EXMAR report 2023

Introduction As one of the pioneers of regasification and liquefaction, EXMAR provides innovative maritime LNG infrastructure solutions to the energy industry through its Infrastructure department. To do this, EXMAR deploys various assets around the globe: LNG export and import barges (TANGO FLNG for Eni in Congo and EEMSHAVEN LNG for Gasunie in the Netherlands), floating storage units (EXCALIBUR for Eni in Congo) and accommodation and work barges (NUNCE and WARIBOKO in West Africa). It also provides highly specialized offshore engineering and consultancy through its engineering offices in Houston and Paris. EXMAR is in an excellent position to develop new and innovative production, storage and shipping solutions for the LNG market, drawing on its extensive expertise in the design, engineering, construction, offshore services, commissioning, operational management and maintenance of floating offshore infrastructure. One such solution is CO 2 transportation and injection. In the light of the global energy transition, EXMAR is increasingly investing in lower-carbon gas solutions like LNG and ammonia (read the piece on ammonia elsewhere in this annual report). Last year EXMAR also re-entered the gas and oil drilling market with a investment in Vantage Drilling International. There were positive developments on the global gas market, which is where EXMAR is active, in 2023. The liquified natural gas (LNG) market grew, not least due to the coming on stream of new regasification and liquefaction projects, which contributed to greater energy security in Europe and the rest of the world. The gas market was flexible enough to adapt to changing energy needs, environmental goals and geopolitical factors. Floating regasification EXMAR pioneered floating LNG regasification facilities more than 15 years ago and has built, delivered and operated 10 floating regasification units (FSRUs) worldwide. One of them, EEMSHAVEN LNG, was transported from Singapore to Eemshaven, Groningen in the Netherlands at the end of 2022. A heating system had to be added to the FSRU’s regasification system to prevent the LNG vaporizer from freezing. This was done by using heat from onshore. The piping and mooring system was also modified. And with local environmental regulations imposing stricter NO x emission restrictions than the IMO, the FSRU was hooked up to the Dutch electricity grid. This means that EEMSHAVEN LNG is now one of the world’s greenest FSRU terminal. The project was finished in little more than six months, incidentally. The terminal completed its first year of operation on 15 September 2023. It proves an important alternative to Russian gas, with a strategic capacity of eight billion cubic meters of natural gas, helping secure the gas supply in Europe. The five-year charter for operating the floating storage and regasification unit is proceeding satisfactorily. As well as EEMSHAVEN LNG, EXMAR is currently developing other FSRU projects in various stages of decision making and advancement. December 31, 2023 December 31, 2022 PROPORTIONATE CONSOLIDATION - INFRASTRUCTURE (IN MILLIONS OF USD) Revenue 374.7 80.5 EBITDA 75.7 323.1 Adjusted EBITDA 75.7 7.4 Operating result (EBIT) 66.6 314.7 Consolidated result after tax 56.1 296.4 Vessels and barges (owned and leased) 203.2 211.9 Financial debts 97.0 12.5 INFRASTRUCTURE 37