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PROJECT UPDATE
Rio de Janeiro | January 2012 |
FPSO OSX-1 SHIPBUILDING
AÇU INDUSTRIAL COMPLEX
A New Cluster for the Offshore and Heavy Industry
90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan)
GE
90 km² Industrial Complex (1.5 x larger than Manhattan Island)
UCN AÇU: LAYOUT
90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan)
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
UCN AÇU: LICENSING SCHEDULE
Oct-10 Jan-11 Jun-11 Jul-11 Feb-11
Public Hearings
Preliminary License Issuance
Installation License
Issuance Beginning of Construction
EIA/RIMA Filling
P P P P P
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 1Q12 1Q12
DRY DOCK 1Q12 1Q12
SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 1Q12
INDUSTRIAL BUILDINGS 3Q11 4Q11
UTILITIES AND INFRASTRUCTURE 3Q11 3Q11
ADMNISTRATIVE BUILDINGS (LEED) 1Q12 1Q12
AUXILIARY BUILDINGS (NON-LEED) 1Q12 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
P
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 - 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
UCN AÇU: FINANCING
Fundo da Marinha Mercante (Merchant Marine Fund)
Credit facility: 80% CAPEX
Total tenor ranging from 18 to 20 years with a grace period of up to 3
years and interest rates that vary between US$ + 2% to US$ + 4% per annum
Lending Agents: BNDES, Caixa Econômica Federal, Banco do Brasil, BNB
and Banco da Amazônia
UCN AÇU: FINANCING
2011 2012 2014 2013
63,6% 20,1% 1,9% 14,4%
Capex distribution per year/activity
TOTAL OF US$ 1,933 MM
DESCRIPTION OSX (US$) LLX (US$)
DREDGING AND ENGINEERING 93 90
BREAK WATER 135 129
QUAY 262 -
BUILDINGS 339 -
DRY DOCK 133 -
ROADS AND PAVING 146 -
EQUIPMENT, ENGINEERING AND ENVIRONMENT 487 -
OTHERS 119 -
TOTAL $1.714 $219
UCN AÇU:
EVOLUTION OF THE WORKS
UCN AÇU: BREAKWATER
UCN AÇU: AERIAL VIEW
UCN AÇU: CONSTRUCTION OF THE CANAL
UCN AÇU: EARTHWORKS
UCN AÇU: BUILDINGS
Medical Center
Administrative Building
Canteen
FPSO OSX-1 LEASING
& SERVICES
CURRENT ORDER BOOK STATUS: OGX
* delivery at the shipyard (ex installation)
EQUIPMENT CAPACITYESTIMATED CAPEX
(US$ 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 3Q 2013
WHP-2 30 wells 400-450 4Q 2013
Total 4,685 - 4,885
FPSO OSX-1:
DESTINATION WAIMEA
FPSO OSX-1: CUSTOMIZATION
Age
FPSO OSX-1: CREW
Total of 89 crew members
Years of Experience
14%
26%
28%
28%
4%
20 to 30 years
30 to 40 years
40 to 50 years
50 to 60 years
Greater than or equal
to 60 years
49%
32%
19%
Less than 20 years
20 to 30 years
Greater than or equal
to 30 years
OGX PRODUCTION MODEL
WHP OSX
OSX-2 / WHP-1 SYSTEM
OSX-2
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 (12 years, LIBOR +4,41% p.a.)
■ Other financial institutions participating in the syndicate : HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor
■ Debt/Equity structure : 80/20
WHP-1
Construction Contract
■ Signing of LOI with Techint – 1Q11
■ Start of Engineering – 1Q11
■ Contract signed with Techint
■ LOI for Drilling Package signed with TTS
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
Milestone Date
Start of construction and assembly 4th Quarter 2011
Load Out of WHP-1 3rd Quarter 2013
OSX-3
Construction Contract
■ Acquisition of VLCC - accomplished
■ EPCI contract signed with MODEC
Long term debt commitment
■ Financing: 1st half 2012
WHP-2
Construction Contract
■ Signing of LOI with Techint – 1Q11
■ Start of Engineering – 1Q11
■ Contract signed with Techint
OSX-3 / WHP-2 SYSTEM
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
MILESTONES ACHIEVED AND NEXT STEPS
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
Milestone Date
Specifications for hull
conversion1st Q2012
End of hull conversion 4th Q2012
Arrival of hull at UCN slot 1 2nd Q2013
Delivery by the shipyard 2nd Q2014
FPSO OSX-5
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
Milestones Date
Specifications for hull repair 2nd Q2012
End of hull conversion 2nd Q2013
Arrival of hull at UCN slot 2 3rd Q2013
Delivery by the shipyard 4th Q2014
MILESTONES ACHIEVED AND NEXT STEPS
UCN – OCCUPATION OF SLOTS BY FPSOs
* Subject to new orders from OGX
Slot 1
Slot 2
Slot 4
Slot 3
Slot 5
Slot 6
Slot Delivery Arrival of Vessel Delivery by 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*
PROJECT
ACCELERATORS
PROJECT ACCELERATORS
Standardization of Equipment
Maximize competitiveness through standardization of production units
Reach 70% of standardization of units (plant and deck)
Signature of long-term contracts with suppliers
Water injection
Cargo handling
Energy generation
Gas compression
Offloading System
Supervisory System
Anchoring and Turret System
Water harvesting
Compressed air
Fire Fighting System
Tubing and Accessories
Load pump
Ballast pumps
Key Systems Sept/11 Other Systems Feb/11
PROJECT ACCELERATORS
OSX Flex Engineering
Modules can be removed without damaging the project
Capable of treating a range of oil specifications
Potential gain: 5 months in the engineering phase
Advantages
Contract signed with Chemtech-Kromav-Exactum
First OSXflex units: OSX-4 and OSX-5
Status
MIN
API RGO LDA
MAX
MIN
MAX
MIN MAX
ITN:
INSTITUTE
OF NAVAL
TECHNOLOGY
PARTNERSHIP BRAZIL / KOREA
ITN- INSTITUTE OF NAVAL TECHNOLOGY
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
Objectives
Curriculum planning
Adapting the necessary facilities
Classes scheduled to commence in 1st quarter 2012
Organization and production of teaching material
Phase I: Qualification and Training
ITN- INSTITUTE OF NAVAL TECHNOLOGY
CityApprox.
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 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
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
Phase II: Training at UCN Açu
ITN- INSTITUTE OF NAVAL TECHNOLOGY
Phase III- Supply Chain Strengthening
Identification of suppliers that have the potential to develop new materials, equipment and
innovative work methodologies, focused on OSX’s potential demand
Phase IV- Technological Innovation
Establish partnerships with Brazilian and international academic institutions, focused on the
development and assimilation of new technologies
ITN- INSTITUTE OF NAVAL TECHNOLOGY
NEXT MILESTONES
First Oil OGX – January 2012
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
