1. OSX – Institutional Presentation
May 2011
1

2. OSX Ownership
Organizational Structure
78.9% Free Float 21.1%
Integrated offshore E&P
Holding equipment and
services provider
10% 90% 100% 100%
OSX Shipbuilding Unit OSX Leasing OSX Services
2

3. OSX Highlights
• Priority Rights between OSX and OGX
Strong Demand
from OGX • Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment
• Upside potential with expansion of OGX’s exploratory campaign
• Expected oil and gas resources to increase to 100 Bboe, with announced investments of
Attractive Market
US$ 140bn plus
Conditions in Brazil
• Underserved domestic equipment & services market
Local Content • Approximately 70% of E&P industry capex supplied locally
Requirement
• Key for Brazil’s long term social and economic development (285k jobs in the 5 yrs)
Strategic • Partnership with the largest shipbuilder in the world
Partnership with
Hyundai & Unique
• State-of-the-art technology and transfer of know-how
Location • Large, scalable shipyard at Açu
• Firm orders of $4.8 bn
• FPSO OSX 1 to be delivered in 3Q 2011
Strong Current
Order Book
• FPSO OSX 2 e OSX 3 to be delivered in 3Q 2013
• FPSO’s OSX 4 and OSX 5 to be delivered in 3Q 2014 and 1Q 2015
• WHP’s 1 and 2 construction contract ongoing and to be delivered in 3Q 2013
Incentivized and • More than 30 years experience, on average, in the E&P sector
Experienced
Management Team • US$ 30bn in projects and more than 50 thousand people under management
3

4. OGX: Anchor Client
35 wells with O&G discovered Exploratory Success in the Drilling Campaign LINGUADO
Campos Basin T Aracaju Prospect
Pipeline Prospect BM-C-39
POLVO
Netpay of 40 meters
C
OGX Highlights Netpay of 165 meters BM-C-40
Discovery between 1,000 – 2,000 M boe R Belém Prospect
• Largest Brazilian private E&P player in terms of offshore
BM-C-37
PEREGRINO Netpay of 43 meters
D Waimea Prospect C G MAROMBA
Vesuvio Prospect
exploratory acreage Netpay of 130 meters BM-C-38 D
I
BM-C-41
PAPA-TERRA
J N Netpay of 57 meters
B
Discovery between 500 – 900 M boe H B
F
• 6.7 billion boe of risked prospective resources and 212 K
BM-C-42
E
BM-C-43 Discovery between 500 -
1,500 M boe
Santos Basin
Etna Prospect
million boe of contingent resources, assuming a Netpay of 91 meters
BM-S-56
S
Ingá Prospect
G Netpay of 12 meters
M
Discovery between BM-S-58
probability of success of 35%
BM-S-57
500 – 1.000 M boe L
BM-S-59
Vesúvio Direcional
• 22 offshore blocks and 7 onshore blocks in 5 different H
Huna Prospect
Netpay of 52 meters
1SPS 0014 SP1SPS 0014A SP
MEXILHÃO
J Prospect
Netpay of 60 meters
1-MRK-1-SPS
sedimentary basins A
LAGOSTA Hawaii Prospect
OGX blocks MERLUZA
L
1SPS 0019 SP
Netpay of 64 meter
Oil Field
OGX Offshore Blocks (Sept/09) 1BSS 0067 BS
Blocos OGX Campos de Produção
Unrisked Probability of Risked Risked 0 2 4 8 12 16 Km
Basin Blocks Resources Resources Resources Basin D&M Report 2011
Geological
Total 1 Total OGX
Success
Campos 7 9,350 44.10% 4,124 3,693 Campos 5,700*
Santos 5 6,659 27.00% 1,796 1,688 Santos 1,688
Espírito Espírito
5 5,017 32.60% 1,634 817 817
Santo Santo
Pará Pará
5 2,104 21.30% 447 447 447
Maranhão Maranhão
Total 22 23,130 34.59% 8,001 6,645 Total 8,652
(1) Gross Prospective Resources * 3C + Delineation + Prospective
Source: D&M Report and OGX presentations 4

