4.3.25Trade and Other Payables

Trade and other payables (summary)

’Trade payables’ decreased mainly as a result of the acquisition of lease and operating entities related to FPSOs N’Goma, Saxi Batuque and Mondo (refer to note 4.3.30 Business Combinations for further details), partially offset by increased payments to suppliers on FPSOs under construction.

’Accruals on projects’ increased mainly as a result of the acquisition of lease and operating entities related to FPSOs N’Goma, Saxi Batuque and Mondo (refer to note 4.3.30 Business Combinations for further details), higher accrued expenses on the two new awarded FPSOs EPC projects partially offset by lower accrued expenses on ongoing FPSO projects that are approaching completion.

The decrease in ‘Accruals regarding delivered orders’ is mainly due to the completion of FPSO Prosperity in 2023.

For ’Contract liability’ refer to note 4.3.3 Revenue where the movement in current and non-current contract liabilities is detailed.

Payables related to ’Taxation and social security’ concerns uncertain tax positions related mainly to various taxes other than corporate income tax.

’Other non-trade payables’ include an interest payable and the short-term portion of the outstanding payments related to the Leniency Agreement and the settlement with the Brazilian Federal Prosecutor’s Office (Ministério Público Federal). The long-term portion of the outstanding payments related to these agreements is presented in the line item ’Other non-current liabilities’ in the Company’s statement of financial position. The decrease compared to the prior year is mostly due to the reclassification to equity of the prepayment of US$52 million received from CMFL, following the 13.5% divestment in the special purpose companies of FPSO Sepetiba completed in October 2024.

The line item ’Other non-current liabilities’ in the consolidated statement of financial position includes non-current contract liabilities of US$28 million, as detailed in note 4.3.3 Revenue.

The contractual maturity of the trade payables is analyzed in the liquidity risk section in 4.3.27 Financial Instruments − Fair Values and Risk Management.