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PROJECT UPDATE
ORGANIZATIONAL STRUCTURE



                    EBX                     FREE FLOAT


               78.8%                             21.2%




                                          Integrated offshore E&P equipment
    HYUNDAI                  OSX          and services provider


   10%                          Holding

                 90%            100%                      100%
              OSX
          SHIPBUILDING    OSX LEASING              OSX SERVICES
              UNIT




                                                                              2
OSX HIGHLIGHTS


                       Priority Rights between OSX and OGX
  Strong Demand
                       Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment
  from OGX
                       Upside potential with expansion of OGX’s exploratory campaign

  Attractive Market    Expected oil and gas resources to increase to 100 Bboe, with announced
  Conditions in         investments of US$ 140bn plus
  Brazil               Underserved domestic equipment & services market

                       Approximately 70% of E&P industry capex supplied locally
  Local Content
                       Key for Brazil’s long-term social and economic development (285,000 jobs in 5
  Requirement
                        years)

  Strategic            Partnership with the largest shipbuilder in the world
  Partnership with     State-of-the-art technology and transfer of know-how
  Hyundai              Large, scalable shipyard at Açu

                       ITN –Institute of Naval Technology , partnerships with technical institutions and
                        universities
  Training (ITN)
                       Absorption and application of Korean technology
                       Qualification of 3.100 technical personnel until beginning of 2013
  Incentivized and
  Experienced          More than 30 years experience, on average, in the E&P sector
  Management           US$ 30bn in projects and more than 50,000 people under management
  Team                                                                                                      3
POTENTIAL DEMAND
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 (number of E&P equipment units)

                                                          32
       PETROBRAS (FPSOs + 28 Rigs)

       OGX (FPSOs Only)                                                   27

                                      22

                                                                   18
                                                                                          16
                                                                                  13
                                                                                                      11
                                                    8
 Existing
 Capacity   3            3


         2011E         2012E        2013E         2014E   2015E   2016E   2017E   2018E   2019E       2020E
Note: Includes equipment which has already been ordered                                           Source: Verax
Capacity Estimates: Source OSX                                                                                    4
LOCAL CONTENT: RATIONALE AND EVOLUTION
   Represents a social & economic development strategy.
   Has increased significantly in recent ANP bidding rounds.
Local Content Requirement                                  Local Content Evolution
                                                                Exploration Phase
■ Definition: minimum percentage of equipment and                                     86%
                                                                Development Phase                                          84%
  services contracted by the operator that must be                                                81%
                                                                                                                     77%
  supplied by local companies                                                               86%
                                                                                      79%                                  79%
                                                                               54%                74%
■ Average of 70% in the production development phase                                                                 69%
                                                                  48%
                                                                         40%
■ Component of the bid for acquisition of E&P Blocks      27%
                                                                  42%           39%
■ Certification of each item by inspection companies                     28%
                                                          25%
  (guidelines set forth by Federal Government – MME)
                                                          1st      2nd   3rd    4th   5th   6th    7th   8th   (1)   9th   10th
■ Subject to severe penalties                             Source: ANP
                                                          Note (1) 8th ANP bidding round auction is still under discussion
Local Content Rationale
                                                           Notable Companies Committed to Local
■ Boost local oil & gas equipment and services industry   Content
■ Incentivize local technology development

■ Substantially increase employment and income
                                                                                                                                  5
BRAZILIAN SHIPYARDS
           Local shipyards are not prepared to serve expected offshore
           E&P equipment demand
         Main Shipbuilders in Brazil                                      Current Conditions of Brazilian Shipyards
                                                                          Mac Laren
                                   EAS   ERG   Brasfels    Mauá   Mac
                                                                  Laren


         Committed Slots
                                                                                                               Mauá
         Site Area (km2)           1,6   0,5     0,5      0,4     0,1



         Technology Partner


       Steel Processing Capacity   160   60       50      36       6      Brasfels
       (Kton / year)


         Focus on Offshore
         Equipment

         Logistics


         Labor Force



                           “A construction slot in OSX’s shipyard is worth more than gold”                            6
Source: Verax
SHIPBUILDING
AÇU SUPERPORT
A One-Stop Shop for the Oil & Gas Industry