5. OGX: Significant Demand Expected
Base case order book of 48 offshore E&P units equivalent to US$ 30bn
Expected Demand for Offshore Equipment (2011-2019) in
OGX Production Targets - kboepd
Number of units
1,380 FPSO 19
CAGR:
70%
TLWP 5
730 WHP 24
Total 48*
Source: OGX * Considering 2009 D&M Report
20 Delivery Timeline
13
2011E 2015E 2019E 12
• Initial production expected to begin 2011 6
6
• 1st FPSO already contracted for a period of 20 years, at an 6 6
5 2
1
average day rate of US$263,000 1
2 4
3 5 1
• Expected CAGR of 70% between 2011 and 2019 1 5
4
5
2
1
3 1
2
1 1 1 1 1
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
* OSX2: to be delivered in mid 2013 (IPO:Dec12)
Source: OGX * OSX5: to be delivered in 1Q 2015 (IPO:Dec14) 5

6. Current Order Book - OGX
ESTIMATED CAPEX
EQUIPMENT CAPACITY FIRST OIL
US$ MM
FPSO OSX1 80K bopd 610 3Q 2011
FPSO OSX2 100K bopd 775 3Q 2013
FPSO OSX3 100K bopd 800-850 3Q 2013
FPSO OSX4 100K bopd 850-900 3Q 2014
FPSO OSX5 100K bopd 850-900 1Q 2015
WHP1 *30 wells 400-450 3Q 2013
WHP2 *30 wells 400-450 3Q 2013
Total 4,685 - 4,935
*18 wells for production,10 wells for water injection and 2 wells for gas injection
6

7. Pre-Salt Resources
Pre-salt discoveries strongly contribute to increase Brazilian resources of up to 100Bboe
Pre-salt Resources Pre-salt Resources Area
Exploratory Blocks
Total Area 112,000 km2
OGX Blocks
Oil and Gas Fields
Estimated
Additional ~ 70 billion boe (only in pre-salt) Pre-salt Reservoir
Resources (Petrobras/CNPE/ANP)
Production
FPSO units, deepwater environment
Development
Required US$ 111bn 2009-2020E
Capex US$ 33bn 2010-2014E
Source: Petrobras, ANP
Espírito
Petrobras Local Production Forecast Santo
Basin
(thousand bpd) Açu Super-Port
3,740 3,920
3,340
2,680 582 1,336 1,815
2,050 219 Campos
Basin
2,461 2,758 2,404
2,050 2,105
2009 2013E 2015E 2017E 2020E
Ex-Pre Salt Pre Salt
Petrobras’ capex: US$111 billion
Santos Basin
7
Source: Petrobras Source: Petrobras (Company Presentation)

8. Strong Demand for Offshore E&P Equipment in Brazil
• 182 units to be delivered within the next 10 years
• OGX’s projected demand: 48 units (19 FPSOs, 24 WHPs, 5 TLWPs)
Consolidated Potential Demand (E&P number of equipment)
OGX (FPSOs Only)
Petrobras (FPSOs + 28 Rigs)
32
27
18
22 16
13
11
8
Existing Capacity
3 3
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Note: Including already ordered equipment
Source: Verax
Capacity Estimates: Source OSX
8

9. Local Content: Rationale and Evolution
The Local Content requirement represents a social and economic development strategy
and has significantly increased over ANP’s bidding rounds
Local Content Requirement Local Content Evolution
• Definition: minimum percentage of equipment and
86%
89%
84%
services contracted by the operator that must be supplied 81%
77%
by local companies 86%
79% 79%
• Average 70% in the production development phase 48%
54% 74%
69%
• Component of the bid for acquisition of E&P Blocks
27%
40%
•
42%
39%
Certification of each item by inspection companies
28%
(guidelines set forth by Federal Government – MME) 25%
• Subject to severe penalties
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Exploration Phase Development Phase
Source: ANP
Note (1) 8th ANP bidding round auction is still under discussion
Local Content Rationale Notable Companies Committed to Local Content
• Boost local oil & gas equipment and services industry
• Incentivize local technology development
• Substantially increase employment and income
9

10. Brazilian Shipyards
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil Current Brazilian Shipyard Condition
Mac Laren
EAS ERG Brasfels Mauá MacLaren
Committed Slots
Site Area (km2) 1.6 0.5 0.5 0.4 0.1
Mauá
Technology Partner
Steel Processing Capacity
160 60 50 36 6
(Kton / year)
Focus on Offshore
Equipment Brasfels
Logistics
Labor Force
Source: Verax
“A construction slot in OSX’s shipyard is worth more than gold”
10

