GR ENGINEERING SERVICES LIMITED — Capital/Financing Update 2021

Dec 19, 2021

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ASX RELEASE

20 December 2021

For immediate release to the market

Contract Extension - Upstream Production Solutions Northern Endeavour FPSO

GR Engineering Services Limited (ASX: GNG) (GR Engineering) is pleased to announce that its wholly owned subsidiary, Upstream Production Solutions Pty Ltd (Upstream PS) has been awarded a five month extension to its current contract with the Department of Industry, Science, Energy and Resources of the Australian Government (DISER) to provide operations, maintenance and project services to the Northern Endeavour FPSO (FPSO) and associated infrastructure (Contract Extension) in preparation for a disconnection and removal of the FPSO.

The current contract was due to expire on 31 December 2021. The term of the contract has now been extended to 31 May 2022, with DISER having the option to extend the contract for a further term of up to four months.

Based on the current budget for core operation and maintenance services and planned predisconnection project activities, it is anticipated that revenue from the Contract Extension will be approximately $50.5 million for the five month period to 31 May 2022.

Commenting on the Contract Extension, Mr Geoff Jones, Managing Director said:

“We are pleased to continue working with the DISER team and the relevant regulatory bodies to safely manage and maintain the FPSO.”

Ends.

For further information please contact:

Geoff Jones

Managing Director  +61 8 6272 6000  geoff.jones@gres.com.au

Omesh Motiwalla

CFO & Company Secretary  +61 8 6272 6000  omesh.motiwalla@gres.com.au

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GR ENGINEERING SERVICES LIMITED ABN 12 121 542 738 Tel: +61 8 6272 6000 Fax: +61 8 6272 6001 Email: gres@gres.com.au Website: www.gres.com.au PO Box 258, Belmont WA 6984 71 Daly Street, Ascot WA 6104