Borrowings

The movement in bank interest bearing borrowings is as follows:

The additions in borrowings of US$3,943 million relate mainly to drawdowns on (i) project finance facilities for FPSO ONE GUYANA, FPSO Prosperity, and FPSO Sepetiba, (ii) the new loans achieved for FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão, (iii) the Company’s RCF and SCF, (iv) a funding loan of US$125 million from CMFL in relation to FPSO Cidade de Ilhabela and the new Revolving Credit Facility for MPF hull financing of US$210 million.

In the context of FPSO Cidade de Ilhabela, during 2023, the Company has created a new entity, Guara Norte Swiss Holding SA, and subsequently transferred 15% non-voting shares to CMFL which, in turn, granted the US$125 million funding loan. The terms of the agreement set out a call and put options that can be exercised at nominal amount of the non-voting shares. Therefore the Company assessed that IAS 32 takes precedence over IFRS 10 and will therefore not recognize a non-controlling interest but rather recognize the liability. This transaction is in line with the Company’s aim to diversify its sources of debt funding and to accelerate equity cashflow from the backlog.

As announced on March 31, 2023, the Company has secured the project financing of FPSO Almirante Tamandaré for a total of US$1.63 billion. As of December 31, 2023, the Company has drawdown US$1,053 million from the project financing and fully repaid the bridge loan of US$635 million.

As announced on June 20, 2023, the Company has secured the project financing of FPSO Alexandre de Gusmão for a total of US$1.615 billion. As of December 31, 2023, the Company has drawdown US$1,165 million from the project financing and fully repaid the bridge loan of US$620 million.

As announced on December 15, 2023, the Company has secured the new Revolving Credit Facility for MPF hull financing for a total of US$210 million. As of December 31, 2023, the Company has fully drawn down this financing.

The redemptions are mostly related to (i) the repayment of the bridge loan facility of FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão following the completion of the project financings, the repayment of the FPSO Liza Unity loan of US$1,140 million following the sale of the unit to the client (ii) the non-recourse debt repayment schedules.

For further disclosures about fair value measurement, we refer 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 transaction and amortized costs, have the following forecast repayment schedule:

The borrowings by entity are as follows:

Loans and borrowings per entity

• ¹ % interest per annum on the remaining loan balance.

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

The Company has available facilities resulting from (i) the undrawn RCF, (ii) the undrawn portion of FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão project facilities, and (iii) short-term credit lines.

Expiry date of the undrawn facilities and unused credit lines