Osx project update september 2011
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  • 09/28/11 09/28/11 09/28/11

Osx project update september 2011 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 FPSO Dry dock and effluent treatment station Quays Electricity Substation 345 kV – 13.8 kV Jacket assembly area Administrative buildings ETA Green Curtain Module construction area Platform construction area Industrial unit 4 Administrative buildings with LEED Certification (US Green Building Council)
  • 5. Shipyard– Licensing Schedule Oct-10 Jan-11 Jun-11 Jul-11 EIA/RIMA Filling Public Meetings Preliminary License (LP) Issuance Installation License (LI) Issuance Beginning of Construction Feb-11 5     
  • 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
    • 28%
    • 48%
    • 20%
    • 4%
    Capex Distribution by Activity (million): 6
  • 7. UCN – Construction Timeline 7 Packages Receipt of Proposals Contracting Mobilization Vegetation Supression March-11 2Q11 Installation License Issuance Ground Preparation May-11 3Q11 3Q11 North Quay and WHP area June-11 3Q11 4Q11 Dry dock June-11 3Q11 4Q11 South Quay and Respective Retro Area June-11 3Q11 4Q11 Industrial Buildings April-11 3Q11 4Q11 Utilities and Infrastructure May-11 3Q11 3Q11 Administrative Buildings (LEED) July-11 1Q12 1Q12 Administrative Buildings (Non LEED) Sepetember-11 4Q11 1Q12 Electromechanical Assembly August-11 1Q12 2Q12 Supervisory Support December-10 2Q11 2Q11 Contractor houses April-11 3Q11 3Q11                
  • 8. Pictures: Dredging and Vegetation Supression 8
  • 9. Order Book Status - OGX * Delivery at the shipyard (ex-installation) 9
  • 10. FPSO OSX-1 SEPTEMBER 2011 10
  • 11. FPSO OSX-1 – Customization MODIFICATION WORK NEW INSTALLATION Hull / Engine Room Mod. Central Pipe Rack Mod. M430 Mod. M400 Mod. M310 N ew M280 Mod. M250 N ew M220 Mod. W140 Mod. F110 Mod. N130 Mod. N160 Mod. M350 N ew M2 0 0 N ew M320 Mod. M290 Mod. M260 Mod. M380 N ew M230 N ew 11
  • 12. FPSO OSX-1 – Project Progress 12
  • 13. FPSO OSX-1 Sail Away
    • Milestones Achieved
    • Sail away ceremony
    • Start of journey to Brazil
    • Preliminary license issued for OGX
    13
  • 14. FPSO OSX-1 – En Route to Brazil
    • Estimated Date of Arrival: 1st week in October, 2011
    As of 9/26/11 14
  • 15.
    FPSO OSX-1 – Personnel Experience Total crew : 89 people 49% 32% 19% Less than 20 years 20 to 30 years Greater than or equal to 30 years Years of Experience
  • 16. OSX-2 / WHP-1 System SEPTEMBER 2011 16
  • 17. OSX-2 / WHP-1 System 17 WHP-1 OSX-2
  • 18. OSX-2 / WHP-1 System
    • Construction Contract
      • EPCI contract signed with SBM
      • Acquisition of VLCC - accomplished
    • Long term debt commitment
      • Committed financing with 3 leading banks (ING, Santander, Itaú) and 5 others
      • Contract at final stage of negotiation with probable signature for Oct/2011.
      • Debt/Equity structure – 80/20
    OSX-2 WHP-1
    • Construction Contract
      • Signing of LOI with Techint – 1st quarter 2011
      • Start of Engineering - 1st quarter 2011
      • Contract signed with Techint
      • LOI for Drilling Package signed with TTS
    • Long term debt
    • - Financing: BNDES and GIEK
    18
  • 19. OSX-3 / WHP-2 System SEPTEMBER 2011 19
  • 20. OSX-3 / WHP-2 System 20 WHP-2 OSX-3
  • 21. OSX-3 / WHP-2 System
    • Construction Contract
      • Aquisition of VLCC - accomplished
      • EPCI contract signed with MODEC
    • Long term debt commitment
      • Financing: 1 st half 2012
    OSX-3 WHP-2
    • Construction Contract
      • Signing of LOI with Techint - February 2011
      • Start of Engineering - February 2011
      • Contract signed with Techint
    • Long term debt
      • Financing: BNDES and GIEK
    21
  • 22. FPSO OSX-4 SEPTEMBER 2011 22
  • 23. FPSO OSX-4 OSX-3 WHP-2
    • Milestones Achieved
    • 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
    23
  • 24. FPSO OSX-5 SEPTEMBER 2011 24
  • 25. FPSO OSX-5 OSX-3 WHP-2
    • Milestones Achieved
    • Aquisition of VLCC – Gemini Star / value US$ 27 million
    • Signing of OSXflex Project
    • Start of tanks inspection and thickness measurement of the hull
    25
  • 26. UCN – Occupation of slots by FPSOs * * * * * Subject to new orders from OGX 26 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 Slot 1 Slot 2 Slot 4 Slot 3 Slot 5 Slot 6
  • 27. Project Accelerators 27
  • 28.
    • KEY SYSTEMS
    • Water injection
    • Cargo handling
    • Energy generation
    • Gas compression
    • Offloading System
    • Supervisory System
    • Anchoring and Turret System
    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
    • OTHER SYSTEMS
    • Water harvesting
    • Compressed air
    • Fire Fighting System
    • Tubing and Accessories
    • Load pump
    • Ballast pumps
    Sept. 2011 Feb. 2012 28
  • 29.
    • 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.
    Project Accelerators: OSX Flex Engineering 29 MIN API RGO LDA MAX MIN MAX MIN MAX
  • 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
    31 SENAI Campos SENAI Macaé SENAI São João da Barra
  • 32. ITN : Phase I - Recruiting
    • 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
  • 33. Next Milestones 33
  • 34. 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
    34
  • 35. Investor Relations Contacts [email_address] +55 21 2555 6914 35
  • 36. 36