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SUBSCRIBER NOTE: Platts provides additional clarification on Dated Brent CIF Rotterdam Methodology

Following on from the change to the Dated Brent methodology from October 1, 2019, S&P Global Platts would like to further clarify its guidelines around Dated Brent CIF Rotterdam indications in the Platts Market on Close assessment process.

This note applies to the methodology change announced February 25 and available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/022519-pl atts-to-reflect-cif-rotterdam-offers-in-dated-brent-from-november-2019-loadin gs

Further, this note should be viewed in partnership with the note published September 23 and available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/092319-pl atts-clarifies-dated-brent-cif-rotterdam-methodology

DEEMED LOADING DATES: Platts views standard journey time between point of loading and Rotterdam as one day for Forties (Hound Point) and Ekofisk (Teesside) and two days each for Brent (Sullom Voe), Oseberg (Sture) and Troll (Mongstad). For the purposes of assessment -- as well as for application of the Quality Premium and De-Escalator and for the purposes of title & risk transfer -- Platts will bring Dated Brent CIF Rotterdam indications back to the deemed B/L. In practice, this means that a CIF Rotterdam Forties offer will be moved back one day from the first day of the original delivered laycan or two days from the mid-point of the first narrowed three-day laycan.

For example: An offer of Forties for delivery January 2-10 would, for assessment purposes, be seen to have demonstrated value for deemed loading January 1-9. The narrowable three-day laycans within this offer would be January 1-3, January 2-4, January 3-5, January 4-6, January 5-7, January 6-8 and January 7-9.

PRICING: For the purposes of assessment, Platts will view all Dated Brent CIF Rotterdam indications, once priced back to deemed B/L, as pricing 2-1-2 around the deemed B/L. For example, an offer of Oseberg CIF Rotterdam delivering February 3-7 would be viewed for the purposes of assessment as having a B/L date of February 1. For the purposes of the Dated Brent CIF Rotterdam assessment, pricing would be viewed as the average of the Dated Brent assessments for January 30, January 31, February 1, February 2 and February 3.

CHARTER PARTY: All indications in Dated Brent CIF Rotterdam should have a standard UKC charterparty. Platts views standard UKC charterparty as up to -- but not including the Baltic Sea -- and down to Gibraltar, including Atlantic France, Spain and the coast of Portugal. A buyer may request additional options from a seller at any time, and these requests must be passed on to the shipowner. A seller cannot unreasonably withhold a request for additional options beyond the standard UKC charterparty.

STS: Within the Dated Brent CIF Rotterdam methodology, Platts will accept any deliverable full-cargoes loading either directly from the terminal (a mother vessel) or from a vessel that has itself loaded directly from the terminal (a daughter vessel).

Platts will not accept cargoes that have STS'd more than once on to a new vessel (a granddaughter vessel and beyond) within the Dated Brent CIF Rotterdam methodology.

FREIGHT ADJUSTMENT FACTOR CALCULATIONS: From January 2 onwards, Platts will only be reflecting cargoes subject to a Freight Adjustment Factor calculation of 80%, in line with the methodology decision published February 25. Consequently, all M2 FAF calculations are set to be discontinued from January 2. These calculations will remain available within the Platts pricing database under the following codes:

Assessment Name Code Crude FAF Sullom Voe-Rotterdam M2 $/bbl FSVRM20 Crude FAF Hound Point-Rotterdam M2 $/bbl FHPRM20 Crude FAF Teesside-Rotterdam M2 $/bbl FTSRM20 Crude FAF Sture-Rotterdam M2 $/bbl FSTRM20 Crude FAF Mongstad-Rotterdam M2 $/bbl FMGRM20 Crude Freight Adjustment Factor (FAF) M2 FAFWAM2

The M1 calculations will continue to be published at 11 am London time on the day of the assessment on Platts Global Alert pages 1218 and 1210, in the Crude Oil Marketwire and in the Platts pricing database under the following codes:

Assessment Name Code Crude FAF Sullom Voe-Rotterdam $/bbl FSVRM00 Crude FAF Hound Point-Rotterdam $/bbl FHPRM00 Crude FAF Teesside-Rotterdam $/bbl FTSRM00 Crude FAF Sture-Rotterdam $/bbl FSTRM00 Crude FAF Mongstad-Rotterdam $/bbl FMGRM00 Crude Freight Adjustment Factor (FAF) FAFWA00

Please send all further comments to europe_crude@spglobal.com and pricegroup@spglobal.com

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.