4.3.33Events After End of Reporting Period

DIVIDEND

The Company’s dividend policy is to maintain a stable dividend, which grows over time. Determination of the dividend is based on the Company’s assessment of its underlying cash flow position. As part of the Company’s regular planning process, following review of its cash flow position and forecast, the Company proposes to pay out a dividend of US$1.10 per share, equivalent to c.US$200¹ million, to be paid out of retained earnings. This dividend will be proposed at the Annual General Meeting on April 13, 2023. This represents an increase of 10% compared to the US$1 dividend per share paid in 2022.

pre-Funding agreement

In December 2022 the Company entered into a pre-funding agreement relating to future potential financing of the holding company of FPSO Cidade de Ilhabela. In January 2023 the Company received a US$125 million payment in relation to this pre-funding agreement while final funding agreement is expected to be signed during the course of 2023. This transaction is in line with the Company’s aim to diversify its sources of debt and equity funding and to accelerate equity cashflow from the backlog.