Osx project update english_november 2011

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  • 1. Project Update NOVEMBER 2011
  • 2. OSX Shipbuilding NOVEMBER 2011
  • 3. Açu Industrial Complex A new cluster for the offshore and heavy industry90 km² Industrial Complex (1.5 x larger than Manhattan Island) 3
  • 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 Electricity Substation Administrative 345 kV – 13.8 kV buildings with LEED Certification (US Green Building Council) 4
  • 5. UCN Açu: Licensing Schedule Preliminary InstallationEIA/RIMA Public License (LP) License (LI) Beginning of Filling Meetings Issuance Issuance Construction P P P P P Oct-10 Jan-11 Feb-11 Jun-11 Jul-11 5
  • 6. UCN Açu: Shipbuilding Unit schedule Packages Procurement MobilizationRemoval of Vegetation 2Q11 P 2Q11 PPreparation of the Terrain 3Q11 P 3Q11 PNorth Quay and Jacket’s Area 4Q11 1Q12Dry Dock 4Q11 1Q12South Quay and Respective Retro Area 4Q11 1Q12Industrial Buildings 3Q11 P 4Q11Utilities and Infrastructure 3Q11 P 3Q11 PAdministrative Buildings (Leed) 1Q12 1Q12Auxiliary Buildings (Non Leed) 4Q11 1Q12Electromechanical Assembly 1Q12 2Q12Supervision Support 2Q11 P 2Q11 PConstruction Site 3Q11 P 3Q11 PBreakwater 1Q11 P 1Q11 PDredging 3Q11 P 3Q11 P 6
  • 7. UCN Açu: Estimated delivery for the sections UCN Sections (Ready) 2012 2013 2014Area 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 - 3rd Quarter -Slot 4 for FPSO integration - 4th Quarter -Slot 5 and 6 for FPSO integration - - 2nd QuarterCompletion of construction of UCN - - 2nd Quarter 7
  • 8. UCN Açu: 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 14.4% 63.6% 20.1% 1.9% 2011 2012 2013 2014 Capex Distribution by Activity: US$ MM OSX LLX Dredging and Engineering 93 90 Break Water 135 129 Quay 262 - Buildings 339 - Dry Dock 133 - Roads and Paving 146 - Equipment and Others 487 -Total of US$ 1.933 MM 1.714 219 8
  • 9. UCN Açu: Flora rescue 9
  • 10. UCN Açu: Wildlife rescue 10
  • 11. UCN Açu: Terrain after flora and wildlife rescue 11
  • 12. UCN Açu: Construction of the canal 12
  • 13. UCN Açu: Construction of the canal 13
  • 14. UCN Açu: Construction of the canal 14
  • 15. UCN Açu: Breakwater 15
  • 16. Current Order Book Status: OGX Estimated CAPEX Equipment Capacity Delivery * (US$ MM)FPSO OSX-1 80K bopd 610 3Q11FPSO OSX-2 100K bopd 775 2Q13FPSO OSX-3 100K bopd 800 3Q13FPSO OSX-4 100K bopd 850-900 2Q14FPSO OSX-5 100K bopd 850-900 4Q14WHP-1 30 wells 400-450 3Q13WHP-2 30 wells 400-450 4Q13Total 4.685-4.885* Delivery at UCN Açu (ex-installation) 16
  • 17. FPSO OSX-1NOVEMBER 2011
  • 18. FPSO OSX-1: Customization M320 Mod. M290 Mod. M260 Mod. M230 New MODIFICATION WORK NEW M200 New M380 New M350 NewINSTALLATION 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. 12
  • 19. FPSO OSX-1: Project Progress 13
  • 20. FPSO OSX-1: Destination Waimea Milestone Date Beginning of instalation of mooring system September 2011 Arrival of buoy (from Batam) September 2011 Arrival of OSX-1 in Rio de Janeiro, Brazil 6th October 2011 Installation of STP Buoy November 2011 First Oil OGX December 2011 14
  • 21. FPSO OSX-1: Total Crew: 89 people Age Years of Experience 4% 14% 20 to 30 years 19% Less than 20 years 30 to 40 years28% 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% 15
  • 22. OSX-2 / WHP-1 System NOVEMBER 2011
  • 23. OSX-2 / WHP-1 System WHP-1 OSX-2 17
  • 24. OSX-2 / WHP-1 System OSX-2 WHP-1 Mile sto ne Date Mile sto ne DateArrival of hull at Keppel shipyard(Singapore) 3rd Quarter 2011 Start of construction and assembly 4th Quarter 2011P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3rd Quarter 2013FPSO departure from yard 2nd Quarter 2013Construction Contract Construction Contract EPCI contract signed with SBM  Signing of LOI with Techint – 1Q11 Acquisition of VLCC – accomplished  Start of Engineering – 1Q11  Contract signed with TechintLong term debt commitment  LOI for Drilling Package signed with TTS Facility agreement entered into lead by ING, Itaú-BBA and Santander: US$ 850 million Other financial institutions participating in the syndicate : HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor. Debt/Equity structure – 80/20 12 years, LIBOR +4,41% p.a. 18
