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Project Update
NOVEMBER 2011
OSX Shipbuilding
NOVEMBER 2011
3
Açu Industrial Complex
A new cluster for the offshore and heavy industry
90 km² Industrial Complex (1.5 x larger than Manhattan Island)
UCN Açu: Layout
Administrative buildings with LEED
Certification (US Green Building Council)
Dry dock and ETS
Quays
Jacket assembly area
Administrative buildings
ETA
Green Curtain
Module construction area
Platform construction area
Electricity Substation 345 kV – 13.8 kV
FPSO
Industrial unit
4
UCN Açu: Licensing Schedule
P Oct-10 Jan-11 Jun-11 Jul-11 Feb-11
P P P P
Public Meetings
PreliminaryLicense (LP)
Issuance
InstallationLicense (LI) Issuance
Beginning of Construction
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EIA/RIMA Filling
UCN Açu: Shipbuilding Unit schedule
Packages Procurement Mobilization
Removal of Vegetation 2Q11 2Q11
Preparation of the Terrain 3Q11 3Q11
North Quay and Jacket’s Area 4Q11 1Q12
Dry Dock 4Q11 1Q12
South Quay and Respective Retro Area 4Q11 1Q12
Industrial Buildings 3Q11 4Q11
Utilities and Infrastructure 3Q11 3Q11
Administrative Buildings (Leed) 1Q12 1Q12
Auxiliary Buildings (Non Leed) 4Q11 1Q12
Electromechanical Assembly 1Q12 2Q12
Supervision Support 2Q11 2Q11
Construction Site 3Q11 3Q11
Breakwater 1Q11 1Q11
Dredging 3Q11 3Q11
P P
P P
P P P
P P
P P
P P
P P
6
UCN Açu: Estimated delivery for the sections
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 - 3rd Quarter -
Slot 4 for FPSO integration - 4th Quarter -
Slot 5 and 6 for FPSO integration - - 2nd Quarter
Completion of construction of UCN - - 2nd Quarter
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Credit facility: 80% of CAPEX
Total tenor ranging from 18 to 20 years with a grace period of up to 3 years and interest rates that vary from US$ + 2% to US$ + 4% per year
Lending Agents: BNDES, Caixa Econômica Federal, Banco do Brasil, BNB and Banco da Amazônia
Capex Distribution by Activity:
UCN Açu: Financing (Merchant Marine Fund)
14.4%
2011 2013 2014 2012
63.6% 20.1% 1.9%
US$ MM OSX LLX
Dredging and Engineering 93 90
Break Water 135 129
Quay 262 -
Buildings 339 -
Dry Dock 133 -
Roads and Paving 146 -
Equipment and Others 487 -
Total of US$ 1.933 MM 1.714 219
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UCN Açu: Flora rescue
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UCN Açu: Wildlife rescue
10
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UCN Açu: Terrain after flora and wildlife rescue
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UCN Açu: Construction of the canal
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UCN Açu: Construction of the canal
UCN Açu: Construction of the canal
14
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UCN Açu: Breakwater
Current Order Book Status: OGX
* Delivery at UCN Açu (ex-installation)
Equipment Capacity Estimated CAPEX
(US$ MM) Delivery *
FPSO OSX-1 80K bopd 610 3Q11
FPSO OSX-2 100K bopd 775 2Q13
FPSO OSX-3 100K bopd 800 3Q13
FPSO OSX-4 100K bopd 850-900 2Q14
FPSO OSX-5 100K bopd 850-900 4Q14
WHP-1 30 wells 400-450 3Q13
WHP-2 30 wells 400-450 4Q13
Total 4.685-4.885
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FPSO OSX-1
NOVEMBER 2011
FPSO OSX-1: Customization
12
MODIFICATION WORK
NEW INSTALLATION
Hull / Engine Room Mod.
Central Pipe Rack Mod.
M430 Mod.
M400 Mod.
M310 New M280 Mod. M250 New M220 Mod. W140 Mod.
F110 Mod.
N130 Mod.
N160 Mod.
M350 New M200 New
M320 Mod. M290 Mod. M260 Mod.
M380 New
M230 New
FPSO OSX-1: Project Progress
13
FPSO OSX-1: Destination Waimea
Milestone Date
Beginning of instalation of mooring system September 2011
Arrival of buoy (from Batam) September 2011
Arrival of OSX-1 in Rio de Janeiro, Brazil 6th October 2011
Installation of STP Buoy November 2011
First Oil OGX December 2011
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14%
26%
28%
28%
4%
Age
20 to 30 years
30 to 40 years
40 to 50 years
50 to 60 years
Greater than or equal to 60 years
FPSO OSX-1: Total Crew: 89 people
15
49%
32%
19%
Less than 20 years
20 to 30 years
Greater than or equal to
30 years
Years of Experience
OSX-2 / WHP-1 System
NOVEMBER 2011
OSX-2 / WHP-1 System
WHP-1 OSX-2
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Construction Contract
EPCI contract signed with SBM
Acquisition of VLCC – accomplished
Long term debt commitment
Facility agreement entered into lead by ING,
Itaú-BBA and Santander: US$ 850 million
Other financial institutions participating in the
syndicate : HSBC, Citibank, ABN Amro Bank,
Banco do Brasil, NIBC and DnB Nor.
Debt/Equity structure – 80/20
12 years, LIBOR +4,41% p.a.