                                             8
AÇU INDUSTRIAL COMPLEX
A New Cluster for the Offshore and Heavy Industry




                                     GE




                                     90 km² Complexo Industrial (1,5xx larger than ilha de Manhattan)
                                      90 km² Industrial Complex (1.5 maior que a Manhattan Island)
UCN AÇU: LAYOUT
Conceptual design approved by Hyundai Heavy Industries

 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)




                                                                                                            10
                                               90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan)
                                                                                                            10
UCN AÇU: LICENSING SCHEDULE


                       Preliminary   Installation
EIA/RIMA     Public      License       License      Beginning of
  Filling   Hearings    Issuance      Issuance      Construction


  P
 Oct-10
               P
              Jan-11
                          P
                         Feb-11
                                        P
                                       Jun-11
                                                       P
                                                       Jul-11




                                                                   11
UCN AÇU: SHIPBUILDING UNIT SCHEDULE


                  PACKAGES                  PROCUREMENT     MOBILIZATION

            REMOVAL OF VEGETATION              2Q11     P       2Q11   P
          PREPARATION OF THE TERRAIN           3Q11     P       3Q11   P
         NORTH QUAY AND JACKET'S AREA        1Q12 (LOI)
                                                        P       1Q12
                                                                       P
                   DRY DOCK                  1Q12 (LOI) P       1Q12   P
     SOUTH QUAY AND RESPECTIVE RETRO AREA    1Q12 (LOI) P       1Q12   P
             INDUSTRIAL BUILDINGS              3Q11     P       4Q11   P
         UTILITIES AND INFRASTRUCTURE          3Q11     P       3Q11   P
           ADMNISTRATIVE BUILDINGS             2Q12             2Q12

              AUXILIARY BUILDINGS              2Q12             2Q12
         ELECTROMECHANICAL ASSEMBLY            2Q12             2Q12
             SUPERVISION SUPPORT               2Q11   P         2Q11   P
              CONSTRUCTION SITE                3Q11   P         3Q11   P
                 BREAKWATER                    1Q11   P         1Q11   P
                   DREDGING                    3Q11   P         3Q11   P   12
UCN AÇU: ESTIMATED PARTIAL DELIVERIES




         UCN Sections (Ready)                 2012          2013           2014

    AREA 1 FOR ASSEMBLY OF JACKETS         4th QUARTER        -              -

    AREA 2 FOR ASSEMBLY OF JACKETS             -         1st QUARTER         -

AREA FOR INITIAL CUTTING OF STEEL PLATES       -         1st QUARTER         -

     SLOT 1 FOR FPSO INTEGRATION               -         1st QUARTER         -

      SLOT 2 FOR FPSO INTEGRATION              -         2nd QUARTER         -

      SLOT 3 FOR FPSO INTEGRATION              -         3r d QUARTER        -

      SLOT 4 FOR FPSO INTEGRATION              -         4th QUARTER         -

   SLOT 5 AND 6 FOR FPSO INTEGRATION           -              -         2nd QUARTER
  COMPLETION OF CONSTRUCTION OF UCN            -              -         2nd QUARTER



                                                                                      13
UCN AÇU: FINANCING
      Fundo da Marinha Mercante (Merchant Marine Fund)

                                                   Capex distribution per year/activity
                                                 14,4%            63,6%            20,1%            1,9%
 Credit facility: 80% CAPEX
                                                  2011             2012            2013             2014

 Total tenor ranging from 18 to 20 years                   DESCRIPTION                  OSX (US$)   LLX (US$)
with a grace period of up to 3 years and              DREDGING AND ENGINEERING             93          90
interest rates that vary between US$ + 2% to
                                                            BREAK WATER                    135        129
US$ + 4% per annum
                                                               QUAY                        262          -

                                                             BUILDINGS                     339          -
 Lending Agents: BNDES, Caixa Econômica                      DRY DOCK                      133          -
Federal, Banco do Brasil, BNB and Banco da               ROADS AND PAVING                  146          -
Amazônia
                                               EQUIPMENT, ENGINEERING AND ENVIRONMENT      487          -

                                                              OTHERS                       119          -

                                                               TOTAL                     $1.714       $219

                                                               TOTAL OF US$ 1,933 MM
                                                                                                                14
UCN AÇU:
EVOLUTION OF THE WORKS
UCN AÇU: BREAKWATER




