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    Osx corporate presentation english_january_v2 Osx corporate presentation english_january_v2 Presentation Transcript

    • CORPORATE PRESENTATIONRio de Janeiro | January 2013 |
    • ORGANIZATIONAL STRUCTURE Controlling EBX Shareholder & FREE FLOAT Management* 77.64% 22.36% Integrated offshore E&P equipment HYUNDAI and services provider 10% Holding 90% 100% 100% OSX LEASING OSX SERVIÇOS Shipbuilding Unit Leasing Services* Represented through Centennial Asset Mining Fund LLC. , Eike Batista (indirectly owns 100% of Centennial Asset Mining LLC), Board of Directors and Board of Executive Officers 2
    • OSX PILLARS Demand from  Priority Rights between OSX and OGX OGX Attractive Market  Expected oil and gas resources to increase to 100 Bboe, with announced Conditions in investments of US$ 140bn plus Brazil  Underserved domestic equipment & services market  Approximately 70% of E&P industry capex supplied locally Local Content  Key for Brazil’s long-term social and economic development (285,000 jobs in 5 Requirement years)  Partnership with the largest shipbuilder in the world Strategic  State-of-the-art technology and transfer of know-how Partnership with  Construction of the largest shipyard of the Americas in the Açu Superport Hyundai Industrial District  ITN –Institute of Naval Technology , partnerships with technical institutions and universities Training (ITN)  Absorption and application of Korean technology  Qualification of 3,100 technical personnel until 2013 Incentivized and Experienced  More than 30 years experience, on average, in the E&P sector Management  US$ 30bn in projects and more than 50,000 people under management Team 3
    • ORGANOGRAM: EXPERIENCED & MOTIVATED TEAM More than 50 engineers with an average of 26 years experience Carlos Bellot (34) CEO Management Planning Environment, Health and Heleno Barbosa (33) Safety Heraldo Albuquerque (27) Comunicação Commercial Department Roberta Brandão Rodrigo Lopes (25) Recursos Humanos Monica Barbosa Danilo Baptista( 35) Ricardo Abi-Ramia (24) Luciano Porto (21) João Borges (20) Shipyard Operations Officer Operations, Engineering, Chief Legal Officer Chief Financial Officer and Leasing and Developing Officer Investor Relations Officer Ivo Dworschak (35) Anna Kac (34) Shipbuilding Unit Engineering Paulo Ricardo (28) Exploration Campos & (34) Arnaldo Arcadier (34) Antonio Maceiras ES Construction, Assembly and Training /ITN xxxxx Integration Roberto Toledo (31) E&P Laboratory Regina Ozorio (31) Adilson Araújo (29) New Ventures Contracts & Affiliates Celso Martins (34) Contratos e Afiliadas Heleno Barbosa (33) Onshore Basin New Projects/Well Intervention Ernani Porsche (33) International Francisco Crisostomo (35) Operation & Production Total OSX employees: approx. 900 Total employees involved in the Eónio Rocha (14) operations: 2,750(xx) Years of experience Logistics 4
    • LOCAL CONTENT: RATIONALE AND EVOLUTION Represents a social & economic development strategy Has increased significantly in recent ANP bidding roundsLocal Content Requirement Local Content Evolution Exploration Phase■ Definition: minimum percentage of equipment and 86% Development Phase 84% services contracted by the operator that must be 81% 77% supplied by local companies 86% 79% 79% 54% 74%■ Average of 70% in the production development phase 69% 48% 40%■ Component of the bid for acquisition of E&P Blocks 27% 42% 39%■ Certification of each item by inspection companies 28% 25% (guidelines set forth by Federal Government – MME) 1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th■ Subject to severe penalties Source: ANP Note (1) 8th ANP bidding round auction is still under discussionLocal Content Rationale Notable Companies Committed to Local■ Boost local oil & gas equipment and services industry Content■ Incentivize local technology development■ Substantially increase employment and income 5
