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Execution Plan2011-2015
JULY 2011
This document contains statements and information about the Company that reflect the current views and/or expectations of the
Company and its management with regard to its business plans. These include all statements containing forecasts and projections
or that indicate or imply future results, performance or achievements, which may include such words as "believe", "predict",
"expect", "contemplate", "will probably result", or any other words or expressions of similar meaning. Such statements are subject
to a series of risks, uncertainties and assumptions. Readers are warned that several important factors may lead actual results to
significantly diverge from the plans, targets, expectations, estimates and intentions expressed herein. Under no circumstances
shall the Company or its directors, officers, representatives or employees be liable to any third parties (including investors) should
they make decisions, investments or business acts based on information and statements presented herein, nor shall the Company
be liable for any indirect damages, loss of profit, or similar consequences thereof. The Company does not intend to provide
shareholders with any revised versions of the statements or analysis of differences between the statements and actual results.
Investors should thoroughly analyze the Reference Form of OSX, available on the Company´s website, including the risk factors
identified therein. This presentation does not contain all the necessary information for a complete investment assessment on the
Company. Investors shall produce their own assessments, including the associated risks, before making an investment decision.
DISCLAIMER
1
AGENDA
Introduction
Product Portfolio
Shipbuilding Unit (UCN)
Order book
Development plan
Next Milestones
2
Introduction
3
OSX - Profile
Integrated supplier of equipment and services for the exploration and production of oil and gas.
Publicly held Company, listed on the Novo Mercado, BM&FBovespa´s highest standard of corporate governance, with R$ 2.4 billion raised at the IPO in March 2010.
Enjoys a very favorable market scenario given strong expansion of the oil and gas industry in Brazil, products and services demanded by OGX and local content rule implemented by ANP.
Organizational Structure
Acquire and
Charter
Build Operate
Tripulate and
Maintain
Exploration and Production Equipment (E&P)
Offshore oil and gas industry (O&G)
4
OSX – History
OSX´s Creation
• Acquisition of FPSO OSX-1
3T09 4T09
2T10
• Beginning of the licensing process at UCN Açu
• OSX-1 Financing
3T10
• Acquisiton of 2 VLCCs to be converted into FPSOs OSX-4 and OSX-5
• Beginning of GDR Level I Program
• Hiring of Credit Suisse as Market Maker
4T10
1T11
• Issuance of the Preliminary License for UCN Açu
• LOI with Techint, WHPs 1 and 2
2T11
• OGX order for 3 new FPSOs
• FPSO OSX-2 contract with SBM
• Issuance of the Installation License for UCN Açu
• UCN Açu Financing - FMM
1T10
• IPO: R$ 2.4 billion
• Strategic Cooperation Agreement with OGX
• Technical Cooperation Agreement with Hyundai
• OSX-1 Leasing Contract
3T11
• FPSO OSX-3 contract with Modec
5
OSX - Pillars
Strong Demand from OGX
Attractive Market Conditions in Brazil
Local Content Requirement
Strategic Partnership with Hyundai Heavy
Industries
Training (Naval Technology Institute -
ITN)
Incentivized and Experienced
Management Team
• 48 units of offshore E&P equipment = US$ 30 billion• Upside potential with expansion of OGX´s exploratory campaign
• Expected increase of oil and gas resources to 100 billion boe• Announced investments of US$ 140 billion
• Approximately 70% of local content required in equipment and services for the offshore O&G industry
• Key for Brazil´s job creation and economic development
• World shipbuilding leader• State-of-the-art technology and transfer of know-how• More than 38 years of experience
• Partnerships with technical schools and universities• Absorption of Korean technology• Qualification of 7,800 people by the end of 2013• Contract signed with Firjan in July 2011
• More than 30 years experience, on average, in the E&P sector • US$ 30 bn in projects and more than 50,000 people under management
6
Product Portfolio
7
Portfolio
FPSO
• Floating Production Storage and Offloading platform
• Hull: conversion of oil tanker or new-build
TLWP
• Tension-Leg Wellhead Platform
• Suited for deep water
WHP
• Wellhead Platform or fixed drilling and production platform
• Suited for shallow-water
TANKERS
• Navigation transportation unit
• Demand for long course navigation units, cabotage, relievers and production platforms
DRILLSHIPS
• Drilling unit for exploration
• Heavily demanded in ultra-deep water
8
FPSO Construction
Floating, Production, Storage and Offloading platforms
Floating unit used by the industry to produce, store and transfer oil
Construction
Based on a new hull or on the conversion of an existing oil carrier
Construction Phases
1) Conversion
Definition: Preparation and overhaul of a VLCC to receive the modules for processing oil and gas.
