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Q1 2017 Presentation

EBITDA for the first quarter of 2017 was USD 62.0 million, a decrease of USD 102.5 million (USD 164.5 million) from the fourth quarter of 2016. The decrease in EBITDA was mainly a result of the insurance settlement for FPSO Cidade de São Mateus recorded in fourth quarter 2016 and an adjustment to loss provisions recorded in first quarter. The underlying EBITDA excluding the one-off loss provision was USD 75.7 million.