    • BRAZILIAN SHIPYARDS Local shipyards are not prepared to serve expected offshore E&P equipment demand Main Shipbuilders in Brazil Current Conditions of Brazilian Shipyards Mac Laren EAS ERG Brasfels Mauá Mac Laren Committed Slots Mauá Site Area (km2) 1,6 0,5 0,5 0,4 0,1 Technology Partner Steel Processing Capacity Brasfels (Kton / year) 160 60 50 36 6 Focus on Offshore Equipment Logistics Labor ForceSource: Verax “A construction slot in OSX’s shipyard is worth more than gold” 6
    • SHIPBUILDING UNIT
    • AÇU SUPERPORTLOCALIZAÇÃO UCN AÇU: SUPERPORTO DO AÇUA One-Stop Shop for the Oil & Gas Industry 8
    • AÇU INDUSTRIAL COMPLEX COMPLEXO INDUSTRIAL DO AÇU A New Cluster for the Offshore and Heavy Industry90 km² Industrial Complex (1.5 x larger than Manhattan Island)
    • UCN AÇU: THE LARGEST SHIPYARD OF THE AMERICAS Partnership with Hyundai Heavy Industries Steel assembly capacity of220,000 ton/year Up to 3,525 m water front (2,400m in first phase) Beginning of construction in July2011 Commercial partnership withHyundai Capacity to integrate up to 11FPSOs and 8 WHPs simultaneously Main entrance Industrial facilities Dry Dock Office buildings Module assembly area Quay Production workshops (manufacturing of Jacket pre-assembly area Quay Expansion blocks, structures, accessories and pipes) Jacket assembly area 10
    • ALMAGESTO MANAGEMENT SYSTEM Focus on management processesProject “Almagesto” : Main processes*: Instrumentalization of Shipbuilding main EHS/EBP Maintenance & Facilitiesprocesses and systems Acquisitions Materials & Logistics Globally unprecedented systems integration in thenaval construction sector (partnership with SIX). Engineering ManufacturingProject benefits: Construction & Assembly Reduce errors in transmission of information Reduce stock and waste Planning & Production and productivity real time Programing information Commissioning Processes and Precise allocation of production costs Managerial Information *Illustration only 11
    • 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 JACKETS AREA 1Q12 (LOI) P 1Q12 P DRY DOCK 1Q12 (LOI) P 1Q12 P SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 (LOI) P 1Q12 P INDUSTRIAL BUILDINGS 3Q11 P 4Q11 P UTILITIES AND INFRASTRUCTURE 3Q11 P 3Q11 P ADMNISTRATIVE BUILDINGS 1Q13 1Q13 AUXILIARY BUILDINGS 1Q13 1Q13 ELECTROMECHANICAL ASSEMBLY 1Q13 1Q13 SUPERVISION SUPPORT 2Q11 P 2Q11 P CONSTRUCTION SITE 3Q11 P 3Q11 P BREAKWATER 1Q11 P 1Q11 P DREDGING 3Q11 P 3Q11 P 12
    • UCN AÇU: ESTIMATED PARTIAL DELIVERIES UCN SECTIONS READY 2012 2013 2014 SLOT 1 4th QUARTER - - SLOT 2 - 1st QUARTER - BEGINNING OF OPERATION OF NORTH AREA - 1st QUARTER - MODULE ASSEMBLY AREA - 2nd QUARTER - INDUSTRIAL FACILITIES - 2nd QUARTER - SLOT 3 - 3rd QUARTER SLOT 4 - 3rd QUARTER - DRY DOCK RETRO AREA - 4th QUARTER - PRE-ASSEMBLY AREA - 4th QUARTER - SLOT 5 - 4th QUARTER - COMPLETION OF CONSTRUCTION - - 2nd QUARTER 13
    • UCN AÇU: FINANCING Obtained from Fundo da Marinha Mercante (Merchant Marine Fund) Capex distribution per year/activity Credit facility already contracted: R$ 2.7 bn 8.5% 41.3% 47.2% 3% Total tenure 21 years with a 42/36-month 2011 2012 2013 2014grace period for amortization of principal and36/30-month grace period for payment of interest(BNDES/CEF) with an expected average interest TOTAL OF APPROX. R$ 4.8 BNrate US$ + 3,38% a.a. Additional funding prioritization of up to R$1.5 bilion approved by FMM Lending agents: BNDES and Caixa EconômicaFederal (CEF) 14
