1. PROJECT UPDATE
Rio de Janeiro | February 2012 |

2. SHIPBUILDING FPSO OSX-1
2

3. AÇU INDUSTRIAL COMPLEX
A New Cluster for the Offshore and Heavy Industry
GE
90 km² Complexo Industrial (1,5xx larger than ilha de Manhattan)
90 km² Industrial Complex (1.5 maior que a Manhattan Island)

4. UCN AÇU: LAYOUT
Platform construction
area
Jacket assembly
area Module construction
area
Dry dock
and ETS Green Curtain
Industrial unit ETA
Administrative
FPSO buildings
Quays
Administrative
buildings with LEED
Electricity Substation Certification (US Green
345 kV – 13.8 kV Building Council)
4
90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan)

5. UCN AÇU: LICENSING SCHEDULE
Preliminary Installation
EIA/RIMA Public License License Beginning of
Filling Hearings Issuance Issuance Construction
P
Oct-10
P
Jan-11
P
Feb-11
P
Jun-11
P
Jul-11
5

6. UCN AÇU: SHIPBUILDING UNIT SCHEDULE
PACKAGES PROCUREMENT MOBILIZATION
REMOVAL OF VEGETATION 2Q11 P 2Q11 P
PREPARATION OF THE TERRAIN 3Q11 P 3Q11 P
NORTH QUAY AND JACKET'S AREA 1Q12 1Q12
DRY DOCK 1Q12 1Q12
SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 1Q12
INDUSTRIAL BUILDINGS 3Q11 P 4Q11 P
UTILITIES AND INFRASTRUCTURE 3Q11 P 3Q11 P
ADMNISTRATIVE BUILDINGS (LEED) 1Q12 1Q12
AUXILIARY BUILDINGS (NON-LEED) 1Q12 1Q12
ELECTROMECHANICAL ASSEMBLY 1Q12 2Q12
SUPERVISION SUPPORT 2Q11 P 2Q11 P
CONSTRUCTION SITE 3Q11 P 3Q11 P
BREAKWATER 1Q11 P 1Q11 P
DREDGING 3Q11 P 3Q11 P 6

7. 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 - 3r d QUARTER -
SLOT 4 FOR FPSO INTEGRATION - 4th QUARTER -
SLOT 5 AND 6 FOR FPSO INTEGRATION - - 2nd QUARTER
COMPLETION OF CONSTRUCTION OF UCN - - 2nd QUARTER
7

8. 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
8

9. UCN AÇU: FINANCING
Capex distribution per year/activity
14,4% 63,6% 20,1% 1,9%
2011 2012 2013 2014
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 OF
TOTAL $1.714 $219 US$ 1,933 MM
9

10. UCN AÇU:
EVOLUTION OF THE WORKS

11. UCN AÇU: BREAKWATER
11

12. UCN AÇU: AERIAL VIEW
12

13. UCN AÇU: CONSTRUCTION OF THE CANAL
13

14. UCN AÇU: EARTHWORKS
14

15. UCN AÇU: BUILDINGS
Canteen
Medical Center
Administrative Building
15

16. LEASING
FPSO OSX-1
& SERVICES

17. CURRENT ORDER BOOK STATUS: OGX
ESTIMATED CAPEX
EQUIPMENT CAPACITY DELIVERY*
(US$ MM)
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
* delivery at the shipyard (ex installation)
17

18. FPSO OSX-1:
DESTINATION WAIMEA

19. FIRST OIL FOR OGX: 18H 39M 50S
31ST January 2012
19

20. FPSO OSX-1: CUSTOMIZATION
20

21. FPSO OSX-1: CREW
Total of 89 crew members
Age Years of Experience
4%
14% 20 to 30 years 19%
30 to 40 years Less than 20 years
28%
40 to 50 years 49% 20 to 30 years
26%
50 to 60 years Greater than or equal
to 30 years
32%
Greater than or equal
to 60 years
28%
21

22. WHP FPSO
OGX PRODUCTION MODEL

23. OSX-2 / WHP-1 SYSTEM
OSX-2 WHP-1
Milestone Date Milestone Date
Arrival of hull at Keppel shipyard
(Singapore) 3r d Quarter 2011 Start of construction and assembly 4th Quarter 2011
P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3r d Quarter 2013
FPSO departure from yard 2nd Quarter 2013
Construction Contract Construction Contract
■ EPCI contract signed with SBM ■ Signing of LOI with Techint – 1Q11
■ Acquisition of VLCC – accomplished ■ Start of Engineering – 1Q11
Long term debt commitment ■ Contract signed with Techint
■ LOI for Drilling Package signed with TTS
■ 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
23

