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Project Update
SEPTEMBER 2011
1
OSX Shipbuilding
SEPTEMBER 2011
2
Açu Shipyard – Industrial District
A new cluster for heavy industry
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Açu Shipyard – Layout
Administrative buildings with LEED
Certification (US Green Building Council)
FPSO
Dry dock
and effluent
treatment
station
Quays
Electricity Substation 345 kV – 13.8 kV
Jacket assembly area
Administrative
buildings
ETA
Green Curtain
Module construction area
Platform construction area
Industrial unit
4
Shipyard– Licensing Schedule
Oct-10
Jan-11Jun-11
Jul-11
EIA/RIMA Filling
Public MeetingsPreliminary License
(LP) Issuance
Installation License (LI) Issuance
Beginning of Construction
Feb-11
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Shipyard Financing : Merchant Marine Fund
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 (million):
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OSX LLX
Dredging and Engineering US$ 93 US$ 90
Break Water US$ 135 US$ 129
Quay US$ 262 -
Buildings US$ 339 -
Dry Dock US$ 133 -
Roads and Paving US$ 146 -
Equipment and Others US$ 487 -
Total: US$ 1,914 US$ 1,695 US$ 219
UCN – Construction Timeline
PackagesReceipt of Proposals
Contracting Mobilization
Vegetation Supression March-11 2Q11Installation License
Issuance
Ground Preparation May-11 3Q11 3Q11
North Quay and WHP area June-11 3Q11 4Q11
Dry dock June-11 3Q11 4Q11
South Quay and Respective Retro Area June-11 3Q11 4Q11
Industrial Buildings April-11 3Q11 4Q11
Utilities and Infrastructure May-11 3Q11 3Q11
Administrative Buildings (LEED) July-11 1Q12 1Q12
Administrative Buildings (Non LEED) Sepetember-11 4Q11 1Q12
Electromechanical Assembly August-11 1Q12 2Q12
Supervisory Support December-10 2Q11 2Q11
Contractor houses April-11 3Q11 3Q11
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Pictures: Dredging and Vegetation Supression
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Order Book Status - OGX
* Delivery at the shipyard (ex-installation)
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Equipment Capacity Estimated CAPEX (US$ MM) Delivery*
FPSO OSX-1 80K bopd 610 3Q 2011
FPSO OSX-2 100K bopd 775 2Q 2013
FPSO OSX-3 100K bopd 800 3Q 2013
FPSO OSX-4 100K bopd 850-900 2Q 2014
FPSO OSX-5 100K bopd 850-900 4Q 2014
WHP-1 30 wells 400-450 2Q 2013
WHP-2 30 wells 400-450 1Q 2013
Total 4,685-4,885
FPSO OSX-1
SEPTEMBER 2011
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FPSO OSX-1 – Customization
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 NewM200 New
M320 Mod. M290 Mod. M260 Mod.
M380 New
M230 New
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FPSO OSX-1 – Project Progress
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FPSO OSX-1 Sail Away
Milestones Achieved
Sail away ceremony
Start of journey to Brazil
Preliminary license issued for OGX
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Milestone Date
Begining of installation of mooring system September 2011
Arrival of buoy (from Batam) September 2011
Arrival of OSX-1 1st week in October 2011
Installation of STP Buoy November 2011
FPSO OSX-1 – En Route to Brazil
Estimated Date of Arrival: 1st week in October, 2011
As of 9/26/11
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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
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Total crew : 89 people
FPSO OSX-1 – Personnel Experience
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
SEPTEMBER 2011
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OSX-2 / WHP-1 System
WHP-1 OSX-2
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OSX-2 / WHP-1 System
Construction Contract
— EPCI contract signed with SBM
— Acquisition of VLCC - accomplished
Long term debt commitment
— Committed financing with 3 leading banks (ING,
Santander, Itaú) and 5 others
— Contract at final stage of negotiation with
probable signature for Oct/2011.
