1. Project Update
SEPTEMBER 2011
1

2. OSX Shipbuilding
SEPTEMBER 2011
2

3. Açu Shipyard – Industrial District
A new cluster for heavy industry
3

4. Açu Shipyard – Layout
Platform construction
Jacket assembly area
area
Module construction area
Dry dock
and effluent
treatment Green Curtain
station
ETA
FPSO
Industrial unit
Administrative
buildings
Quays
Administrative
Electricity Substation
buildings with LEED
345 kV – 13.8 kV Certification (US Green
Building Council)
4

5. Shipyard– Licensing Schedule
EIA/RIMA Installation License
Filling (LI) Issuance
Jan-11 Feb-11 Jul-11
Oct-10 Jun-11
Preliminary License
Public Meetings (LP) Issuance Beginning of
Construction
5

6. 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):
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
6

7. UCN – Construction Timeline
Receipt of
Packages Contracting Mobilization
Proposals
Installation License
Vegetation Supression March-11 2Q11
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
7

8. Pictures: Dredging and Vegetation Supression
8

9. Order Book Status - OGX
Equipme nt Capacity Estimate d CAPEX (US$ MM) De live ry*
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
* Delivery at the shipyard (ex-installation)
9

10. FPSO OSX-1
SEPTEMBER 2011
10

11. FPSO OSX-1 – Customization
M320 Mod. M290 Mod. M260 Mod. M230 New
MODIFICATION
WORK
NEW M200 New
M380 New M350 New
INSTALLATION
N160 Mod.
Hull / Engine N130 Mod.
Room Mod.
F110 Mod.
M430 Mod.
M400 Mod.
Central Pipe
Rack Mod.
M310 New M280 Mod. M250 New M220 Mod. W140 Mod.
11

12. FPSO OSX-1 – Project Progress
12

13. FPSO OSX-1 Sail Away
Milestones Achieved
 Sail away ceremony
 Start of journey to Brazil
 Preliminary license issued for OGX
Mile stone 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
13

14. FPSO OSX-1 – En Route to Brazil
 Estimated Date of Arrival: 1st week in October, 2011
As of 9/26/11
14

15. FPSO OSX-1 – Personnel Experience
Age Years of Experience
4%
14% 20 to 30 years
19%
Less than 20 years
30 to 40 years
28%
49% 20 to 30 years
40 to 50 years
26% 32%
Greater than or equal to
50 to 60 years 30 years
Greater than or equal to
60 years
28%
Total crew : 89 people
15

16. OSX-2 / WHP-1 System
SEPTEMBER 2011
16

17. OSX-2 / WHP-1 System
WHP-1 OSX-2
17

18. OSX-2 / WHP-1 System
OSX-2 WHP-1
Miles tone Date Milestone Date
Arrival of hull at Keppel shipyard Start of construction and assembly 4th Quarter 2011
(Singapore) 1st Quarter 2011
Load Out of WHP-1 2nd Quarter 2013
P & IDs approved for construction 2nd Quarter 2011
Docking of VLCC 3rd Quarter 2012
FPSO departure from yard 2nd Quarter 2013
 Construction Contract  Construction Contract
— EPCI contract signed with SBM — Signing of LOI with Techint – 1st quarter 2011
— Acquisition of VLCC - accomplished — Start of Engineering - 1st quarter 2011
 Long term debt commitment — Contract signed with Techint
— Committed financing with 3 leading banks (ING, — LOI for Drilling Package signed with TTS
Santander, Itaú) and 5 others
 Long term debt
— Contract at final stage of negotiation with
- Financing: BNDES and GIEK
probable signature for Oct/2011.
— Debt/Equity structure – 80/20
18

19. OSX-3 / WHP-2 System
SEPTEMBER 2011
19

20. OSX-3 / WHP-2 System
WHP-2 OSX-3
20

21. OSX-3 / WHP-2 System
OSX-3 WHP-2
Mi l es tone Date Miles tone Date
Docking of VLCC 4th Quarter 2011 Start of construction and assembly 4th Quarter 2011
P & IDs approved for construction 2nd Quarter 2012 Load Out of WHP-2 1st Quarter 2013
FPSO departure from yard 3rd Quarter 2013
 Construction Contract  Construction Contract
— Aquisition of VLCC - accomplished — Signing of LOI with Techint - February 2011
— EPCI contract signed with MODEC — Start of Engineering - February 2011
— Contract signed with Techint
 Long term debt commitment
— Financing: 1st half 2012  Long term debt
— Financing: BNDES and GIEK
21

22. FPSO OSX-4
SEPTEMBER 2011
22

23. FPSO OSX-4
OSX-3
Milestones Achieved WHP-2
 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
Miles tone 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
23

24. FPSO OSX-5
SEPTEMBER 2011
24

25. FPSO OSX-5
Milestones Achieved
OSX-3 WHP-2
 Aquisition of VLCC – Gemini Star / value US$ 27 million
 Signing of OSXflex Project
 Start of tanks inspection and thickness measurement of the hull
Miles tone 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
25

26. 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 *
* Subject to new
orders from OGX
Slot 3
Slot 4
Slot 5
Slot 1
Slot 2 Slot 6
26

27. Project Accelerators
27

28. 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
KEY SYSTEMS OTHER SYSTEMS
 Water injection  Water harvesting
 Cargo handling  Compressed air
 Energy generation  Fire Fighting System
 Gas compression  Tubing and Accessories
 Offloading System  Load pump
 Supervisory System  Ballast pumps
 Anchoring and Turret
System
Sept. 2011 Feb. 2012
28

29. Project Accelerators: OSX Flex Engineering
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 MAX MIN MAX MIN MAX
API RGO LDA
29

30. ITN – Naval Technology Institute
30

31. 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 São João da Barra
SENAI Campos SENAI Macaé
31

32. ITN : Phase I - Recruiting
Aprox. Work
City Population
distance force
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
• 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
32

33. Next Milestones
33

34. 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
34

35. Investor Relations Contacts
RI@OSX.COM.BR
+55 21 2555 6914
35

36. 36