  • 25. OSX-3 / WHP-2 System NOVEMBER 2011
  • 26. OSX-3 / WHP-2 System WHP-2 OSX-3 20
  • 27. OSX-3 / WHP-2 System OSX-3 WHP-2 Mile sto ne Date Mile sto ne DateArrival of hull at conversion shipyard 4th Quarter 2011 Start of construction and assembly 4th Quarter 2011P&IDs approved for construction 1st Quarter 2012 Load Out of WHP-2 4th Quarter 2013FPSO departure from yard 3rd Quarter 2013 Construction Contract Construction Contract  Aquisition 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 21
  • 28. FPSO OSX-4NOVEMBER 2011
  • 29. FPSO OSX-4: Milestones achieved and next steps VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and OSX-3 Exactum) WHP-2 Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas Preparation Stage: engineering project for conversion of the hulls Integration UCN Açu : 2Q2013 marking the start-up of UCN Açu’s activities Delivery at UCN Açu in 2Q2014 Milestone Date Specifications for hull conversion 1Q12 End of hull conversion 4Q12 Arrival of hull at UCN slot 1 2Q13 Delivery by shipyard 2Q14 23
  • 30. FPSO OSX-5NOVEMBER 2011
  • 31. FPSO OSX-5:Milestones achieved and next steps VLCC sister hulls acquired by OSX in Nov. 2010 : US$ 27 million each FPSO OSXFLEX concept contracted with CKE Consortium (Chemtech, Kromav and OSX-3 Exactum) WHP-2 Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas Preparation Stage: engineering project for conversion of the hulls Integration UCN Açu : 3Q2013 marking the start-up of UCN Açu’s activities Delivery at UCN Açu in 4Q2014 Milestone Date Specifications for hull repair 2Q12 End of hull conversion 2Q13 Arrival of hull at UCN slot 2 3Q13 Delivery by shipyard 4Q14 25
  • 32. 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: 3Q13 OSX-6: 3Q13 OSX-6: 4Q14 * Slot 4: 4Q13 OSX-7: 4Q13 OSX-7: 4Q14 * Slot 5: 2Q14 OSX-8: 2Q14 OSX-8: 2Q15 * Slot 6: 2Q14 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
  • 33. Project Accelerators
  • 34. Project Accelerators
  • 35. 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 SEP / 11 FEB / 11 29
  • 36. 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 30
  • 37. ITN – Naval Technology Institute
  • 38. ITN : 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 Barra. Macaé in the future Scholarships providing financial assistance, food and transportation Estimated budget: R$ 12.7 million SENAI São João da Barra SENAI Campos Fase 2 – Conhecimento, SENAI Macaé Tecnologia e Inovação 32
  • 39. ITN : Phase I – Qualification and Training City Aprox. Distance Work Force PopulationSão João da 20 Km 6.000 33.000BarraCampos 40 Km 92.000 460.000Radius Up to 50 Km 98.000 493.000Quissamã 75 Km 3.000 20.000São Francisco 95 Km 3.000 41.000São Fidelis 100 Km 5.000 37.000Macaé 130 Km 113.000 206.000Radius 2 Up to 150 Km 222.000 797.000  Curriculum planning  Adapting the necessary facilities  Classes scheduled to commence in January 2012  Organization and production of teaching material 33
  • 40. ITN : 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 Fase 2 – Conhecimento, Tecnologia e Inovação offshore units 34
  • 41. ITN – 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 demandITN: Phase IV Technological Innovation Establish partnerships with Brazilian and international academic institutions, focused on the development and assimilation of new technologies Fase 2 – Conhecimento, Tecnologia e Inovação 35
  • 42. Next Milestones
  • 43. Next Milestones First Oil OGX – December 2011 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 37
  • 44. RI@OSX.COM.BR+55 21 2555 6914