EXMAR report 2023

Floating liquefaction TANGO FLNG is a floating LNG terminal that liquefies natural gas. The LNG is then offloaded into LNG carriers laying alongside for export to LNG-importing countries. TANGO FLNG, which has been owned by Eni since 2022, was brought into operational condition in record time together with EXCALIBUR FSU at Dry Docks World Dubai for use on the Marine XII block gas extraction project in the Republic of the Congo. All EXMAR departments were involved in this extensive and complex landmark project last year. Among other things, they worked on the development of patented split mooring technology. This innovative system can keep the two offshore units in perfect balance and ensures safe LNG transfer from barge to storage tank. Both assets were installed and taken into use a few kilometers from the coast of Congo at the end of December. EXMAR is Eni’s partner for the implementation and operations of the LNG production off the coast of Congo. Read the detailed description of the project and the work done by EXMAR elsewhere in this annual report. As well as this project, EXMAR is also working on the development of several FLNG projects, ranging from 0.5 to 5 MTPA. Most of the engineering services are performed on a paid basis. Offshore floating storage As part of the Eni Congo project, Eni and EXMAR also agreed a 10-year charter for a floating storage unit (FSU) based on the conversion of an LNG carrier. In the course of 2023 EXCALIBUR FSU was upcycled along with work to ensure TANGO FLNG was operational. EXCALIBUR FSU has been moored off the coast of Congo since the end of last year. Read all about the project elsewhere in this annual report. After this positive experience with Eni, EXMAR is open to new opportunities to create value for customers with innovative oil and gas storage and processing solutions. Accommodation barges The deployment of the accommodation and work barge NUNCE consolidated EXMAR’s reputation as a high-quality service provider to Sonangol in Angola. The long-term contract was extended until May 2024. The accommodation and work barge WARIBOKO was deployed for TotalEnergies in Congo in the second half of 2023. in March 2024, the accommodation and work barge WARIBOKO has been sold to Adnoc for an amount of USD 13.7 million, net of selling costs. Drilling EXMAR procured a holding of 11.5% in Dubai-based Vantage Drilling International in September/October 2023. Vantage provides offshore oil and natural gas drilling services. The fleet comprises two ultra-deepwater drilling vessels and two premium jack-up rigs. Vantage is listed on the US OTC market under VTDRF. This investment is driven by promising value creation as a consequence of long-term underinvestment in the offshore drilling market. In doing so, EXMAR re-entered the drilling industry after more than two decades, expanding its role in the energy value chain. Development and implementation of infrastructure projects The various engineering, shipmanagement and other departments at EXMAR worked together closely in the Eni Congo project to get TANGO FLNG and EXCALIBUR FSU ready for service. Read about this elsewhere in this annual report. EXMAR Offshore Company (EOC) in Houston, a registered oil and gas engineering company set up in 1997, also remains highly active in the provision of engineering services on behalf of third parties. It can count on more than 200 experts, from engineers to naval architects, and for the past 15 years has had a proprietary patented OPTI ® hull design for floating oil and gas production barges in deepwater areas. The highly adaptable design means that production systems can be flexibly deployed in deep water fields A fourth production facility was delivered in 2023 on the basis of the highly efficient, flexibly scalable OPTI ® design under an engineering services contract for the Shenandoah floating production barge in the Gulf of Mexico. EOC also recently recruited Woodside Energy, the largest independent oil and gas company in Australia, as a new customer. It’s recognition from the industry of the innovative engineering services that EOC has been providing for many years. DV Offshore in Paris is a niche provider of maritime expertise that joined the EXMAR group back in 1999. It provides engineering services, audits and technical support for floating terminals, offshore mooring facilities and underwater pipes to oil and gas companies on a consultancy basis. DV Offshore celebrated its 50th anniversary in 2023. 38 INFRASTRUCTURE