Breakwater: used to avoid the silting of the canal   The breakwater is composed of 43 large blocks each
and protects the entry and exit of vessels           67m long, 24m wide and 24m deep




                                                                                                          16
                                                                                                          16
UCN AÇU: AERIAL VIEW




                       17
UCN AÇU: CONSTRUCTION OF THE CANAL




                                     18
                                     18
UCN AÇU: CONSTRUCTION OF THE CANAL




                                                       Distance escavated



                                                                       1370 m



                                               125 m



Beginning of construction of the breakers to
     protect the approach canal to the
           Açu Shipbuilding Unit

                                                                                19
                                                                                19
UCN AÇU: EARTHWORKS & BUILDINGS



                                         Water Treatment Plant
                                    Plots to be used by contractors




      Administrative Building
  Plots to be used by contractors


                                                                      20
                                                                       20
UCN AÇU: EARTHWORKS & BUILDINGS



                            1


                                  Concrete factory
                            2
 3




         1. Medical Centre
     2. Administrative Building
            3. Canteen


                                                     21
                                                          21
UCN AÇU: BUILDINGS


                             Canteen




  Effluent Treatment Plant




                                       22
                                       22
UCN AÇU: BUILDINGS




   Administrative Building




                             23
ORDER BOOK
             FPSO OSX-1
CURRENT ORDER BOOK

                                                     ESTIMATED PRICE                       CONSTRUCTION       OSX LEASING
            UNIT                      CAPACITY                           DELIVERY*
                                                         (US$ MM)                            LOCATION         & SERVICES
        FPSO OSX-1                     80K bopd            610               OK            SAMSUNG, KOREA
                                                                                                                  P
        FPSO OSX-2                    100K bopd            775             2Q 2013        KEPPEL, SINGAPORE
                                                                                                                  P
        FPSO OSX-3                    100K bopd            800             3Q 2013        JURONG, SINGAPORE
                                                                                                                  P
        FPSO OSX-4                    100K bopd          850-900           2Q 2014           OSX, BRAZIL
                                                                                                                  P
        FPSO OSX-5                    100K bopd          850-900           4Q 2014           OSX, BRAZIL
                                                                                                                  P
           WHP-1                        30 wells         400-450           3Q 2013         TECHINT, BRAZIL
                                                                                                                  P
           WHP-2                        30 wells         400-450           4Q 2013         TECHINT, BRAZIL        P
      PLSV - SAPURA                        NA              263             4Q 2014           OSX, BRAZIL

    11 MR - KINGFISH                       NA              732         2Q 2015- 4Q 2017      OSX, BRAZIL

    * Delivery at the shipyard (ex-installation)
•     FPSO: Floating Production Storage Offloading
•     WHP: Wellhead Platform
•     PLSV: Pipe Laying Support Vessel
•     MR: Medium Range Tanker                                                                                               25
FPSO OSX-1
FIRST OIL FOR OGX: 18H 39M 50S
31ST January 2012




                                 27
                                 27
FPSO OSX-1: CUSTOMIZATION




                            28
FPSO OSX-1: CREW
 Total of 89 crew members


        Age                                           Years of Experience


       4%
            14%         20 to 30 years            19%


                        30 to 40 years                                 Less than 20 years
28%

                        40 to 50 years                          49%    20 to 30 years
                  26%
                        50 to 60 years                                 Greater than or equal
                                                                       to 30 years
                                                32%
                        Greater than or equal
                        to 60 years
      28%




                                                                                            29
FPSO OSX-2 / WHP-1
OSX-2 / WHP-1 SYSTEM

 OSX-2                                                               WHP-1

                Milestone                       Date                             Milestone                        Date
     Arrival of hull at Keppel shipyard
                 (Singapore)               3r d Quarter 2011          Start of construction and assembly    4th Quarter 2011

     P&IDs approved for construction      2nd Quarter 2011                   Load Out of WHP-1              3r d Quarter 2013

        FPSO departure from yard          2nd Quarter 2013
 Construction Contract                                                 Construction Contract
■ EPCI contract signed with SBM                                      ■ Signing of LOI with Techint – 1Q11
■ Acquisition of VLCC – accomplished                                 ■ Start of Engineering – 1Q11
 Long term debt commitment                                           ■ Contract signed with Techint

