Pro-forma Backlog − Directional

Change in ownership scenarios, lease contract duration and contractual commitments have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios, lease contract duration and contractual commitments for the various projects.

The pro-forma Directional backlog at the end of 2025 reflects the following key assumptions:

• The early sale of FPSO ONE GUYANA completed on February 4, 2026, ahead of the end of the maximum lease term in August 2027, has been reflected in the Turnkey backlog by bringing forward the year of sale from 2027 to 2026, updating the sale price and by removing the remaining 2026 and 2027 lease payments originally included in the backlog;
• The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog;
• 10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations and Maintenance Enabling Agreement (‘OMEA‘) in 2023. For FPSO Jaguar, the proforma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years;
• The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog. The operations and maintenance contract signed in June 2025 covers a minimum period of two years after first oil;
• The FSO Chalchi contract is considered for 20 years in the lease and operate backlog at the Company share at year-end (100%); and
• The contract extension and associated scope of work related to the lease and operation of FPSOs Mondo and Saxi Batuque until 2032 signed in December 2025.

For leases and operations and maintenance contracts, extension options are considered when secured.

It should be noted that the sale and leaseback financing agreement for FPSO Cidade de Paraty signed in April 2025 did not impact the pro-forma Directional backlog. Under Directional reporting, the transaction is not treated as a sale of the vessel according to IFRS 16. The Company continues to recognize its share of this vessel as property, plant and equipment and has recognized its share of the consideration received as a borrowing. Consequently, the pro-forma backlog still includes the Company’s share in future revenue from FPSO Cidade de Paraty.

The pro-forma Directional backlog at December 31, 2025 decreased by US$4.0 billion compared with the position at December 31, 2024, to a total of US$31.1 billion. This was mainly the result of (i) turnover for the period which consumed approximately US$5.1 billion of backlog and (ii) the impact of the early sale of FPSO ONE GUYANA, partially offset by (iii) the contract extension and associated scope of work related to the lease and operation of FPSOs Mondo and Saxi Batuque until 2032, signed in December 2025. The Company’s backlog provides cash flow visibility up to 2050.

Pro-forma Directional backlog (in billions of US$)