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  • 1. Institutional Presentation SEPTEMBER 2011
  • 2. Organizational Structure Free Float 78.9% * 21.1% Integrated offshore E&P equipment and services provider 10% 90% 100% 100% OSX Shipbuilding OSX Leasing OSX Services Unit* Controlling Shareholder (78.67%) + Board of Directors (0.0107%) + Officers (0.1995%) 2
  • 3. OSX Highlights  Priority Rights between OSX and OGXStrong Demand  Order book of 48 offshore E&P units, equivalent to a US$ 30bn investmentfrom OGX  Upside potential with expansion of OGX’s exploratory campaign  Expected oil and gas resources to increase to 100 Bboe, with announced investments ofAttractive Market US$ 140bn plusConditions in Brazil  Underserved domestic equipment & services marketLocal Content  Approximately 70% of E&P industry capex supplied locallyRequirement  Key for Brazil’s long-term social and economic development (285,000 jobs in 5 years)Strategic  Partnership with the largest shipbuilder in the worldPartnership with  State-of-the-art technology and transfer of know-howHyundai  Large, scalable shipyard at Açu  ITN – Naval Technology Institutes, partnerships with technical institutions and universitiesTraining (ITN)  Absorption and application of Korean technology  Qualification of 7,800 technical personnel until the end of 2013Incentivized and  More than 30 years experience, on average, in the E&P sectorExperienced  US$ 30bn in projects and more than 50,000 people under managementManagement Team 3
  • 4. OGX: Anchor Client 43 oil & gas discoveries to date OGX Highlights Exploratory Success in the Drilling Campaign LINGUADO Campos Basin T Aracaju Prospect  Largest Brazilian private E&P player in terms of Pipeline Prospect Netpay of 40 meters BM-C-39 C POLVO Netpay of 165 meters offshore exploratory acreage BM-C-40 Discovery between 1,000 – 2,000 M boe R Belém Prospect Netpay of 43 meters  6.7 billion boe of risked prospective resources , PEREGRINO D BM-C-37 assuming a probability of success of 35% Waimea Prospect G C B MAROMBA Netpay of 130 meters BM-C-38 D I BM-C-41 PAPA-TERRA Vesuvio Prospect Discovery between 500 – 900 M boe Netpay of 57 meters 22 offshore blocks and 7 onshore blocks in 5 J N  H B Discovery between 500 - BM-C-42 F BM-C-43 K E 1,500 M boe different sedimentary basins Etna Prospect Santos Basin Netpay of 91 S Ingá Prospect BM-S-56 G meters M BM-S-58 Netpay of 12 meters BM-S-57 Discovery between OGX Offshore Blocks (Sept. 2009) 500 – 1.000 M boe BM-S-59 L Huna Prospect J Vesúvio Direcional H Netpay of 52 Prospect MEXILHÃO meters Netpay of 60 Unrisked Probability of Risked Risked meters Basin Blocks Resources Geological Resources Resources OGX blocks L Hawaii Prospect Total Success Total OGX Oil Field Netpay of 64 meter Campos 7 9,350 44.10% 4,124 3,693 Basin D&M Report 2011 Santos 5 6,659 27.00% 1,796 1,688 Campos 5,700* Espírito 5 5,017 32.60% 1,634 817 Santos 1,688 Santo + 30% Pará Espírito Santo 817 5 2,104 21.30% 447 447 Maranhão Pará Maranhão 447 Total 22 23,130 34.59% 8,001 6,645 Total 8,652(1) Gross Prospective Resources * 3C + Delineation + ProspectiveSource: D&M Report and OGX presentations 4
  • 5. OGX: Significant Demand Expected Base case order book of 48 offshore E&P units equivalent to US$ 30bn Expected Demand for Offshore Equipment OGX Production Targets - kboepd (2011-2019) - Number of units 1,380 FPSO 19 CAGR: 70% TLWP 5 WHP 24 730 Total 48* Source: OGX * Considering 2009 D&M Report 20 Delivery Timeline 2011E 2015E 2019E 13 • OSX2: to be delivered in 12• Initial production expected to begin 2011 mid 2013 (IPO: Dec 2012) 6 • OSX5: to be delivered in 6• 1stFPSO already contracted for a period of 20 1Q 2015 (IPO: Dec 2014) 6 6 years, at an average day rate of US$ 263,000 5 2 1 2 4 1 3 5 1• Expected CAGR of 70% between 2011 and 2019 1 5 5 2 1 4 1 3 1 1 2 1 1 1 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 5
  • 6. Current Order Book with 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 2Q 2013 WHP-2 30 wells 400-450 1Q 2013 Total 4,685 - 4,885* Delivery at the shipyard (ex Installation) 6
  • 7. Pre-Salt Resources Pre-salt discoveries strongly contribute to increase in Brazilian resources of up to 100Bboe Local Content Requirement Pre-salt Resources Area Exploratory Blocks Total Area • 149,000 km2 OGX Blocks Oil and Gas Fields Estimated 1 • Additional ~ 70 billion boe (only in pre-salt) Resources Pre-salt Reservoir (Petrobras/CNPE/ANP) Production • FPSO units, deepwater environment Development 1 Required • US$ 111bn 2009-2020E Capex • US$ 33bn 2010-2014ESource: Petrobras (updated in June 2011) Espírito Santo Açu Basin Super-Port Petrobras Local Production Forecast (thousand bpd) Source: Petrobras 3,950 Campos (updated in June Ex-Pre Salt Basin 2011) 1,078 Pre Salt 2,980 241 2,100 2,872 2,739 2,100 Santos Basin 2010 2014 2020 Source: Petrobras (Company Presentation) Petrobras’ capex: US$ 111 billion 7
  • 8. Strong Demand 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) Consolidated Potential Demand (number of E&P equipment units) OGX (FPSOs Only) 32 Petrobras (FPSOs + 28 Rigs) 27 18 22 16 13 11 8ExistingCapacity 3 3 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E Note: Including already ordered equipment Source: Verax Capacity Estimates: Source OSX 8