2) Integration
Definition: Assembly and commissioning of a set of modules aboard the converted hull.
3) FPSO ready to process oil
2
3
2
3
1
9
WHP Construction
Wellhead Platform
Fixed platform anchored to the seabed, appropriate for water depths under 300m.
Construction Phases
1) Steel tubes gathered in a structure forming the face of the jackets.
2) By joining the faces, the jacket is built. In parallel the topside +
drilling package is built.
3) After the jacket is built and ready, it is shifted to a barge, known as the
load-out process, so that the jacket may be transported to the
installation place.
4) The installation barge has a tilting system that launches the jacket into the sea and with a naval crane it is placed in the correct vertical position.
5) The Topside + Drilling Package arrives at the installation place
on a barge. There are two installation options, lifting and float-over.
6) With the topside + drilling package on the jacket, the WHP is fully
built and the tests of commissioning begins. This step consists the end of the installation and equipment on board.
1
1
2
4
32
3
4
10
Shipbuilding Unit (UCN)
11
UCN – Licensing Schedule
Oct-10Jan-11
Jun-11Jul-11
EIA/RIMA Presentation
Public Meetings
Preliminary License (LP) Issuance
Installation License (LI) Issuance
Beginning of Construction
Fev-11
12
UCN – CONSTRUCTION: CAPEX
Capex Distribution / Year:
Capex Distribution by Activity (million):
OSX LLX
Dredging and Engineering US$ 212 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$ 1,933 US$ 1,714 US$ 219
Merchant Marine Fund
≈ (80% of the total)
Total CapexUS$ 1.7 billion
13
UCN Financing: Merchant Marine Fund
Financing approved by the board of directors of
the merchant marine fund
Credit facility may reach R$ 2.7 billion
Total tenor range from 18 to 20 years with a
grace period of up to 3 years and interest rates
that vary in between US$ + 2% to US$ 4% per year
Lending Agents: BNDES, Caixa Econômica
Federal, Banco do Brasil, BNB and Banco da
Amazônia
14
UCN – Construction: Schedule of the packages
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
Drydock 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
Electromechanic Assembling August-11 1Q12 2Q12
Support December-10 2Q11 2Q11
Contractor houses April-11 3Q11 3Q11
15
UCN – Construction: Highlights
16
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
17
UCN – Occupation of slots by WHPS
Slot Delivery Beginning of Assembling Delivery by the UCN
Area 1: 4Q12 4Q12 WHP-3: 3Q13
Area 1: 4Q12 4Q12 WHP-4: 4Q13
Area 1: 4Q12 4Q12 WHP-5: 4Q13
Area 1: 4Q12 4Q12 WHP-6: 4Q13
Area 2: 1Q13 1Q13 WHP-7: 1Q14
Area 2: 1Q13 1Q13 WHP-8: 2Q14
Area 2: 1Q13 1Q13 WHP-9: 3Q14
Area 1
Area 2
* Subject to new orders from OGX
*
*
*
*
*
*
*
18
Order Book
19
Firm order book – US$ 4.8 billion
Equipment Production CapacityEstimated 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 1Q13
WHP-2 **30 wells 400 - 450 2Q13
Total 4,685 – 4,885
• Delivery by the UCN (ex installation)•** 18 wells for production, 10 wells for water injection and 2 wells for gas injection
20
Firm order book – Status
Equipment Status
FPSO OSX-1Final customization phase at Singapore. Sail Away Ceremony, August 13th
FPSO OSX-2 Contract signed with SBM Offshore. Delivery by the shipyard in 2Q13
FPSO OSX-3 Contract signed with Modec. Delivery by the shipyard in 3Q13
FPSO OSX-4and
FPSO OSX-5Vessels acquired. First FPSOs to be integrated at the UCN
WHP-1and
WHP-2
Contract signed with Techint. Equipment to be constructed at the site in Pontal do Paraná
21
Development Plan
22
Project Accelerators
