60 YINSON HOLDINGS BERHAD Within this context, offshore production assets play an important stabilising role, underpinning base supply while enabling flexibility in field development strategies. Frontier exploration continues to shift towards deepwater and underexplored basins, with the Atlantic Margin – spanning West Africa to South America – emerging as one of the most active regions. West Africa, in particular, saw significant activity, while Brazil remains the centre of gravity for global FPSO demand. Angola and Namibia are also emerging as key areas of interest for exploration. Final investment decisions remained measured. Softer oil prices, macroeconomic uncertainty and geopolitical tensions have slowed near-term awards, particularly for large capital projects. This has affected timing, but not the underlying relevance of the FPSO market. A substantial number of projects continue to advance through Front-End Engineering and Design (“FEED”) and pre-award stages, particularly in South America, West Africa and parts of Southeast Asia. Sustained demand for floating production solutions is expected over the coming five years, with orders for between 35 and 66 FPSOs expected, representing an estimated USD 63 billion to USD 101 billion in capital value. Brazil, wider Latin America and West Africa remain the principal sources of demand, with a mix of newbuild, conversion and redeployment opportunities. Southeast Asia also offers selective opportunities, particularly for gas-focused and smaller-scale offshore developments that require flexible, cost-effective floating solutions. 4 Europe 9 Asia 1 Australia 3 North America 11 Africa 21 Brazil and South America Total projected FPSO CAPEX of USD 81 billion 49 FPSO awards expected, of which 41 are in Yinson Production’s key regions On average, 10 FPSO projects expected to be awarded per year Yinson Production key regions Projected FPSO awards by region (2026 – 2030) Source: Energy Maritime Associates – Floating Production Systems Outlook Report 2025, Middle Case Scenario. BUSINESS REVIEWS Source: Rystad Energy, Navigating Market Trends, September 2025. Forecasted global liquid production compared with demand (2032 - 2050) (mb/d) Producing wells Under development High case 2.2 °C Mean 2.0 °C Low case 1.8 °C Yet to be sanctioned 2050 2045 2040 2035 2030 2025 2020 2015 0 20 40 60 80 100 120
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