SBM Offshore and MHI Sign Partnership Agreement for FPSO CO2 Capture Solution

SBM Offshore and Mitsubishi Heavy Industries Ltd. (MHI) are pleased to announce the signing of a Partnership Agreement that will offer a CO2 capture solution for Floating Production Storage and Offloading vessels (FPSO) as they are producing oil and gas from offshore reservoirs. The agreement follows a successful engineering and design study between the companies demonstrating the technical feasibility and commercial readiness of CO2 capture technology offshore.

• The CO2 capture solution will apply MHI's proprietary "Advanced KM CDR Process™" technology, jointly developed with The Kansai Electric Power Co., Inc.
• The technology enables significant greenhouse gas emissions reductions from FPSOs by capturing CO2 from onboard gas turbines.
• It is estimated that the CO2 capture technology can reduce CO2 emissions from overall FPSO operations by up to 70%.
• The solution is being developed as part of SBM Offshore's emissionZERO® program and is based on a combination of MHI's proprietary CO2 capture technology and SBM Offshore's industry leading Fast4ward® principles.
• Demand for decarbonization of FPSO operations is expected to increase rapidly. Through this collaboration, the companies will aim to open the door to offshore CO2 capture and storage development, making a concrete contribution to carbon neutrality efforts.

Olivier Icyk, Managing Director of Floating Production Solutions at SBM Offshore commented:
"The signing of this Partnership Agreement marks a key development within our emissionZERO® program, whose goal is to provide FPSOs with near-zero emissions. The technology, which we are now able to offer clients, is an essential solution to substantially reduce the carbon footprint of our FPSOs. We are pleased to partner up with MHI, a top player whose carbon capture technology perfectly complements our leading experience in floating energy solutions."

Kenji Terasawa, CEO and Head of Engineering Solutions at MHI commented:
"We are very pleased to establish a new partnership with SBM Offshore, a leading FPSO company that is essential to the energy industries. Combining proven technologies of both companies will be an important step towards decarbonization of offshore greenhouse gas emissions from FPSOs. With this agreement, we will accelerate the offshore carbon capture business in order to achieve a carbon neutral society."