Backlog − Directional

Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

The pro-forma Directional backlog at the end of 2022 reflects the following key assumptions:

  • The FPSO Liza Destiny contract covers the basic contractual term of 10 years of lease and operate.
  • The FPSO Liza Unity and FPSO Prosperity contracts cover a maximum period of two years of lease and operate within which the FPSO ownership and operation will transfer to the client.
  • The FPSO ONE GUYANA contract awarded to the Company in April 2022 covers a maximum period of lease and operate of two years, within which the FPSO ownership and operation will transfer to the client.
  • For FPSO Liza Unity, FPSO Prosperity and FPSO ONE GUYANA, the impact of the sale of those 3 FPSO's is reflected in the Turnkey backlog at the end of the maximum two-year period.
  • For both FPSO ONE GUYANA and FPSO Prosperity the pro-forma backlog set out below takes the operation and maintenance scope up to a two-year contractual period into account as it has been agreed in principle, pending a final work order. This affords consistency with prior years and betters reflect the current reality.
  • The 13.5% equity divestment in FPSO Sepetiba to CMFL has not yet been reflected in the backlog as the transaction remains subject to various approvals, which include the consent from co-owners, lenders and export credit agencies.

The pro-forma Directional backlog at the end of December 2022 increased by US$1 billion to a total of US$30.5 billion. This increase was mainly the result of the awarded contract for the FPSO ONE GUYANA project partially offset by the turnover for the period which consumed US$3.3 billion of backlog. The partial 45% divestments to partners related to projects FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão, which were concluded in 2022 (see note 4.3.1 Financial Highlights), had no impact on the pro-forma backlog as divestment impact of those two projects was already considered in the 2021 pro-forma Directional backlog. The Company's backlog provides cash flow visibility of 28 years, up to 2050.

in billions of US$


Lease & Operate














Beyond 2025




Total Backlog




Pro-forma Directional Backlog (in billions of US$)