1. Equipment Standardization
Reduce delivery timetable through long-term agreements with suppliers Standardize 70% of main equipment
2
3
1
Other Systems
Water harvesting
Compressed air
Fire Fighting System
Tubing and Accessories
Oil processing
Treatment of produced water
1
2
3
Key Systems
Water injection
Cargo handling
Gas compression
Energy generator
Supervisory System
Anchoring System
Offloading System
23
Project Accelerators
2. OSX Flex Engineering
Process oils of different characteristics (different API degree, gas/oil ratio, water/oil ratio)
Flex engineering used from FPSO OSX-2 onwards
24
Project Accelerators
3. WHP´s Standardization
Optimization of assembly and construction
Designed to operate in a range of water depths
4. Sister Vessels
Reduction in project timeframe and conversion costs
Accelerate the learning curve both in operation and
maintenance
FPSOs OSX-4 and OSX-5
25
ITN – Naval Technology Institute
Mission
As a leading institution specialized in naval training in Brazil, provide OSX Brazil with personnel, technology and innovative solutions for its products and processes in the areas of shipbuilding and offshore operations
Main Objectives
Training of workers (superior, technical and basic levels)
Development of innovative engineering projects
Mobilization of suppliers (new equipment and/or materials)
Absorption of technology (agreement with Hyundai)
Partnerships with reference institutions (companies and universities)
26
ITN – Naval Technology Institute
Phase I - Objectives
Qualification of up to 3,100 technical personnel in 23 functions (welders, assemblers,
electricians and mechanics, among others) through the end of 2012
Utilization of facilities and instructors from SENAI
Scholarships that provide financial assistance, food and transportation
Beginning of classes scheduled for 4Q11
Estimated budget: R$ 12.7 million
Phase I – Qualification and Training
Contract OSX & FIRJAN
- Qualification of personnel for the UCN
Technology Cooperation Agreement OSX & HYUNDAI
- Training program designed for technical and supervisory roles
SENAI Campos SENAI MacaéSENAI São João da Barra
27
ITN – Naval Technology Institute
Phase I – Recruiting Areas
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
28
ITN – Naval Technology Institute
Phase II – On the Job training
Proposed activities:
Training, technical assistance and operation supervision with Hyundai:
- 40 specialists from Hyundai in Brazil for 5 years
- 50 employees from the UCN at Hyundai shipyard in Ulsan, Korea
(4 groups: Aug. 2012 through April 2014)
Implementation of the ITN at UCN Açu
- Approximate area of 1,800 m2
- Offices, laboratories, classrooms, auditorium, library
Implementation of systems that simulate operations of offshore units
Salas de aulaBibliotecas
Sala de simulação
29
ITN – Naval Technology Institute
Phase III – Strengthening of the Supply Chain
Proposed action:
Identify, together with the procurement department, potential suppliers to develop new
material, equipment and innovative work methods that are of interest of OSX.
Phase IV – Technology Innovation
Proposed action:
Establish partnerships with academic institutions, both Brazilian and international, in
order to develop and assimilate technology
30
Certifications
Mandatory
Strategic
31
Next Milestones
32
Next milestones
Arrival of FPSO OSX-1 in Brazil and first oil
Conclusion of financing for FPSO OSX-2
Financing for FPSO OSX-3, WHP-1 and WHP-2
Beginning of Construction WHP-1 and WHP-2
Contract for engineering of FPSOs OSX-4 and OSX-5
OGX orders
Orders from other clients
33