INTRODUCTION

Sapura Energy  is pleased to announce that Seagems Solutions Ltda.,  Sapura Diamante GmbH, Sapura Topázio GmbH, Sapura Jade GmbH, Sapura Ônix GmbH and Sapura Rubi GmbH, entities of Seabras Sapura Holding GmbH and Seabras Sapura Participações S.A., a  joint venture  between Sapura Energy  and Paratus Energy Services Ltd, have been awarded contracts for its full fleet of six (6)  multi-purpose PLSVs as part of a competitive Petrobras tender process (“Contracts”).  Sapura Energy, through its wholly owned subsidiary, Sapura Offshore Sdn Bhd, holds 50% equity interests in these joint venture companies.

1.     Tenure of Contracts

         The Contracts are for three (3) years’ term, commencing on different mobilization dates according to each of the PLSVs, with the longest dated contract going through 2028.

2.     Value of Contracts

         The global value of the Contracts is USD1.8 billion.

3.     Scope of Work

         The scope of work includes the provision of subsea engineering, installation and other services, by utilizing the PLSVs in the Brazilian waters. The PLSVs shall perform all

operations required to the installation of flexible pipes, electric-hydraulic umbilical and power cables, new or used, such as loading, unloading, laying, connection between spans, vertical connection (first and second end) on submarine equipment, installation of submarine equipment and hydrostatic test, in a maximum water depth of 3000 meters.

FINANCIAL EFFECTS

The Contracts will not have any effect on the share capital and shareholding structure of Sapura Energy. These Contracts, however, are expected to contribute positively to the earnings of Sapura Energy Group for the financial year ending 31 January 2025 and the subsequent years.

RISK FACTORS

The risk factors affecting the Contracts include changes in economic and regulatory environment and operational risks such as completion risk and skilled resources which Sapura Energy Group would take appropriate measures to minimise and mitigate such risks.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders of the Company and/or persons connected with them has any direct or indirect interest in the award of the Contracts herein.

DIRECTORS’ STATEMENT

The Board is of the opinion that the acceptance of the Contracts is in the best interest of the Company.

This announcement is dated 7 May 2024.