    • UCN AÇU: AERIAL VIEW 15
    • UCN AÇU: AERIAL VIEW Evolution of the construction of the canalOctober | 2011 November | 2011 December | 2011 January | 2012 February | 2012March | 2012 April | 2012 May | 2012 June | 2012 July | 2012August | 2012 September | 2012 October | 2012 November | 2012 16
    • UCN AÇU: AERIAL VIEWAerial view of the canal: November 2012 Box indicates where operation is set to begin in 1Q13 17
    • UCN AÇU: CONSTRUCTION OF THE CANALAerial view of the canal: November 2012 18
    • UCN AÇU: BUILDINGS 19
    • UCN AÇU: QUAY AND BUILDINGS Diaphragm Wall Concreting in the north quay area – where operation is set to begin in 1Q13 Stock, Pre-Treatment and Cutting Workshop Building North quay area 20
    • PRODUCT PORTFOLIO UCN Açu designed and equipped to meet diverse orders FPSO Drillship Tanker Floating, Production, Storage and Drilling units heavily demanded for Maritime Transportation Unit Offloading Unit ultra-deep water’sFPSO OSX-1 : Guanabara Bay, RJ, Brazil Image courtesy of Hyundai Heavy Industries Image courtesy of Hyundai Heavy Industries WHP PLSV TLWP Fixed drilling & production Pipe-Laying Support Vessel Tension-Leg Wellhead Platform platforms ( Wellhead Platform)Image courtesy of Hyundai Heavy Industries Image courtesy of IHC Offshore&Marine B.V. Image courtesy of Hyundai Heavy Industries 21
    • UCN AÇU: BEGINNING OF OPERATION IN 1Q13 Keel laying for the Sapura PLSV1 Main highlights: Beginning of operation at UCN Açu – North quay area (150m of quay) Project in partnership with IHC Vessel blocks built in the UCN Açu and at Brazilian shipyards Main equipment packages contracted and under construction (Navigation and Communication, Generation and Propeller,PLSV positioned by the Super Crane over blocks Electrical system and Launching)2 Lloyd’s Register contracted to monitor and certify the construction Construction milestones:  Keel laying (1Q13)  Load out (1Q14)  Quay and Sea tests (4Q14) 22Packages integration and tests performance on the PLSV
    • ORDER BOOK
    • CURRENT ORDER BOOK ESTIMATED PRICE CONSTRUCTION OSX LEASING CLIENT UNIT CAPACITY DELIVERY* (US$ MM) LOCATION & SERVICES OGX FPSO OSX-1 80K bopd 610 OK SAMSUNG, KOREA P OGX FPSO OSX-2 100K bopd 775 3Q13 KEPPEL, SINGAPORE P OGX FPSO OSX-3 100K bopd 800 3Q13 JURONG, SINGAPORE P OGX FPSO OSX-4 Expecting Technical Specifications from Client OSX, BRAZIL P OGX FPSO OSX-5 Expecting Technical Specifications from Client OSX, BRAZIL P OGX WHP-1 30 wells 400-450 2Q14 TECHINT, BRAZIL P OGX WHP-2 30 wells 400-450 4Q13 TECHINT, BRAZIL P OGX WHP-3 Expecting Technical Specifications from Client OSX, BRAZIL P OGX WHP-4 Expecting Technical Specifications from Client OSX, BRAZIL P SAPURA PLSV N/A 263 4Q14 OSX, BRAZILKINGFISH 11 MRs N/A 732 2Q15 - 4Q17 OSX, BRAZILPETROBRAS 2 FPSOs 150K bopd 900¹ 3Q16 - 3Q17 OSX, BRAZIL* Delivery at the shipyard (ex-installation)1- OSX with a 49% stake of total contract 24
    • FPSOs
    • FPSO OSX-1: HIGH OPERATIONAL EFFICIENCY Leasing and O&M contracts with OGX for a period of 20 years Operational Efficiency (OSX Services) Certifications 99% 99.4% 98.7% Certified by BSI (British Standard Institution) 97%* ABNT NBR: ISO 9001 Quality Management ABNT NBR: ISO 14001 Environmental Management OHSAS 18001: Health and Safety Systems in the workplace 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Age (crew) Years of experience 1st oil produced on 31/Jan/12 & (crew) 1st offloading on 28/Mar/12 20 to 30 years 4% 14% Less than 20 30 to 40 years 19% years 28% 40 to 50 years 49% 26% From 20 to 30 years 50 to 60 years 32% 28% Greater or equal Greater than or to 30 years equal to 60 years* Includes Operational Efficiency results for months of February and March only 26
