Italian oilfield services provider Saipem has been given the go-ahead to proceed with the final phase of work,
which was awarded last year for ExxonMobil's recently sanctioned $12.7 billion oil development project in
Stabroek block offshore Guyana.

This authorisation, received from ExxonMobil and its Stabroek block coventurers, for the final phase of the Uaru
oil field development project in Guyana, comes after Saipem was awarded a large contract in December 2022 by
the oil major for the project, which is situated at a water depth of around 2,000 metres.

Furthermore, Saipem defines a large contract as being in a range between $500 million and approximately $1
billion. In accordance with the terms of the original award in December 2022, Saipem initiated some limited
activities, including detailed engineering and procurement.

The Uaru development story started its first chapter in January 2020 when ExxonMobil announced Uaru-1 as the
16th discovery in the Stabroek block. The well encountered approximately 29 metres of high-quality oil-bearing
sandstone reservoir and was drilled in 1,933 metres of water.

Once April 2021 rolled in, the U.S. energy giant reported another oil discovery in the Uaru-2 well, which
encountered approximately 36.7 metres of high-quality oil-bearing reservoirs including identified intervals below
the original Uaru-1 discovery. ExxonMobil submitted for approval a plan for the development of Uaru to the
government of Guyana in 2022.

The all-clear signal for Saipem to proceed with the final scope for the Uaru project arrived only days after the
U.S. oil major made a final investment decision (FID) to proceed with its fifth oil development project in Stabroek
block, after receiving government approvals.

Moreover, the final phase of the awarded scope of work to Saipem includes the design, fabrication and
installation of subsea structures, risers, flowlines, and umbilicals for a large subsea production facility. The Italian
oilfield services giant will perform the operations using its flagship vessels: FDS2 and Constellation.

Saipem was previously awarded four other subsea contracts by ExxonMobil Guyana for developments in the
same area: Liza Phase 1 and 2, Payara, and Yellowtail. The company claims that this further consolidated its
presence in the country.

ExxonMobil's Uaru project in the Stabroek block is targeted to come on stream in 2026. This development will
target an estimated resource base of more than 800 million barrels of oil and include up to 10 drill centres and 44
production and injection wells.

Japan's MODEC is constructing the Uaru FPSO, which will be called Errea Wittu. Based on MODEC's M350
newbuild design, it will be able to produce 250,000 barrels of oil per day. In addition, the FPSO will have an
associated gas treatment capacity of 540 million cubic feet per day and a water injection capacity of 350,000
barrels per day.

The Stabroek block covers 6.6 million acres (26,800 square kilometres) and is operated by ExxonMobil's affiliate
Esso Exploration and Production Guyana with a 45 per cent interest. The company's partners in the block are
Hess Guyana Exploration (30 per cent) and CNOOC Petroleum Guyana (25 per cent).

ExxonMobil plans to have six FPSOs with a gross production capacity of more than 1.2 million barrels of oil per
day online on the Stabroek block by the end of 2027, with the potential for up to ten FPSOs to develop the
estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.