OSX is an integrated offshore oil and gas services provider in Brazil with a focus on building offshore production units. It has a strong order backlog from its anchor client OGX for 48 units worth $30 billion. OSX is building a large shipyard in partnership with Hyundai Heavy Industries to localize production and benefit from technology transfer. The yard will help meet growing demand from Petrobras and other companies investing over $100 billion in pre-salt offshore fields in Brazil through 2030.

1. 1
June 2011
OSX – Institutional Presentation

2. Organizational Structure
OSX OwnershipOSX Ownership
Free Float 21.1%78.9%
2
OSX LeasingOSX Shipbuilding Unit OSX Services
Integrated offshore E&P
equipment and
services provider
10% 90% 100% 100%
Holding

3. Attractive Market
Conditions in Brazil
Local Content
Requirement
Strong Demand
from OGX
OSX HighlightsOSX Highlights
• Approximately 70% of E&P industry capex supplied locally
• Key for Brazil’s long term social and economic development (285k jobs in the 5 yrs)
• Priority Rights between OSX and OGX
• Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment
• Upside potential with expansion of OGX’s exploratory campaign
• Expected oil and gas resources to increase to 100 Bboe, with announced investments of
US$ 140bn plus
• Underserved domestic equipment & services market
3
Strategic
Partnership with
Hyundai & Unique
Location
Strong Current
Order Book
Incentivized and
Experienced
Management Team
• More than 30 years experience, on average, in the E&P sector
• US$ 30bn in projects and more than 50 thousand people under management
• Partnership with the largest shipbuilder in the world
• State-of-the-art technology and transfer of know-how
• Large, scalable shipyard at Açu
• Firm orders of $4.8 bn
• FPSO OSX 1 to be delivered in 3Q 2011
• FPSO OSX 2 e OSX 3 to be delivered in 2Q 2013 and 3Q 2013
• FPSO’s OSX 4 and OSX 5 to be delivered in 2Q 2014 and 4Q 2014
• WHP’s 1 and 2 construction contract ongoing and to be delivered in 1Q 2013 and 2Q 2013

4. Exploratory Success in the Drilling Campaign
OGX: Anchor ClientOGX: Anchor Client
• Largest Brazilian private E&P player in terms of offshore
exploratory acreage
• 6.7 billion boe of risked prospective resources and 212
million boe of contingent resources, assuming a
probability of success of 35%
• 22 offshore blocks and 7 onshore blocks in 5 different
OGX Highlights
35 wells with O&G discovered
C
D
I
G
H
K E
F
B
J N
P E R E G R IN O
M A R O M B A
P OLV O
PA PA -TE R RA
BM- C-41
BM -C-38
BM -C-37
B M -C-42
BM -C-43
BM -C-40
B M -C -39
C
D
I
G
H
K E
F
B
J N
P E R E G R IN O
M A R O M B A
P OLV O
PA PA -TE R RA
BM- C-41
BM -C-38
BM -C-37
B M -C-42
BM -C-43
BM -C-40
B M -C -39
Campos Basin
Vesuvio Prospect
Netpay of 57 meters
Discovery between 500 -
1,500 M boe
Pipeline Prospect
Netpay of 165 meters
Discovery between 1,000 – 2,000 M boe
M
L
M E X IL H Ã O
B M -S - 5 8
B M -S - 5 6
B M -S - 5 7
B M - S -5 9
Santos Basin
Waimea Prospect
Netpay of 130 meters
Discovery between 500 – 900 M boe
DD
BB
GG
Etna Prospect
Netpay of 91 meters
Discovery between
500 – 1.000 M boe
HH
Huna Prospect
Netpay of 52 meters
JJ
Vesúvio Direcional
Prospect
Netpay of 60 meters
SS
Ingá Prospect
Netpay of 12 meters
Aracaju Prospect
Netpay of 40 meters
TT
Belém Prospect
Netpay of 43 meters
RR
CC
4
sedimentary basins
Source: D&M Report and OGX presentations
(1) Gross Prospective Resources
OGX Offshore Blocks (Sept/09)
Basin Blocks
Unrisked
Resources
Total 1
Probability of
Geological
Success Total
Risked
Resources
OGX
Campos 7 9,350 44.10% 4,124 3,693
Santos 5 6,659 27.00% 1,796 1,688
Espírito
Santo
5 5,017 32.60% 1,634 817
Pará
Maranhão
5 2,104 21.30% 447 447
Total 22 23,130 34.59% 8,001 6,645
1-MRK-1-SPS
A
Risked
Resources
OGX blocks
Oil Field
LL
Hawaii Prospect
Netpay of 64 meter
Basin D&M Report 2011
Campos 5,700*
Santos 1,688
817
447
Espírito
Santo
Pará
Maranhão
Total 8,652
* 3C + Delineation + Prospective