    • FPSO OSX-2 Leasing and O&M contracts with OGX for a period of 20 years Construction Contract■ EPCI contract signed with SBM■ Construction of the vessel, turret and topside modules in progress atthe Keppel shipyard in Singapore■ Main equipment purchase orders have been placed■ Bare Boat contract signed between OSX & OGX■ Physical progress: approximately 86%■ Estimated delivery: 3Q13 Debt commitment■ Facility agreement: US$ 850 million (12 years, LIBOR +4,41% p.a.)■ Syndicated bank loan: ING, Itaú-BBA and Santander (leaders),HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor Deck Turret 27
    • FPSO OSX-3 Leasing and O&M contracts with OGX for a period of 20 years Construction Contract■ EPCI contract signed with MODEC■ Conversion and construction of the hull in progress at the Jurong shipyard in Singapore, with the final dry docking of the vessel underway■ Main equipment purchase orders have been placed■ Physical progress: approximately 83%■ Estimated delivery: 3Q13 Debt commitment■ Financing: Senior Secured Bonds US$ 500 mm, maturityMarch/2015 at an interest rate of 9.25% pa, payable quarterly■ Global Coordinator, Joint Lead Manager and Bookrunner:Pareto Securities and Joint Lead Manager and Bookrunner: DNBMarkets Turret 28
    • FPSOs OSX-4 & OSX-5Hull designated for OSX-4 Hull designated for OSX-5 Milestones achieved and next stepsThe “Gemini Star” and “Suhail Star” Very Large Crude Carriers (VLCCs) will be used in the conversion of the hulls of FPSOs OSX-4and OSX-5. The Concept Design, Front End Engineering Development (FEED), and Detailed Design for the Process Plants arefollowing the OSX FLEX Concept. As informed in the previously mentioned order book, OSX awaits technical specifications from itsclient OGX regarding characteristics of these units.Regarding FPSO OSX-4:■Basic engineering project concluded■Generator’s and water injection modules with purchase orders placed■Remaining main equipment’s and services with purchase orders under negotiation■Hull survey completed 29
    • PETROBRAS CONTRACT: 2 REPLICABLE FPSOsIntegration of FPSOs P-67 and P-70, with an option to integrateP-72 or P-73Main highlights: Contract signed on 09/Aug/2012 Contract price: ~US$ 900 million Partnership Mendes Júnior Trading e Engenharia S/A (51%) & OSX Construção Naval S/A (49%) Scope: Integration and construction of various modules at the OSX Açu Shipbuilding Unit Delivery date:  P-67: 3Q 2016  P-70: 3Q 2017 Option to contract the integration of the third FPSO (P-72 or P-73) in up to 18 months from contract signature by Petrobras, through its subsidiary TUPI B.V. Processing capacity: 150K bopd Storage capacity: 1.6MM bbl 30
    • WHPs
    • WELL HEAD PLATFORMS WHP-1 and WHP-2 ■ Engineering, Procurement, Construction and Installation (EPCI) agreement with Techint Engenharia e Construção S.A. for WHP- 1 and WHP-2 to be chartered and operated by subsidiaries of OSX to its client OGX in the Campos Basin. WHP-1 will be connected to FPSO OSX-2 and WHP-2 to FPSO-OSX-3 ■ Development of the Basic Project for the jacket and topside by TECHNIP, subcontracted by TECHINT. Contract signed with Techint ■ Acquisition from TTS/CAMERON of a Drilling Package Unit (DPU) for each of the Units. Project underway. ■ Estimated delivery WHP-1: 2Q 2014 ■ Estimated delivery WHP-2: 4Q 2013 WHP-3 and WHP-4■ Both WHPs were ordered by client OGX to be chartered and operated by OSX subsidiaries. WHP-3 will be connected to FPSOOSX-4 and WHP-4 to FPSO-OSX-5. As informed in the previously mentioned order book, OSX awaits technical specifications fromits client OGX regarding characteristics of these units. 32