OSX-2 / WHP-1 System
Construction Contract
Signing of LOI with Techint – 1Q11
Start of Engineering – 1Q11
Contract signed with Techint
LOI for Drilling Package signed with TTS
WHP-1 OSX-2
18
Milestone Date
Start of construction and assembly 4th Quarter 2011
Load Out of WHP-1 3rd Quarter 2013
Milestone Date
Arrival of hull at Keppel shipyard
(Singapore) 3rd Quarter 2011
P&IDs approved for construction 2nd Quarter 2011
FPSO departure from yard 2nd Quarter 2013
OSX-3 / WHP-2 System
NOVEMBER 2011
OSX-3 / WHP-2 System
WHP-2 OSX-3
20
Construction Contract
Aquisition of VLCC - accomplished
EPCI contract signed with MODEC
Long term debt commitment
Financing: 1st half 2012
OSX-3 / WHP-2 System
Construction Contract
Signing of LOI with Techint – 1Q11
Start of Engineering – 1Q11
Contract signed with Techint
WHP-2 OSX-3
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Milestone Date
Arrival of hull at conversion shipyard 4th Quarter 2011
P&IDs approved for construction 1st Quarter 2012
FPSO departure from yard 3rd Quarter 2013
Milestone Date
Start of construction and assembly 4th Quarter 2011
Load Out of WHP-2 4th Quarter 2013
FPSO OSX-4
NOVEMBER 2011
OSX-3 WHP-2
VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each
FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and Exactum)
Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas
Preparation Stage: engineering project for conversion of the hulls
Integration UCN Açu : 2Q2013 marking the start-up of UCN Açu’s activities
Delivery at UCN Açu in 2Q2014
FPSO OSX-4: Milestones achieved and next steps
Milestone Date
Specifications for hull conversion 1Q12
End of hull conversion 4Q12
Arrival of hull at UCN slot 1 2Q13
Delivery by shipyard 2Q14
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FPSO OSX-5
NOVEMBER 2011
OSX-3 WHP-2
VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each
FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and Exactum)
Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas
Preparation Stage: engineering project for conversion of the hulls
Integration UCN Açu : 3Q2013 marking the start-up of UCN Açu’s activities
Delivery at UCN Açu in 4Q2014
Milestone Date
Specifications for hull repair 2Q12
End of hull conversion 2Q13
Arrival of hull at UCN slot 2 3Q13
Delivery by shipyard 4Q14
25
FPSO OSX-5:Milestones achieved and next steps
UCN – Occupation of slots by FPSOs
Slot Delivery Vessel Arrival Delivery by the UCN
Slot 1: 1Q13 OSX-4: 2Q13 OSX-4: 2Q14
Slot 2: 2Q13 OSX-5: 3Q13 OSX-5: 4Q14
Slot 3: 3Q13 OSX-6: 3Q13 OSX-6: 4Q14
Slot 4: 4Q13 OSX-7: 4Q13 OSX-7: 4Q14
Slot 5: 2Q14 OSX-8: 2Q14 OSX-8: 2Q15
Slot 6: 2Q14 OSX-9: 2Q14 OSX-9: 3Q15
Slot 1
Slot 2
Slot 4
Slot 3
Slot 5
Slot 6
*
*
*
*
* Subject to new orders from OGX
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Project Accelerators
Project Accelerators
Maximize competitiveness through standardization of production units
Reach 70% of standardization of units (plant and deck)
Signature of long-term contracts with suppliers
Project Accelerators: Standardization of Equipment
KEY SYSTEMS
Water injection
Cargo handling
Energy generation
Gas compression
Offloading System
Supervisory System
Anchoring and Turret System
OTHER SYSTEMS
Water harvesting
Compressed air
Fire Fighting System
Tubing and Accessories
Load pump
Ballast pumps
SEP / 11 FEB / 11
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Advantages
Modules can be removed without damaging the project
Capable of treating a range of oil specifications
Potential gain: 5 months in the engineering phase
Status
Contract signed with Chemtech-Kromav-Exactum
First OSXflex units: OSX-4 and OSX-5.
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Project Accelerators: OSX Flex Engineering
MIN
API RGO LDA
MAX
MIN
MAX
MIN MAX
ITN – Naval Technology Institute
Fase 2 – Conhecimento, Tecnologia e Inovação
32
ITN : Objectives
Qualification of up to 3,100 personnel in 23 functions by the
end of 2012
Use of SENAI’s facilities and faculty in the city of Campos, as
well as mobile units in São João da Barra. Macaé in the future
Scholarships providing financial assistance, food and
transportation
Estimated budget: R$ 12.7 million
SENAI Campos SENAI Macaé SENAI São João da Barra
Curriculum planning
Adapting the necessary facilities
Classes scheduled to commence in January 2012
Organization and production of teaching material
ITN : Phase I – Qualification and Training
City Aprox. Distance Work Force Population
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 3.000 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
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Fase 2 – Conhecimento, Tecnologia e Inovação
34
ITN : Phase II – Training at UCN Açu
40 specialists from Hyundai based in Brazil for 5 years
50 employees from UCN Açu to be trained at Hyundai’s shipyard in
Ulsan, South Korea (4 groups from August 2012 through April
2014)
Construction of ITN at UCN Açu, with an area of approximately
1.800 m2
Facilities for workshops, labs, classrooms, auditorium and library
Implementation of systems for simulation of operations and
offshore units
Fase 2 – Conhecimento, Tecnologia e Inovação
35
ITN – Phase III Supply Chain Strengthening
ITN: Phase IV Technological Innovation
Identification of suppliers that have the potential to develop new materials,
equipment, and innovative work methodologies, focused on OSX’s potential
demand
Establish partnerships with Brazilian and international academic institutions,
focused on the development and assimilation of new technologies
Next Milestones
First Oil OGX – December 2011
Beginning of construction: WHP-1 and WHP-2
Financing: OSX-3, WHP-1 and WHP-2
Contract shipyard to convert the OSX4 and OSX5 hull’s
Shipyard financing contract (Merchant Marine Fund)
New orders from OGX
Orders from third parties
37
Next Milestones