■ Facility agreement: US$ 850 million(12 years, LIBOR +4,41% p.a.)   ■ LOI for Drilling Package signed with TTS

■ ING, Itaú-BBA and Santander (leaders), HSBC, Citibank, ABN
Amro Bank, Banco do Brasil, NIBC and DnB Nor




                                                                                                                                31
FPSO OSX-3 / WHP- 2
OSX-3 / WHP-2 SYSTEM

OSX-3                                                              WHP-2
               Milestone                              Date                     Milestone                         Date

                                               th                                                         th
  Arrival of hull at conversion shipyard   4 Quarter 2011           Start of construction and assembly    4    Quarter 2011
                                               st                                                         th
    P&IDs approved for construction        1        Quarter 2012           Load Out of WHP-2              4    Quarter 2013
                                           rd
        FPSO departure from yard           3        Quarter 2013
 Construction Contract                                              Construction Contract

■ Acquisition of VLCC - accomplished                               ■ Signing of LOI with Techint – 1Q11
■ EPCI contract signed with MODEC                                  ■ Start of Engineering – 1Q11
 Long term debt commitment                                         ■ Contract signed with Techint
■ Financing: Senior Secured Bonds US$ 500 mm, maturity
03/2015 at an interest rate of 9.25% pa, payable quarterly.
■ Global Coordinator, Joint Lead Manager and Bookrunner: Pareto
Securities and Joint Lead Manager and Bookrunner: DNB Markets




                                                                                                                              33
FPSO OSX-4
MILESTONES ACHIEVED AND NEXT STEPS


   VLCC sister hulls acquired by OSX in Nov. 2010:
    US$ 27 million each

   FPSO OSXFLEX concept contracted with CKE                      Milestone                Date
    Consortium (Chemtech, Kromav and Exactum)               Specifications for hull
                                                                                         1st Q2012
                                                                 conversion
   Close-up Survey of the hulls performed by ShipScan
                                                           End of hull conversion        4th Q2012
    and monitored by Bureau Veritas
                                                         Arrival of hull at UCN slot 1   2nd Q2013
   Preparation Stage: engineering project for
    conversion of the hulls                               Delivery by the shipyard       2nd Q2014


   Integration UCN Açu : 2Q2013 marking the start-up
    of UCN Açu’s activities

   Delivery at UCN Açu in 2Q2014
                                                                                                     35
FPSO OSX-5
MILESTONES ACHIEVED AND NEXT STEPS


   VLCC sister hulls acquired by OSX in Nov. 2010:
    US$ 27 million each

   FPSO OSXFLEX concept contracted with CKE                      Milestones                Date
    Consortium (Chemtech, Kromav and Exactum)
                                                         Specifications for hull repair   2nd Q2012
   Close-up Survey of the hulls performed by ShipScan
                                                            End of hull conversion        2nd Q2013
    and monitored by Bureau Veritas
                                                         Arrival of hull at UCN slot 2    3rd Q2013
   Preparation Stage: engineering project for
    conversion of the hulls                               Delivery by the shipyard        4th Q2014


   Integration UCN Açu : 3Q2013 marking the start-up
    of UCN Açu’s activities

   Delivery at UCN Açu in 4Q2014
                                                                                                      37
PLSV - PIPE-LAYING SUPPORT VESSEL
Used for laying and installing flexible pipelines on the seabed


 Milestones:

    Contract signed on 24/2/2012

    Contract price: US$ 263 million

    Delivery date: December 2014

 Main characteristics:

    Length: 135 meters

    Breadth: 24 meters

    Depth: 10 meters

    Flexible lines traction capacity : 300 tonnes

    Flexible lines capacity: 2.500 tonnes
                                                                  38
11 MR - MEDIUM RANGE TANKERS


Milestones:

   Contract signed on 9/03/2012

   Contract price: US$ 732 million

   Delivery date of last vessel: December 2017

Main characteristics:

   Total length: 183 meters

   Breadth: 32.20 meters

   Depth: 18 meters

   Deadweight : 47.000 tonnes


                                                  39
PARTNERSHIP BRAZIL / KOREA




ITN:
INSTITUTE
OF NAVAL
TECHNOLOGY
ITN- INSTITUTE OF NAVAL TECHNOLOGY
Objectives




   Qualification of up to 3,100 personnel in 23
    functions by the beginning of 2013