11. Strategic Partner: Hyundai Heavy Industries
OSX Shipyard Unit under development in partnership with the largest shipbuilder in the world
Rationale and Overview Why Hyundai? Efficiency Comparison
• 10% equity investment in OSX Shipyard • Proven track record: founded in 1972 • Significant upside potential for OSX
• Largest shipbuilder in the world: 10%
• State-of-the-art technology – HHI Offshore division processes
market share (2010) 550,000 tons of steel/year in
• Transfer of know-how and training • Delivered more than 1,600 vessels to 2,500,000 m²
more than 250 ship owners in 47
• Accelerate learning curve: 38 years of – OSX should process in its initial
countries to date
experience into 2 years
• One of the leaders in offshore equipment
stage 180,000 tons of steel/year and
integrate 220,000 tons/year in
• Technology and services contract for fabrication in the world, handling over 100
2,000,000 m²
shipyard design and transfer of know-how turnkey EPIC projects for more than 30 oil
for at least 10 years and gas majors • Efficiency gains could drive potential
• Delivered FPSO’s and fixed platforms to processing capacity expansion
clients such as ExxonMobil, Petrobras, • OSX’s goal is to reach Asian productivity
Shell, Chevron and BP levels in two years of operation
11

12. Açu Site
Approval of macro drainage project: March 31st 2010
“The largest shipyard to be built in the Americas” 12

13. Açu Industrial District
A new cluster for heavy industry
13 13

14. Açu Site
• US$ 1.7 bn investment
• Steel processing capacity of 180,000 ton/year and assembly capacity of 220,000 ton/year
• Up to 3,525 m water front (2,400 m in first phase)
• Conceptual design approved by Hyundai Heavy Industries
Platforms Platforms
assembling construction areas
area
Modules
Drydock and construction
effluent station area
treatment Green
curtain
Effluent treatment station
Water treatment station
FPSO Industrial Unit Administrati
ve buildings
Quay
Administrative
Electric Substation 345 kV – 13.8 buildings with
kV Leed - US Green
Building 14

15. Açu Site: Competitive Advantages
• Welding savings with 18m steel plate: 56% less welding
• Energy savings: 30% reduction
• Weather conditions: 25% more sunny days (5% efficiency increase)
• Soil advantages: less foundation required
• Integration slots: up to 3,525m of quay
• Proximity to Campos Basin: approximately 150 km
15

16. Açu Site: Preliminary Budget
Preliminary Budget - USD (MM) Total LLX OSX
Common Infrastructure 448 219 229
Engineering 31 15 16
Civil Works 416 204 212
Offshore Dredging (854k m3) 111 55 56
Onshore Dredging (13,000k m3) 41 20 21
Break Water (2,300k m3) 264 129 135
Pre eng. costs + environmental 74 - 74
Civil works 447 - 447
Onshore Dredging (10,500k m3) 90 - 90
Quay (2,270 m) 262 - 262
Back area embankment (6,000k m3) 21 - 21
Site camp facility and management 74 - 74
Shipyard structure 544 - 544
Buildings 265 - 265
Dry Dock 133 - 133
Roads and Paving 146 - 146
Equipment and others 420 - 420
Total 1,933 219 1,714
16

17. Product Portfolio
Description Main Systems for Standardization Target
• Floating Production Storage and
Offloading
FPSO
• Hull: conversion of oil tanker or new-
build
• Pull-in and Mooring Systems
• Tension-Leg Wellhead Platform
TLWP • Cranes
• Suited for deepwater environments
• Power Generation
• Wellhead Platform or fixed production
WHP platforms in general • Automation Systems
• Suited for shallow-water environments
• Bulk Materials
• Drilling units for exploration
Drillships • Processing Systems
• Heavily demanded in ultra-deepwater
• Safety Systems
• Navigation transportation unit
Tankers • Demand for long course navigation units,
cabotage, relievers and production
platforms
17

18. Next Milestones
Installation License
Shipyard Ground Breaking
BNDES / FMM Financing
FPSO OSX 2 Financing
WHP 1 and WHP 2 EPCI Contract Signature
FPSO OSX 1 arrival in Brazil and First Oil
Construction Contract: FPSOs OSX 3, OSX 4 and OSX 5
Potential orders from other clients 18