  • 9. Local Content: Rationale and Evolution The local content requirement represents a social and economic development strategy and has significantly increased in recent ANP bidding roundsLocal Content Requirement Local Content Evolution 89% 86% 84% Definition: minimum percentage of equipment and Exploration Phase 81% 77% services contracted by the operator that must be Development Phase 86% supplied by local companies 79% 79% 54% 74% Average 70% in the production development phase 48% 69% 40% Component of the bid for acquisition of E&P Blocks Certification of each item by inspection companies 27% 42% 39% Source: ANP Note (1) 8th ANP bidding round (guidelines set forth by Federal Government – MME) 25% 28% auction is still under discussion Subject to severe penalties 1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10thLocal Content Rationale Notable Companies Committed to Local Content Boost local oil & gas equipment and services industry Incentivize local technology development Substantially increase employment and income 9
  • 10. Brazilian ShipyardsLocal shipyards are not prepared to serve expected offshore E&P equipment demand Main Shipbuilders in Brazil Current Brazilian Shipyard Condition Mac Laren EAS ERG Brasfels Mauá MacLaren Committed Slots Mauá Site Area (km2) 1.6 0.5 0.5 0.4 0.1 Technology Partner Steel Processing Capacity (Kton / year) 160 60 50 36 6 Brasfels Focus on Offshore Equipment Logistics Labor Force Source: Verax “A construction slot in OSX’s shipyard is worth more than gold” 10
  • 11. Strategic Partner: Hyundai Heavy Industries OSX Shipbuilding Unit under development in partnership with the largest shipbuilder in the worldRationale and Overview Why Hyundai? Efficiency Comparison  10% equity investment in OSX  Proven track record: founded in  Significant upside potential Shipyard 1972 for OSX  Largest shipbuilder in the HHI Offshore division processes  State-of-the-art technology — world: 10% market share (2010) 550,000 tons of steel/year in  Transfer of know-how and  Delivered more than 1,600 2,500,000 m² training vessels to more than 250 ship — OSX should process in its initial  Accelerate learning curve: owners in 47 countries to date stage 180,000 tons of steel/year distill 38 years of experience  One of the leaders in offshore and integrate 220,000 tons/year equipment fabrication in the in 2,000,000 m² into 2 years world, handling over 100  Efficiency gains could drive  Technology and services turnkey EPIC projects for more potential processing capacity contract for shipyard design than 30 oil and gas majors expansion and transfer of know-how for  Delivered FPSO’s and fixed platforms to clients such as  OSX’s goal is to reach Asian at least 10 years productivity levels after two ExxonMobil, Petrobras, Shell, Chevron and BP years of operation 11
  • 12. Açu Industrial DistrictA new cluster for heavy industry 12
  • 13. Açu Site 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 13
  • 14. Açu Site: Competitive Advantages Welding economies: 18m steel plate, 56% less welding, savings of US$ 3.5 MM/FPSO Energy savings: 30% estimated reduction (US$ 4.0 MM/year) Weather conditions: Less than 30% of rainy days per year Soil advantages: less foundation required Integration slots: Up to 3,525m of quay allowing simultaneous integration of 9 FPSOs and the construction of 8 WHPs. (6 FPSOs and 2,400m at 1st phase) Proximity to Campos Basin: approximately 150 km 14
  • 15. Product Portfolio Description Main Systems for Standardization Target • Floating Production Storage and OSX Flex Engineering Offloading • Conceived to process oils of different FPSO • Hull: conversion of oil tanker or characteristics (different API grade, gas/oil new-build ratio, water/oil ratio Sister Vessels • Tension-Leg Wellhead Platform • Reduction in project time and conversion costs TLWP • Suited for deepwater environments • Accelerates the learning curve in the operation and maintenance • Wellhead Platform or fixed WHP’s Standardization production platforms in general WHP •Optimization of assembly and fabrication • Suited for shallow-water environments •Designed to operate in a range of water depths • Drilling units for exploration Equipment Standardization Drillships • Heavily demanded in ultra- • Key systems deepwater • Supplied with increased security and speed systems in the long run • Navigation transportation unit • Pre negotiated contracts with minimum demand Tankers • Demand for long course guaranteed navigation units, cabotage, • Inventory and maintenance optimization relievers and production platforms 15
  • 16. ITN – Naval Technology Institute Initial strategic partnerships: Firjan (Rio de Janeiro State Industrial Federation) and SENAI (National Institute of Industrial Learning) – Commercial Contract executed in July 1st, 2011 Objectives of the 1st Phase of the Program: — Absorption and application of technology (agreement with Hyundai) — Qualification of up to 3,100 technical personnel in 23 functions (welders, assemblers, electrics and mechanicals, 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 16
  • 17. ITN – Naval Technology Institute Objectives of the 2nd Phase of the Program: — Preparation of a labor force with superior skill and know-how — Development of innovative engineering projects — Supplier mobilization: new equipment and materials — New partnerships with reference institutions: Companies and Universities — Approach: Phase 1 – Personnel Graduation  Shipbuilding  Operation & Maintenance of naval units Dedication Phase 2 – Knowledge, Technology & Inovation Timeline 17
  • 18. Next Milestones 18
  • 19. 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 19
  • 20. Investor Relations Contacts RI@OSX.COM.BR +55 21 2555 6914 20