Project Update
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Project Update Presentation Transcript

  • 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 ScheduleEIA/RIMA Installation License Filling (LI) Issuance Jan-11 Feb-11 Jul-11Sep-11 Jun-11 Preliminary License Public Meetings (LP) Issuance Beginning of Construction 12
  • 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 LicenseVegetation Supression March-11 2Q11 IssuanceGround Preparation May-11 3Q11 3Q11North Quay and WHP area June-11 3Q11 4Q11Dry dock June-11 3Q11 4Q11South Quay and Respective Retro Area June-11 3Q11 4Q11Industrial Buildings April-11 3Q11 4Q11Utilities and Infrastructure May-11 3Q11 3Q11Administrative Buildings (LEED) July-11 1Q12 1Q12Administrative Buildings (Non LEED) Sepetember-11 4Q11 1Q12Electromechanical Assembly August-11 1Q12 2Q12Supervisory Support December-10 2Q11 2Q11Contractor houses April-11 3Q11 3Q11 15
  • 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-1SEPTEMBER 2011 10
  • 11. 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. 11
  • 12. FPSO OSX-1 – Project Progress
  • 13. FPSO OSX-1 Sail AwayMilestones Achieved Sail away ceremony Start of journey to Brazil Preliminary license issued for OGX Mile stone DateBegining of installation of mooring system September 2011Arrival of buoy (from Batam) September 2011Arrival of OSX-1 1st week in October 2011Installation of STP Buoy November 2011 13
  • 14. FPSO OSX-1 – En Route to Brazil Estimated Date of Arrival: 1st week in October, 2011As of 20/9/2011 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 years28% 49% 20 to 30 years 40 to 50 years 26% Greater than or equal to 50 to 60 years 30 years 32% 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 DateArrival of hull at Keppel shipyard Start of construction and assembly 4th Quarter 2011(Singapore) 1st Quarter 2011 Load Out of WHP-1 2nd Quarter 2013P & IDs approved for construction 2nd Quarter 2011Docking of VLCC 3rd Quarter 2012FPSO 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 DateDocking of VLCC 4th Quarter 2011 Start of construction and assembly 4th Quarter 2011P & IDs approved for construction 2nd Quarter 2012 Load Out of WHP-2 1st Quarter 2013FPSO 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-4SEPTEMBER 2011 22
  • 23. FPSO OSX-4 OSX-3Milestones 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 DateSpecifications for hull conversion 1st Quarter 2012End of hull conversion 4th Quarter 2012Arrival of hull at UCN slot 1 1st Quarter 2013Delivery by shipyard 2nd Quarter 2014 23
  • 24. FPSO OSX-5SEPTEMBER 2011 24
  • 25. FPSO OSX-5Milestones 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 DateSpecifications for hull repair 2nd Quarter 2012End of hull conversion 2nd Quarter 2013Arrival of hull at UCN slot 2 3rd Quarter 2013Delivery 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 17
  • 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 EngineeringAdvantages Modules can be removed without damaging the project Capable of treating a range of oil specifications Potential gain: 5 months in the engineering phaseStatus Contract signed with Chemtech-Kromav-Exactum First OSXflex units: OSX-4 and OSX-5.MIN MAX MIN MAX MIN MAX I 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