EXMAR report 2025

2.2 Infrastructure 40 2.2.2 Floating regasification and storage EEMSHAVEN LNG, the 600 mmscfd regasification barge within EXMAR’s portfolio, has successfully operated for four years as an LNG import facility in Eemshaven in the north of the Netherlands and achieved 100% uptime during 2025. The facility has a regasification capacity of 8 billion cubic meters (BCM) of natural gas per year, equivalent to 25% of the Netherlands’ annual natural gas demand. With send out nominations being rather variable and demanding for the equipment and the crew, the over 20 years’ experience with floating LNG regasification facilities, pays off with a 100% uptime, highly valued by the customer. The current contract remains in effect until 3Q2027. The customer, a 50/50 joint venture between Gasunie and VOPAK, meanwhile has confirmed its intention to continue thereafter to make a valuable contribution to diversify energy sourcing and secure energy supply in Europe. Through a competitive process they have chosen EXMAR to prepare for the extension and further development of the LNG terminal for operation up to 2036. The terminal will have a storage capacity of 190,000 m³ LNG and will give customers direct access to the Dutch TTF market. LNG carrier EXCALIBUR, originally acquired in 2002 as the company’s first LNG carrier, serves as a floating storage unit (FSU) under a 10-year charter with ENI Congo. The vessel also reported 100% uptime during 2025. EXCALIBUR demonstrates how older LNG tonnage can be transformed into a high-value asset within the LNG value chain. A second FSU project is currently implemented for use offshore Colombia later in 2026. An existing LNG carrier will be transformed into a floating storage unit to receive LNG from seagoing LNG carriers and offload it into LNG container vessels, so to serve an LNG import and distribution project of Ecopetrol. EXMAR is actively studying several other floating regasification and storage projects at various stages of evaluation and implementation. 2.2.3 Floating liquefaction EXMAR has supported ENI to deliver their LNG export initiative offshore Congo-Brazzaville, deploying TANGO FLNG (acquired from EXMAR by ENI in 2022) as the floating LNG production facility and EXCALIBUR as FSU. In February 2025, EXMAR received and processed the reports for the first 6 months of TANGO’s production results, in view of the bonus/malus payments agreed in the share sale and purchase agreement of 2022. Based on these results, EXMAR concluded it is eligible for a performance bonus. However, the parties failed to agree, and ENI referred the matter to the London Court of International Arbitration. As the arbitration procedure is ongoing, no further information can be communicated at this stage. After a promising start in 2024, the TANGO FLNG facility produced 547,000 ton and the Congo LNG terminal loaded and exported 1.1 million m³ of LNG over the year 2025, demonstrating strong continued operational performance. Building on the success of this milestone project, which has engaged all departments within the company, EXMAR continues to develop multiple floating liquefaction projects (with capacities ranging from 0.5 to 5 MTPA). 2.2.4 Engineering 2.2.4.1 EOC EXMAR Offshore Company (EOC), located in Houston, is an offshore-focused oil and gas engineering firm serving third-party clients. The company employs over 200 experts, offering services from conceptual engineering to project execution and asset lifecycle upgrades. EOC is renowned for its proprietary, patented OPTI ® hull design, which is sought after for deepwater floating oil and gas production facility projects. The standardized yet highly adaptable design is made available under license and has achieved multiple successful deployments in the US Gulf. EOC performance throughout the year 2025 has been excellent, with a high level of employment for its resources and managing Kaskida’s detailed engineering, while helping clients reach major milestones. The Shenandoah Floating Production Semisubmersible was installed at its location in the US Gulf. EXMAR is very proud to have provided its proprietary OPTI ® hull, deck and mooring design along with its FAST ® riser installation system. Shenandoah is the fourth and largest of EXMAR’s designs built. The BP Kaskida hull is currently under construction in Singapore, following steel cutting in September 2025. EOC is on track with engineering and will continue support of the project through to installation which is planned for 2028. In September 2025, BP approved Final Investment Decision for the Tiber-Guadalupe deepwater development in the US Gulf and has awarded EOC, in December 2025, a second hull engineering of the Floating Production Unit hull to be installed there, the sixth OPTI ® hull design.