5. OGX: Significant Demand ExpectedOGX: Significant Demand Expected
Base case order book of 48 offshore E&P units equivalent to US$ 30bn
OGX Production Targets - kboepd
Expected Demand for Offshore Equipment (2011-2019) in
Number of units
FPSOFPSO
TLWPTLWP
WHPWHP
19
5
24
TotalTotal 48*
730
1,380
CAGR:
70%
5
• Initial production expected to begin 2011
• 1st FPSO already contracted for a period of 20 years, at an
average day rate of US$263,000
• Expected CAGR of 70% between 2011 and 2019
Source: OGX
Source: OGX
TotalTotal 48*
Delivery Timeline
2019E2015E2011E
20
1
2
4
5
3
1 1
1
2
1
1
3 5
6
6
2
2
1
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
1
5
6
12
13
6
4
1
1
5
1
* OSX2: to be delivered in mid 2013 (IPO:Dec12)
* OSX5: to be delivered in 1Q 2015 (IPO:Dec14)
* Considering 2009 D&M Report

6. Current Order BookCurrent Order Book -- OGXOGX
EQUIPMENT CAPACITY
ESTIMATED CAPEX
US$ MM
DELIVERY
FPSO OSX1 80K bopd 610 3Q 2011
FPSO OSX2 100K bopd 775 2Q 2013
FPSO OSX3 100K bopd 800-850 3Q 2013
6
FPSO OSX4 100K bopd 850-900 2Q 2014
FPSO OSX5 100K bopd 850-900 4Q 2014
WHP1 *30 wells 400-450 1Q 2013
WHP2 *30 wells 400-450 2Q 2013
Total 4,685 - 4,935
*18 wells for production,10 wells for water injection and 2 wells for gas injection

7. PrePre--Salt ResourcesSalt Resources
Pre-salt discoveries strongly contribute to increase Brazilian resources of up to 100Bboe
Additional ~ 70 billion boe (only in pre-salt)
FPSO units, deepwater environment
US$ 111bn 2009-2020E
Total Area
Estimated
Resources
Production
Development
Required
112,000 km2
Pre-salt Resources Pre-salt Resources Area
Exploratory Blocks
OGX Blocks
Oil and Gas Fields
Pre-salt Reservoir
(Petrobras/CNPE/ANP)
7
Petrobras Local Production Forecast
(thousand bpd)
Petrobras’ capex: US$111 billion
US$ 111bn 2009-2020E
US$ 33bn 2010-2014E
Required
Capex
Source: Petrobras, ANP
Source: Petrobras Source: Petrobras (Company Presentation)
Espírito
Santo
Basin
Campos
Basin
Santos Basin
Açu Super-Port
2,050
2,461 2,758
2,404 2,105
582 1,336 1,815
2,050
2,680
3,340
3,740
3,920
219
2009 2013E 2015E 2017E 2020E
Ex-Pre Salt Pre Salt

8. Consolidated Potential Demand (E&P number of equipment)
32
27
Strong Demand for Offshore E&P Equipment in BrazilStrong Demand for 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)
OGX (FPSOs Only)
Petrobras (FPSOs + 28 Rigs)
8
3 3
22
8
18
13
16
11
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Existing Capacity
Note: Including already ordered equipment
Source: Verax
Capacity Estimates: Source OSX

9. Local Content Requirement
Local Content: Rationale and EvolutionLocal Content: Rationale and Evolution
The Local Content requirement represents a social and economic development strategy
and has significantly increased over ANP’s bidding rounds
Local Content Evolution
• Definition: minimum percentage of equipment and
services contracted by the operator that must be supplied
by local companies
• Average 70% in the production development phase
• Component of the bid for acquisition of E&P Blocks
• Certification of each item by inspection companies
42%
39%
79%
86%
74%
69%
79%
27%
48%
40%
54%
86%
89%
81%
77%
84%
9
Source: ANP
Note (1) 8th ANP bidding round auction is still under discussion
Notable Companies Committed to Local Content
• Boost local oil & gas equipment and services industry
• Incentivize local technology development
• Substantially increase employment and income
Local Content Rationale
• Certification of each item by inspection companies
(guidelines set forth by Federal Government – MME)
• Subject to severe penalties
25%
28%
39%
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Exploration Phase Development Phase

10. Brazilian ShipyardsBrazilian Shipyards
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil Current Brazilian Shipyard Condition
Mac Laren
Committed Slots
Site Area (km2)
Technology Partner
EAS ERG Brasfels Mauá MacLaren
1.6 0.5 0.5 0.4 0.1
Mauá
10
Brasfels
Technology Partner
Steel Processing Capacity
(Kton / year)
Focus on Offshore
Equipment
Logistics
Labor Force
Source: Verax
160 60 50 36 6
“A construction slot in OSX’s shipyard is worth more than gold”

