staatsolie has indicated its plan to participate in the project, potentially acquiring up to a 20% share. This strategic alliance underlines the importance of the GranMorgu project in the evolving energy landscape.

Production Capacity and Environmental Commitment

This FPSO is slated to be one of the largest deepwater field developments in Suriname, boasting an impressive production capacity of up to 220,000 barrels of oil per day, supplemented by gas treatment capabilities reaching up to 500 million cubic feet per day. It will be anchored in a water depth of around 400 meters, with the capacity to store approximately 2 million barrels of crude oil. The first output of oil is projected for 2028, demonstrating an exciting future for offshore energy in the region.

Innovative Technology and Environmental Goals

Highlighting its deep commitment to environmental sustainability, the FPSO designed for this project will utilize all-electric drive technology. This innovative approach not only enhances operational efficiency but also aligns with TotalEnergies' objectives to minimize routine flaring, showcasing both companies' commitment to carbon-efficacious energy solutions.

CEO's Commentary on the Project

Øivind Tangen, CEO of SBM Offshore, expressed his enthusiasm regarding this award. He stated, "Our Fast4Ward value proposition is perfectly tailored to support TotalEnergies' fast-track development strategy for Block 58. This winning opportunity is a testament to SBM’s efficient, low-emission deepwater solutions and reinforces our robust track record in timely market delivery. Entering Suriname signifies our ambition to drive our core operations and explore new ventures, propelled by effective partnerships. I extend my gratitude to TotalEnergies and Technip Energies for their collaboration, and I am confident we will work harmoniously to ensure project success and expedite operations to achieve first oil efficiently."

Company Profile: A Leader in Offshore Infrastructure

SBM Offshore stands as the global expert in deepwater ocean infrastructure, playing a pivotal role in advancing energy transition practices. By focusing on the design, construction, installation, and operation of offshore facilities, SBM Offshore is dedicated to fostering cleaner and more efficient energy production methods. The company is also invested in exploring emerging markets within the blue economy, ensuring a balanced approach to ocean protection and economic progress.

Employing over 7,400 dedicated professionals worldwide, SBM Offshore is committed to delivering groundbreaking solutions that cater to the industry's evolving needs while also contributing to a sustainable future.

Contact Information for Inquiries

For any inquiries related to SBM Offshore and its projects, the following contacts are available:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager
Phone: +31 (0)20 236 32 36
Email: wouter.holties@sbmoffshore.com

Media Relations

Giampaolo Arghittu
Head of External Relations
Mobile: +31 (0)6 212 62 333 / +39 33 494 79 584
Email: giampaolo.arghittu@sbmoffshore.com

Frequently Asked Questions

What is the GranMorgu field development project?

The GranMorgu project is an offshore oil development initiative located in Block 58, symbolizing collaboration between SBM Offshore and TotalEnergies to produce oil and gas efficiently.

Who are the main partners in this project?

Key partners include SBM Offshore, TotalEnergies EP Suriname B.V., and Technip Energies, working collectively towards the successful completion of the GranMorgu project.

What makes this FPSO significant?

This FPSO is crucial as it will pioneer large deepwater project developments in Suriname, with significant production capabilities aimed at enhancing energy supply.

How is SBM Offshore addressing environmental concerns?

SBM Offshore's design of the FPSO includes all-electric drive technology aimed at eliminating routine flaring, reflecting its commitment to delivering eco-efficient energy solutions.

What are SBM Offshore's future plans?

SBM Offshore aims to further explore and develop offshore energy projects while prioritizing sustainable energy solutions and expanding its reach in the blue economy.

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