   Use of SENAI’s facilities and faculty in the city of
    Campos, as well as mobile units in São João da                SENAI Macaé

    Barra. Macaé in the future

   Scholarships providing financial assistance, food and
                                                                                      SENAI Campos
    transportation

   Estimated budget: R$ 12.7 million



                                                            SENAI São João da Barra
                                                                                                     41
ITN- INSTITUTE OF NAVAL TECHNOLOGY


                       Approx.
        City                         Work force    Population
                       distance
São João da Barra       20 Km             6.000      33.000

      Campos            40 Km            92. 000    460.000

       Radius        Up to 50 Km         98.000     493.000



      Quissamã          75 Km             3000       20.000

    São Francisco       95 Km             3.000      41.000

     São Fidelis        100 Km            5.000      37.000

       Macaé            130 Km           113.000    206.000

      Radius 2       Up to 150 Km        222.000    797.000


    Curriculum planning

    Adapting the necessary facilities

    Classes scheduled to commence in 1st half 2012

    Organization and production of teaching material
                                                                42
NEXT MILESTONES



    Financing: WHP-1 and WHP-2 (BNDES / GIEK)

    Financing: OSX-4 and OSX-5

    Contract shipyard to convert the OSX-4 and OSX-5 hull’s

    Shipyard financing contract (Merchant Marine Fund)

