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Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
Project update.29.04
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Project update.29.04

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  • 1. Project Update May, 2011
  • 2. Açu Shipyard – Licensing • Reference Term • EIA filling • Public Hearing • Preliminary License • Next steps: • Installation License • Beginning of Construction 1
  • 3. Açu Shipyard – Industrial District A new cluster for Heavy Industry 2
  • 4. Açu Shipyard – Setup Platforms Platforms construction assembling areas area Modules Drydock and construction area effluent station treatment Green curtain Effluent treatment station Water treatment station FPSO Industrial Unit Administrative buildings Quay Administrative Electric Substation 345 kV – 13.8 kV buildings with Leed - US Green Building A new cluster for Heavy Industry 3
  • 5. Açu Shipyard – Advantages1. Welding Savings with 18m steel plate: 56% less welding• US$ 3.5 million cost saving and 28 days reduction in construction / FPSO• US$ 1.9 million and 24 days reduction in construction / WHP Biguaçu Açu 20M 20M 1 2 3 4 5 6 7 8 9 9M 18M 18M 1 2 3 4 5 9M 2.4M 2.4M 2.4M 2.4M 2.4M 2.4M 2.4M 2.4M 4M 4M 4M 4M 4M WELDING LENGTH: (18M 8point) + 20m 20M = 182 M Welding length: (18m x * 9POINT) + = 164m Welding lenght: (18m x 4point) =72m2. Energy Savings : 30% reduction 4
  • 6. Açu Shipyard – Advantages3. Weather conditions: 25% more sunny days with 5% efficiency increase per month at Açu Site Rain/month Rain/year Biguaçu 12 days 140 days Açu 9 days 108 days4. Soil Advantages : less foundation requiredAt Biguaçu we would invest US$ 371 million in order to upgrade the soilAt Açu we will invest US$ 142 million to upgrade the soilThe remaining US$ 229 million will be invested in the rock walls and channelconstruction, and the rest of the channel construction will be invested by LLX (US$219 million) 5
  • 7. Açu Shipyard – Advantages5. Integration Slots : Up to 3,525m quay Expansion + Dry Dock Site FPSO JACKET Biguaçu 6 6 Açu 8* 8 Increase 33% 33% * If considering expanded layout with 3,525 m: 11 slots6. Proximity to Campos Basin ( ≈ 150Km)FPSO / WHP traveling days to Campos BasinBiguaçu: 4,5 daysAçu: 0,5 day 6
  • 8. Açu Shipyard – Capex Preliminary Budget - USD (MM) Total LLX OSX Common Infrastructure 448 219 229 Investigation and Engineering 31 15 16 Civil Works 416 204 212 Offshore Dredging (854k m3) 111 55 56 Onshore Dredging (13,000k m3) 41 20 21 Break Water (2,300k m3) 264 129 135 Pre eng. costs + environmental 74 - 74 Civil works 447 - 447 Onshore Dredging (10,500k m3) 90 - 90 Quay (2,270 m) 262 - 262 Back area embankment (6,000k m3) 21 - 21 Site camp facility and management 74 - 74 Shipyard structure 544 - 544 Buildings 265 - 265 Dry Dock 133 - 133 Roads and Paving 146 - 146 Equipment and others 420 - 420 Total 1,933 219 1,714 7
  • 9. Current Order Book - OGX ESTIMATED CAPEX EQUIPMENT CAPACITY FIRST OIL US$ MM FPSO OSX1 80K bopd 610 3Q 2011 FPSO OSX2 100K bopd 775 3Q 2013 FPSO OSX3 100K bopd 800-850 3Q 2013 FPSO OSX4 100K bopd 850-900 3Q 2014 FPSO OSX5 100K bopd 850-900 1Q 2015 WHP1 *30 wells 400-450 3Q 2013 WHP2 *30 wells 400-450 3Q 2013 Total 4,685 - 4,935 *18 wells for production,10 wells for water injection and 2 wells for gas injection 8
  • 10. FPSO OSX 1 9
  • 11. FPSO OSX 1 – Customization MODIFICATION WORK M380 New NEW INSTALLATION M230 New M350 New M320 Mod. M200 New M260 Mod. M290 Mod. N160 Mod. N130 Mod. Hull / Engine Room Mod. F110 Mod. Central Pipe Rack Mod. M430 Mod. M400 Mod. M310 New M280 Mod. M250 New M220 Mod. W140 Mod. 10
  • 12. FPSO OSX 1 – CustomizationOSX 1 FPSO First Steel Cutting Ceremony Safety Briefing and Fire Drill Exercise Module M380 Fabrication 11
  • 13. FPSO OSX 1 – Customization Dimension Checks Staging for Painting Works for Fire Fighting System Staging in Engine Room Staging for Painting Works for Fire Fighting System 12
  • 14. FPSO OSX 1 – Customization Buoy overview Assembly Buoy – Turret – Turret Tank 13
  • 15. FPSO OSX 1 – Customization Evolution of the Works FPSO OSX 1 100% 95% 90% Purchase 85% 80% First Oil 75% Delivery in 70% Singapore 65% 60% Planned Actual DEC/10 JAN/11 FEB/11 MAR/11 PLANNED 78.88% 79.68% 83.38% 88.11% ACTUAL 76.92% 79.06% 80.88% 84.47% 14
  • 16. FPSO OSX 1 – Operations Start Up Personnel Admission No. of employees DEC/10 JAN/10 FEB/11 MAR/11 PLANNED 37 49 50 58 ACTUAL 37 44 46 61 15
  • 17. FPSO OSX 1 – Operations Start Up Age Experience time 8% 6% 20 to 30 years 27% 30 to 40 years Less than 20 years 24% 43% 27% 40 to 50 years 20 to 30 years 50 to 60 years Greater than or equal to 30 years Greater than or equal to 30% 60 years 35% 16
  • 18. FPSO OSX 2 17
  • 19. FPSO OSX 2 Expected Timeline Status GTD RFP First oil 3Q 2013 Construction Contract • EPCIC ( Engineering, Procurement, Construction, Installation and Commissioning) contract executed with SBM Offshore Long term debt commitment • Proposals with 100% underwriting • Mandated and with negotiated term sheet • Debt/Equity Structure – 80/20 18
  • 20. FPSO’s OSX 3, OSX 4 and OSX 5 19
  • 21. FPSO’s OSX 3, OSX 4 and OSX 5 Gemini Star Suhail Star• Two sister VLCC´s (Very Large Crude Oil Carriers)purchased on November, 2010• Purchase price: USD 27 million / each•VLCC Gemini Star received in January 13th, 2011 andVLCC Suhail Star received in February 22nd, 2011• Purchased from Vela International Marine Limited(subsidiary of Saudi Aramco)• OSX and OGX are studying the possibility of buildingOSX3 abroad , using the vessels for OSX4 and OSX5 20
  • 22. WHP 1 and WHP 2 21
  • 23. WHP 1 and WHP 2 Expected Timeline Status GTD RFP Platforms construction contract* ongoingConstruction and assembling of jackets* • Letter of Intent executed with TechintDrilling Package** • Ongoing tender • Proposals received on December 8th from AKER, NOV, TTS e SEAWELL 22

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