24. OSX-3 / WHP-2 SYSTEM
OSX-3 WHP-2
Milestone Date Milestone Date
th th
Arrival of hull at conversion shipyard 4 Quarter 2011 Start of construction and assembly 4 Quarter 2011
st th
P&IDs approved for construction 1 Quarter 2012 Load Out of WHP-2 4 Quarter 2013
rd
FPSO departure from yard 3 Quarter 2013
Construction Contract Construction Contract
■ Acquisition of VLCC - accomplished ■ Signing of LOI with Techint – 1Q11
■ EPCI contract signed with MODEC ■ Start of Engineering – 1Q11
■ Contract signed with Techint
Long term debt commitment
■ Financing: 1st half 2012
24

25. FPSO OSX-4

26. MILESTONES ACHIEVED AND NEXT STEPS
 VLCC sister hulls acquired by OSX in Nov. 2010:
US$ 27 million each
 FPSO OSXFLEX concept contracted with CKE Milestone Date
Consortium (Chemtech, Kromav and Exactum) Specifications for hull
1st Q2012
conversion
 Close-up Survey of the hulls performed by ShipScan
End of hull conversion 4th Q2012
and monitored by Bureau Veritas
Arrival of hull at UCN slot 1 2nd Q2013
 Preparation Stage: engineering project for
conversion of the hulls Delivery by the shipyard 2nd Q2014
 Integration UCN Açu : 2Q2013 marking the start-up
of UCN Açu’s activities
 Delivery at UCN Açu in 2Q2014
26

27. FPSO OSX-5

28. MILESTONES ACHIEVED AND NEXT STEPS
 VLCC sister hulls acquired by OSX in Nov. 2010:
US$ 27 million each
 FPSO OSXFLEX concept contracted with CKE Milestones Date
Consortium (Chemtech, Kromav and Exactum)
Specifications for hull repair 2nd Q2012
 Close-up Survey of the hulls performed by ShipScan
End of hull conversion 2nd Q2013
and monitored by Bureau Veritas
Arrival of hull at UCN slot 2 3rd Q2013
 Preparation Stage: engineering project for
conversion of the hulls Delivery by the shipyard 4th Q2014
 Integration UCN Açu : 3Q2013 marking the start-up
of UCN Açu’s activities
 Delivery at UCN Açu in 4Q2014
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29. UCN – OCCUPATION OF SLOTS BY FPSOs
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
Slot 3: 3Q13 OSX 6: 3Q13 OSX 6: 4Q14*
Slot 4
Slot 4: 4Q13 OSX 7: 4Q13 OSX 7: 4Q14*
Slot 5
Slot 1 Slot 5: 2Q14 OSX 8: 2Q14 OSX 8: 2Q15*
Slot 2 Slot 6
Slot 6: 2Q14 OSX 9: 2Q14 OSX 9: 3Q15*
* Subject to new orders from OGX
29

30. PROJECT
ACCELERATORS

31. 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 Sept/11 Other Systems Feb/11
 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 31

32. 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
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33. PARTNERSHIP BRAZIL / KOREA
ITN:
INSTITUTE
OF NAVAL
TECHNOLOGY

34. ITN- INSTITUTE OF NAVAL TECHNOLOGY
Objectives
 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 SENAI Macaé
Barra. Macaé in the future
 Scholarships providing financial assistance, food and
SENAI Campos
transportation
 Estimated budget: R$ 12.7 million
SENAI São João da Barra
34

35. ITN- INSTITUTE OF NAVAL TECHNOLOGY
Phase I: Qualification and Training
Approx.
City Work force Population
distance
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
 Curriculum planning
 Adapting the necessary facilities
 Classes scheduled to commence in 1st quarter 2012
 Organization and production of teaching material
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36. ITN- INSTITUTE OF NAVAL TECHNOLOGY
Phase II: Training at UCN Açu
 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
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37. 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
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38. NEXT MILESTONES
 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
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39. 39

40. RI@OSX.COM.BR
+55 21 2555 6914