— Debt/Equity structure – 80/20
OSX-2 WHP-1
Construction Contract
— Signing of LOI with Techint – 1st quarter 2011
— Start of Engineering - 1st quarter 2011
— Contract signed with Techint
— LOI for Drilling Package signed with TTS
Long term debt
- Financing: BNDES and GIEK
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Milestone Date
Arrival of hull at Keppel shipyard
(Singapore) 1st Quarter 2011
P & IDs approved for construction 2nd Quarter 2011
Docking of VLCC 3rd Quarter 2012
FPSO departure from yard 2nd Quarter 2013
Milestone Date
Start of construction and assembly 4th Quarter 2011
Load Out of WHP-1 2nd Quarter 2013
OSX-3 / WHP-2 System
SEPTEMBER 2011
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OSX-3 / WHP-2 System
WHP-2 OSX-3
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OSX-3 / WHP-2 System
Construction Contract
— Aquisition of VLCC - accomplished
— EPCI contract signed with MODEC
Long term debt commitment
— Financing: 1st half 2012
OSX-3 WHP-2
Construction Contract
— Signing of LOI with Techint - February 2011
— Start of Engineering - February 2011
— Contract signed with Techint
Long term debt
— Financing: BNDES and GIEK
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Milestone Date
Docking of VLCC 4th Quarter 2011
P & IDs approved for construction 2nd Quarter 2012
FPSO departure from yard 3rd Quarter 2013
Milestone Date
Start of construction and assembly 4th Quarter 2011
Load Out of WHP-2 1st Quarter 2013
FPSO OSX-4
SEPTEMBER 2011
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FPSO OSX-4
OSX-3 WHP-2Milestones Achieved
Aquisition of VLCC Suhail Star / value US$ 27 million
Signing of contract for OSXflex Project ( Chemtec & Kromav )
Start of tanks inspection and thickness measurement of the hull
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Milestone Date
Specifications for hull conversion 1st Quarter 2012
End of hull conversion 4th Quarter 2012
Arrival of hull at UCN slot 1 1st Quarter 2013
Delivery by shipyard 2nd Quarter 2014
FPSO OSX-5
SEPTEMBER 2011
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FPSO OSX-5
OSX-3 WHP-2Milestones Achieved
Aquisition of VLCC – Gemini Star / value US$ 27 million
Signing of OSXflex Project
Start of tanks inspection and thickness measurement of the hull
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Milestone Date
Specifications for hull repair 2nd Quarter 2012
End of hull conversion 2nd Quarter 2013
Arrival of hull at UCN slot 2 3rd Quarter 2013
Delivery by shipyard 4th Quarter 2014
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: 2Q13 OSX-6: 3Q13 OSX-6: 4Q14
Slot 4: 3Q13 OSX-7: 4Q13 OSX-7: 4Q14
Slot 5: 4Q13 OSX-8: 4Q13 OSX-8: 1Q15
Slot 6: 1Q14 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
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Maximize competitiveness through standardization of production units
Reach 70% of standardization of units (plant and deck)
Signature of long-term contracts with suppliers
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
Sept. 2011 Feb. 2012
Project Accelerators: Standardization of Equipment
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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.
MIN
API RGO LDA
MAX MIN MAX MIN MAX
Project Accelerators: OSX Flex Engineering
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ITN – Naval Technology Institute
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ITN : Phase I - Objectives
Qualification of up to 3,100 personnel in 23 functions by the end of 2012
Utilization of facilities and instructors from SENAI
Scholarships provide financial assistance, food and transportation
Estimated budget: R$ 12.7 million
SENAI Campos SENAI MacaéSENAI São João da Barra
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ITN : Phase I - Recruiting
• Courses in final stage of planning
• Recruiting and selection taking place during 4th quarter of 2011
• Beginning of classes scheduled for 1st quarter 2012
• Initial programs: welders, mechanics, electricians, among others
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CityAprox.
distanceWork 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
Next Milestones
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Next Milestones
Arrival of OSX-1 and first oil
Conclusion of OSX-2 financing
Beginning of construction : WHP-1 and WHP-2
Financing of OSX-3, WHP-1 and WHP-2
New orders from OGX
Orders from third parties
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