    New orders from OGX

    New orders from third parties




                                                               43
44
RI@OSX.COM.BR
+55 21 2555 6914

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Osx project update english

  • 2. ORGANIZATIONAL STRUCTURE EBX FREE FLOAT 78.8% 21.2% Integrated offshore E&P equipment HYUNDAI OSX and services provider 10% Holding 90% 100% 100% OSX SHIPBUILDING OSX LEASING OSX SERVICES UNIT 2
  • 3. OSX HIGHLIGHTS  Priority Rights between OSX and OGX Strong Demand  Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment from OGX  Upside potential with expansion of OGX’s exploratory campaign Attractive Market  Expected oil and gas resources to increase to 100 Bboe, with announced Conditions in investments of US$ 140bn plus Brazil  Underserved domestic equipment & services market  Approximately 70% of E&P industry capex supplied locally Local Content  Key for Brazil’s long-term social and economic development (285,000 jobs in 5 Requirement years) Strategic  Partnership with the largest shipbuilder in the world Partnership with  State-of-the-art technology and transfer of know-how Hyundai  Large, scalable shipyard at Açu  ITN –Institute of Naval Technology , partnerships with technical institutions and universities Training (ITN)  Absorption and application of Korean technology  Qualification of 3.100 technical personnel until beginning of 2013 Incentivized and Experienced  More than 30 years experience, on average, in the E&P sector Management  US$ 30bn in projects and more than 50,000 people under management Team 3
  • 4. POTENTIAL DEMAND 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 (number of E&P equipment units) 32 PETROBRAS (FPSOs + 28 Rigs) OGX (FPSOs Only) 27 22 18 16 13 11 8 Existing Capacity 3 3 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E Note: Includes equipment which has already been ordered Source: Verax Capacity Estimates: Source OSX 4
  • 5. LOCAL CONTENT: RATIONALE AND EVOLUTION Represents a social & economic development strategy. Has increased significantly in recent ANP bidding rounds. Local Content Requirement Local Content Evolution Exploration Phase ■ Definition: minimum percentage of equipment and 86% Development Phase 84% services contracted by the operator that must be 81% 77% supplied by local companies 86% 79% 79% 54% 74% ■ Average of 70% in the production development phase 69% 48% 40% ■ Component of the bid for acquisition of E&P Blocks 27% 42% 39% ■ Certification of each item by inspection companies 28% 25% (guidelines set forth by Federal Government – MME) 1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th ■ Subject to severe penalties Source: ANP Note (1) 8th ANP bidding round auction is still under discussion Local Content Rationale Notable Companies Committed to Local ■ Boost local oil & gas equipment and services industry Content ■ Incentivize local technology development ■ Substantially increase employment and income 5
  • 6. BRAZILIAN SHIPYARDS Local shipyards are not prepared to serve expected offshore E&P equipment demand Main Shipbuilders in Brazil Current Conditions of Brazilian Shipyards Mac Laren EAS ERG Brasfels Mauá Mac Laren Committed Slots Mauá Site Area (km2) 1,6 0,5 0,5 0,4 0,1 Technology Partner Steel Processing Capacity 160 60 50 36 6 Brasfels (Kton / year) Focus on Offshore Equipment Logistics Labor Force “A construction slot in OSX’s shipyard is worth more than gold” 6 Source: Verax
  • 8. AÇU SUPERPORT A One-Stop Shop for the Oil & Gas Industry 8
  • 9. AÇU INDUSTRIAL COMPLEX A New Cluster for the Offshore and Heavy Industry GE 90 km² Complexo Industrial (1,5xx larger than ilha de Manhattan) 90 km² Industrial Complex (1.5 maior que a Manhattan Island)
  • 10. UCN AÇU: LAYOUT Conceptual design approved by Hyundai Heavy Industries 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) 10 90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan) 10
  • 11. UCN AÇU: LICENSING SCHEDULE Preliminary Installation EIA/RIMA Public License License Beginning of Filling Hearings Issuance Issuance Construction P Oct-10 P Jan-11 P Feb-11 P Jun-11 P Jul-11 11