    • PLSV
    • SAPURA CONTRACT: PIPE-LAYING SUPPORT VESSELUsed for laying and installing flexible pipelines on the seabedMilestones: Contract signed on 24/Feb/2012 Contract price: US$ 263 million Delivery date: 4Q 2014Main characteristics: Length: 135 meters Breadth: 24 meters Depth: 10 meters Flexible lines traction capacity : 300 tons Flexible lines capacity: 2,500 tons Deadweight: 5,880 tons 34
    • TANKERs
    • KINGFISH CONTRACT: 11 MEDIUM RANGE TANKERSUsed for transportation of oil and clear productsMilestones: Contract signed on 9/Mar/2012 Contract price: US$ 732 million Delivery date: 2Q 2015 - 4Q 2017Main characteristics: Total length: 183 meters Breadth: 32.20 meters Depth: 18 meters Deadweight : 47,000 tons 36
    • PARTNERSHIP BRAZIL / KOREA ITN: INSTITUTE OF NAVAL TECHNOLOGY
    • ITN- INSTITUTE OF NAVAL TECHNOLOGY Professional Training Program in ShipbuildingQualifying the local population PHASE I Qualification and Training Approx. City distance Work force Population PHASE II Training “on the job”São João da Barra 20 Km 6,000 33,000  Training activities, technical assistance and supervision of operations in Campos 40 Km 92. 000 460,000 partnership with Hyundai (40 Korean specialists based in Brazil for 5 years) Radius Up to 50 Km 98,000 493,000  80 employees from UCN Açu to be trained at Hyundai’s shipyard in Ulsan, Korea (first group of 22 employees sent in November/12) Quissamã 75 Km 3000 20,000  Construction of ITN at UCN Açu, with an area of approximately 1,800 m2 São Francisco 95 Km 3,000 41,000 São Fidelis 100 Km 5,000 37,000  Facilities for workshops, labs, classrooms, auditorium and library Macaé 130 Km 113,000 206,000  Implementation of systems for simulation of operations of offshore units Radius 2 Up to 150 Km 222,000 797,000 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 38
    • ITN- INSTITUTE OF NAVAL TECHNOLOGY Phase I - Qualification and Training More than 19 thousand candidates applied for 3,100 places in 23 free courses offered in Metal- Mechanics, Electricity, Metallurgy, Automation/Instrumentation, O&G, Automotive Operations, Civil Construction and Management Use of SENAI’s facilities and faculty in the city of Campos, as well as mobile units in São João da Students visiting UCN Açu Students in a welding class Barra Scholarships providing financial assistance, food and transportation Investment in training: R$ 12.7 million Classes began in June, 2012 880 students being qualified 221 students graduated in the ITN courses with Student of the electrical class Graduation Ceremony of 1st class 193 already hired and being trained at the shipyard 39
    • FINANCIAL PERFORMANCE R$ 49.6 MM EBITDA in 9M12 with two business units already in operation In millions of BRL OSX Brasil S.A. 9M12 9M11 Gross Revenue - - Taxes - - Net Revenue - - COGS - - Consolidated Op. Income - - 9M12 9M11 G&A (38.3) (29.7) Gross Revenue 291.5 70.9 EBITDA (38.3) (29.7) Taxes (11.5) (6.8) Net Revenue 280.0 64.1 COGS (119.6) (50.2) Op. Income 160.4 13.9 Shipbuilding Leasing O&M Services 9M12 9M11 9M12 9M11 9M12 9M11 G&A (110.8) (72.2)Gross Rev - - Gross Rev 153.9 - Gross Rev 137.6 70.9 EBITDA 49.6 (58.3)Taxes - - Taxes - - Taxes (11.5) (6.8)Net Rev - - Net Rev 153.9 - Net Rev 126.1 64.1COGS - - COGS (14.6) - COGS (105.0) (50.2)Op. Income - - Op. Income 139.3 - Op. Income 21.1 13.9G&A (56.0) (34.0) G&A (3.4) (0.7) G&A (13.1) (7.8)EBITDA (56.0) (34.0) EBITDA 135.9 (0.7) EBITDA 8.0 6.1 40
    • RI@OSX.COM.BR+55 21 2163 9239