Operating Leases as a Lessor

The category ’Vessels and floating equipment’ mainly relates to facilities leased to third parties under various operating lease agreements which terminate between 2025 and 2031. Leased facilities included in ’Vessels and floating equipment’ amount to:

Leased facilities included in vessels and floating equipment

As of December 31, 2024, the units included under leased facilities are FPSO Cidade de Anchieta and the semi-submersible production facility Thunder Hawk. The book value of the leased facilities included in vessels and floating equipment has decreased by US$110 million, mainly due to depreciation, impairment and capitalized major overhaul costs related to repair works performed net of the insurance recovery on FPSO Cidade de Anchieta.

The nominal values of the future expected bareboat receipts (undiscounted lease payments) in respect of the remaining operating lease contracts are:

Nominal values of the future expected bareboat receipts

A number of agreements have extension options, which have not been included in the above table.

Outstanding purchase and termination options in operating lease contracts

The operating lease contract of semi-submersible Thunder Hawk includes a call option for the client to purchase the underlying asset. The exercise of this call option would have resulted in a gain for the Company as at December 31, 2024.