  • 12. UCN AÇU: SHIPBUILDING UNIT SCHEDULE PACKAGES PROCUREMENT MOBILIZATION REMOVAL OF VEGETATION 2Q11 P 2Q11 P PREPARATION OF THE TERRAIN 3Q11 P 3Q11 P NORTH QUAY AND JACKET'S AREA 1Q12 (LOI) P 1Q12 P DRY DOCK 1Q12 (LOI) P 1Q12 P SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 (LOI) P 1Q12 P INDUSTRIAL BUILDINGS 3Q11 P 4Q11 P UTILITIES AND INFRASTRUCTURE 3Q11 P 3Q11 P ADMNISTRATIVE BUILDINGS 2Q12 2Q12 AUXILIARY BUILDINGS 2Q12 2Q12 ELECTROMECHANICAL ASSEMBLY 2Q12 2Q12 SUPERVISION SUPPORT 2Q11 P 2Q11 P CONSTRUCTION SITE 3Q11 P 3Q11 P BREAKWATER 1Q11 P 1Q11 P DREDGING 3Q11 P 3Q11 P 12
  • 13. UCN AÇU: ESTIMATED PARTIAL DELIVERIES UCN Sections (Ready) 2012 2013 2014 AREA 1 FOR ASSEMBLY OF JACKETS 4th QUARTER - - AREA 2 FOR ASSEMBLY OF JACKETS - 1st QUARTER - AREA FOR INITIAL CUTTING OF STEEL PLATES - 1st QUARTER - SLOT 1 FOR FPSO INTEGRATION - 1st QUARTER - SLOT 2 FOR FPSO INTEGRATION - 2nd QUARTER - SLOT 3 FOR FPSO INTEGRATION - 3r d QUARTER - SLOT 4 FOR FPSO INTEGRATION - 4th QUARTER - SLOT 5 AND 6 FOR FPSO INTEGRATION - - 2nd QUARTER COMPLETION OF CONSTRUCTION OF UCN - - 2nd QUARTER 13
  • 14. UCN AÇU: FINANCING Fundo da Marinha Mercante (Merchant Marine Fund) Capex distribution per year/activity 14,4% 63,6% 20,1% 1,9% Credit facility: 80% CAPEX 2011 2012 2013 2014 Total tenor ranging from 18 to 20 years DESCRIPTION OSX (US$) LLX (US$) with a grace period of up to 3 years and DREDGING AND ENGINEERING 93 90 interest rates that vary between US$ + 2% to BREAK WATER 135 129 US$ + 4% per annum QUAY 262 - BUILDINGS 339 - Lending Agents: BNDES, Caixa Econômica DRY DOCK 133 - Federal, Banco do Brasil, BNB and Banco da ROADS AND PAVING 146 - Amazônia EQUIPMENT, ENGINEERING AND ENVIRONMENT 487 - OTHERS 119 - TOTAL $1.714 $219 TOTAL OF US$ 1,933 MM 14
  • 16. UCN AÇU: BREAKWATER Breakwater: used to avoid the silting of the canal The breakwater is composed of 43 large blocks each and protects the entry and exit of vessels 67m long, 24m wide and 24m deep 16 16
  • 17. UCN AÇU: AERIAL VIEW 17
  • 18. UCN AÇU: CONSTRUCTION OF THE CANAL 18 18
  • 19. UCN AÇU: CONSTRUCTION OF THE CANAL Distance escavated 1370 m 125 m Beginning of construction of the breakers to protect the approach canal to the Açu Shipbuilding Unit 19 19
  • 20. UCN AÇU: EARTHWORKS & BUILDINGS Water Treatment Plant Plots to be used by contractors Administrative Building Plots to be used by contractors 20 20
  • 21. UCN AÇU: EARTHWORKS & BUILDINGS 1 Concrete factory 2 3 1. Medical Centre 2. Administrative Building 3. Canteen 21 21
  • 22. UCN AÇU: BUILDINGS Canteen Effluent Treatment Plant 22 22
  • 23. UCN AÇU: BUILDINGS Administrative Building 23
  • 24. ORDER BOOK FPSO OSX-1
  • 25. CURRENT ORDER BOOK ESTIMATED PRICE CONSTRUCTION OSX LEASING UNIT CAPACITY DELIVERY* (US$ MM) LOCATION & SERVICES FPSO OSX-1 80K bopd 610 OK SAMSUNG, KOREA P FPSO OSX-2 100K bopd 775 2Q 2013 KEPPEL, SINGAPORE P FPSO OSX-3 100K bopd 800 3Q 2013 JURONG, SINGAPORE P FPSO OSX-4 100K bopd 850-900 2Q 2014 OSX, BRAZIL P FPSO OSX-5 100K bopd 850-900 4Q 2014 OSX, BRAZIL P WHP-1 30 wells 400-450 3Q 2013 TECHINT, BRAZIL P WHP-2 30 wells 400-450 4Q 2013 TECHINT, BRAZIL P PLSV - SAPURA NA 263 4Q 2014 OSX, BRAZIL 11 MR - KINGFISH NA 732 2Q 2015- 4Q 2017 OSX, BRAZIL * Delivery at the shipyard (ex-installation) • FPSO: Floating Production Storage Offloading • WHP: Wellhead Platform • PLSV: Pipe Laying Support Vessel • MR: Medium Range Tanker 25
  • 27. FIRST OIL FOR OGX: 18H 39M 50S 31ST January 2012 27 27
  • 29. FPSO OSX-1: CREW Total of 89 crew members Age Years of Experience 4% 14% 20 to 30 years 19% 30 to 40 years Less than 20 years 28% 40 to 50 years 49% 20 to 30 years 26% 50 to 60 years Greater than or equal to 30 years 32% Greater than or equal to 60 years 28% 29
  • 30. FPSO OSX-2 / WHP-1
  • 31. OSX-2 / WHP-1 SYSTEM OSX-2 WHP-1 Milestone Date Milestone Date Arrival of hull at Keppel shipyard (Singapore) 3r d Quarter 2011 Start of construction and assembly 4th Quarter 2011 P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3r d Quarter 2013 FPSO departure from yard 2nd Quarter 2013 Construction Contract Construction Contract ■ EPCI contract signed with SBM ■ Signing of LOI with Techint – 1Q11 ■ Acquisition of VLCC – accomplished ■ Start of Engineering – 1Q11 Long term debt commitment ■ Contract signed with Techint ■ Facility agreement: US$ 850 million(12 years, LIBOR +4,41% p.a.) ■ LOI for Drilling Package signed with TTS ■ ING, Itaú-BBA and Santander (leaders), HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor 31