11. Strategic Partner: Hyundai Heavy IndustriesStrategic Partner: Hyundai Heavy Industries
OSX Shipyard Unit under development in partnership with the largest shipbuilder in the world
• 10% equity investment in OSX Shipyard
• State-of-the-art technology
• Transfer of know-how and training
• Accelerate learning curve: 38 years of
experience into 2 years
Rationale and Overview
• Proven track record: founded in 1972
• Largest shipbuilder in the world: 10%
market share (2010)
• Delivered more than 1,600 vessels to
more than 250 ship owners in 47
countries to date
• One of the leaders in offshore equipment
• Significant upside potential for OSX
– HHI Offshore division processes
550,000 tons of steel/year in
2,500,000 m²
– OSX should process in its initial
stage 180,000 tons of steel/year and
Why Hyundai? Efficiency Comparison
11
experience into 2 years
• Technology and services contract for
shipyard design and transfer of know-how
for at least 10 years
• One of the leaders in offshore equipment
fabrication in the world, handling over 100
turnkey EPIC projects for more than 30 oil
and gas majors
• Delivered FPSO’s and fixed platforms to
clients such as ExxonMobil, Petrobras,
Shell, Chevron and BP
stage 180,000 tons of steel/year and
integrate 220,000 tons/year in
2,000,000 m²
• Efficiency gains could drive potential
processing capacity expansion
• OSX’s goal is to reach Asian productivity
levels in two years of operation

12. AçuAçu SiteSite
Approval of macro drainage project: March 31st 2010
12“The largest shipyard to be built in the Americas”

13. Açu Industrial DistrictAçu Industrial District
A newA new clustercluster for heavy industryfor heavy industry
1313

14. AçuAçu SiteSite
• 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)
• Conceptual design approved by Hyundai Heavy Industries
Green
Platforms
construction areas
Modules
construction
area
Drydock and
effluent station
treatment
Platforms
assembling
area
14
Quay
FPSO
Green
curtain
Administrati
ve buildings
Industrial Unit
treatment
Administrative
buildings with
Leed - US Green
Building
Electric Substation 345 kV – 13.8
kV
Effluent treatment station
Water treatment station

15. AçuAçu Site: Competitive AdvantagesSite: Competitive Advantages
• Welding savings with 18m steel plate: 56% less welding
• Energy savings: 30% reduction
• Weather conditions: 25% more sunny days (5% efficiency increase)
15
• Soil advantages: less foundation required
• Integration slots: up to 3,525m of quay
• Proximity to Campos Basin: approximately 150 km

16. AçuAçu Site: Preliminary BudgetSite: Preliminary Budget
Preliminary Budget - USD (MM) Total LLX OSX
Common Infrastructure 448 219 229
Engineering 31 15 16
Civil Works 416 204 212
Offshore Dredging (854k m3) 111 55 56
Onshore Dredging (13,000k m3) 41 20 21
Break Water (2,300k m3) 264 129 135
Pre eng. costs + environmental 74 - 74
16
Civil works 447 - 447
Onshore Dredging (10,500k m3) 90 - 90
Quay (2,270 m) 262 - 262
Back area embankment (6,000k m3) 21 - 21
Site camp facility and management 74 - 74
Shipyard structure 544 - 544
Buildings 265 - 265
Dry Dock 133 - 133
Roads and Paving 146 - 146
Equipment and others 420 - 420
Total 1,933 219 1,714

17. Product PortfolioProduct Portfolio
• Floating Production Storage and
Offloading
• Hull: conversion of oil tanker or new-
build
• Tension-Leg Wellhead Platform
• Suited for deepwater environments
Description
• Pull-in and Mooring Systems
• Cranes
• Power Generation
Main Systems for Standardization Target
FPSO
TLWP
17
• Drilling units for exploration
• Heavily demanded in ultra-deepwater
• Wellhead Platform or fixed production
platforms in general
• Suited for shallow-water environments
• Automation Systems
• Bulk Materials
• Processing Systems
• Safety Systems
WHP
Drillships
Tankers
• Navigation transportation unit
• Demand for long course navigation units,
cabotage, relievers and production
platforms

18. Next MilestonesNext Milestones
Installation License
Shipyard Ground Breaking
BNDES / FMM Financing
FPSO OSX 2 Financing
18
FPSO OSX 2 Financing
WHP 1 and WHP 2 EPCI Contract Signature
FPSO OSX 1 arrival in Brazil and First Oil
Construction Contract: FPSOs OSX 3, OSX 4 and OSX 5
Potential orders from other clients