  • 32. FPSO OSX-3 / WHP- 2
  • 33. OSX-3 / WHP-2 SYSTEM OSX-3 WHP-2 Milestone Date Milestone Date th th Arrival of hull at conversion shipyard 4 Quarter 2011 Start of construction and assembly 4 Quarter 2011 st th P&IDs approved for construction 1 Quarter 2012 Load Out of WHP-2 4 Quarter 2013 rd FPSO departure from yard 3 Quarter 2013 Construction Contract Construction Contract ■ Acquisition of VLCC - accomplished ■ Signing of LOI with Techint – 1Q11 ■ EPCI contract signed with MODEC ■ Start of Engineering – 1Q11 Long term debt commitment ■ Contract signed with Techint ■ Financing: Senior Secured Bonds US$ 500 mm, maturity 03/2015 at an interest rate of 9.25% pa, payable quarterly. ■ Global Coordinator, Joint Lead Manager and Bookrunner: Pareto Securities and Joint Lead Manager and Bookrunner: DNB Markets 33
  • 35. MILESTONES ACHIEVED AND NEXT STEPS  VLCC sister hulls acquired by OSX in Nov. 2010: US$ 27 million each  FPSO OSXFLEX concept contracted with CKE Milestone Date Consortium (Chemtech, Kromav and Exactum) Specifications for hull 1st Q2012 conversion  Close-up Survey of the hulls performed by ShipScan End of hull conversion 4th Q2012 and monitored by Bureau Veritas Arrival of hull at UCN slot 1 2nd Q2013  Preparation Stage: engineering project for conversion of the hulls Delivery by the shipyard 2nd Q2014  Integration UCN Açu : 2Q2013 marking the start-up of UCN Açu’s activities  Delivery at UCN Açu in 2Q2014 35
  • 37. MILESTONES ACHIEVED AND NEXT STEPS  VLCC sister hulls acquired by OSX in Nov. 2010: US$ 27 million each  FPSO OSXFLEX concept contracted with CKE Milestones Date Consortium (Chemtech, Kromav and Exactum) Specifications for hull repair 2nd Q2012  Close-up Survey of the hulls performed by ShipScan End of hull conversion 2nd Q2013 and monitored by Bureau Veritas Arrival of hull at UCN slot 2 3rd Q2013  Preparation Stage: engineering project for conversion of the hulls Delivery by the shipyard 4th Q2014  Integration UCN Açu : 3Q2013 marking the start-up of UCN Açu’s activities  Delivery at UCN Açu in 4Q2014 37
  • 38. PLSV - PIPE-LAYING SUPPORT VESSEL Used for laying and installing flexible pipelines on the seabed Milestones:  Contract signed on 24/2/2012  Contract price: US$ 263 million  Delivery date: December 2014 Main characteristics:  Length: 135 meters  Breadth: 24 meters  Depth: 10 meters  Flexible lines traction capacity : 300 tonnes  Flexible lines capacity: 2.500 tonnes 38
  • 39. 11 MR - MEDIUM RANGE TANKERS Milestones:  Contract signed on 9/03/2012  Contract price: US$ 732 million  Delivery date of last vessel: December 2017 Main characteristics:  Total length: 183 meters  Breadth: 32.20 meters  Depth: 18 meters  Deadweight : 47.000 tonnes 39
  • 40. PARTNERSHIP BRAZIL / KOREA ITN: INSTITUTE OF NAVAL TECHNOLOGY
  • 41. ITN- INSTITUTE OF NAVAL TECHNOLOGY Objectives  Qualification of up to 3,100 personnel in 23 functions by the beginning of 2013  Use of SENAI’s facilities and faculty in the city of Campos, as well as mobile units in São João da SENAI Macaé Barra. Macaé in the future  Scholarships providing financial assistance, food and SENAI Campos transportation  Estimated budget: R$ 12.7 million SENAI São João da Barra 41
  • 42. ITN- INSTITUTE OF NAVAL TECHNOLOGY Approx. City Work force Population distance São João da Barra 20 Km 6.000 33.000 Campos 40 Km 92. 000 460.000 Radius Up to 50 Km 98.000 493.000 Quissamã 75 Km 3000 20.000 São Francisco 95 Km 3.000 41.000 São Fidelis 100 Km 5.000 37.000 Macaé 130 Km 113.000 206.000 Radius 2 Up to 150 Km 222.000 797.000  Curriculum planning  Adapting the necessary facilities  Classes scheduled to commence in 1st half 2012  Organization and production of teaching material 42
  • 43. NEXT MILESTONES  Financing: WHP-1 and WHP-2 (BNDES / GIEK)  Financing: OSX-4 and OSX-5  Contract shipyard to convert the OSX-4 and OSX-5 hull’s  Shipyard financing contract (Merchant Marine Fund)  New orders from OGX  New orders from third parties 43
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