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Project Update   July 2011
Açu Shipyard – Licensing                      • Term of Reference                      • EIA filling                      ...
Açu Shipyard – Industrial District                 A new cluster for Heavy Industry                                       ...
Açu Shipyard – Setup                             Platform     Platform construction                          assembly area...
Açu Shipyard – Advantages1. Welding economies: 18m steel plate results in 56% less welding• US$ 3.5 million savings and 28...
Açu Shipyard – Advantages3. Optimal Weather conditions: Less than 30% of rainy days per year4. Better soil: Sandy soil req...
Açu Shipyard – Capex      Preliminary Budget – US$ (MM)        Total   LLX   OSX      Common Infrastructure               ...
Current Order Book – OGX                                                           ESTIMATED CAPEX      EQUIPMENT         ...
FPSO OSX 1             8
FPSO OSX 1 – Customization   MODIFICATION WORK                                    M380 New   NEW INSTALLATION             ...
FPSO OSX 1 – Project Progress                                10
FPSO OSX 1 – Project Progress •   FPSO      –   MECHANICAL COMPLETION        AND COMISSIONING:   30TH OF JULY •   TURRET  ...
FPSO OSX 1 – Project Progress                          Delivery Progress & Timeline                                       ...
FPSO OSX 1 – Hire of Personnel On-Track                          Percentage of Workers Hired    100%     90%     80%     7...
FPSO OSX 1 – Personnel Experience                      Age                                                                ...
OSX 2 – WHP 1 System                       15
OSX 2 – WHP 1 System          WHP 1        OSX 2                               16
OSX 2 – WHP 1 System                     OSX 2                                      WHP 1 Expected Timeline           Stat...
OSX 3 – WHP 2 System                       18
OSX 3 – WHP 2 System          WHP 2        OSX 3                               19
OSX 3 – WHP 2 System                     OSX 3                                WHP 2 Expected Timeline           Status    ...
FPSOs OSX 4  & OSX 5              21
FPSOs OSX 4 & OSX 5                        Gemini Star                                 Suhail Star• Two sister VLCC´s (Ver...
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07 04-2011-project-update

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07 04-2011-project-update

  1. 1. Project Update July 2011
  2. 2. Açu Shipyard – Licensing • Term of Reference • EIA filling • Public Hearing • Preliminary License • Installation License • Beginning of Construction (July) 1
  3. 3. Açu Shipyard – Industrial District A new cluster for Heavy Industry 2
  4. 4. Açu Shipyard – Setup Platform Platform construction assembly area area Modules Drydock and construction area effluent station treatment Green curtain Water treatment station FPSO Industrial unit Administrative buildings Quay Administrative buildings with Electric Substation 345 kV – 13.8 kV LEED Certification (US Green Building Council) 3
  5. 5. Açu Shipyard – Advantages1. Welding economies: 18m steel plate results in 56% less welding• US$ 3.5 million savings and 28 days reduction in construction / FPSO• US$ 1.9 million savings 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 and US$ 4 million in annual savings 4
  6. 6. Açu Shipyard – Advantages3. Optimal Weather conditions: Less than 30% of rainy days per year4. Better soil: Sandy soil requires lighter foundations5. Integration Slots: Up to 3,525m of quay allowingsimultaneous integration of 9 FPSOs and the construction of8 WHPs. (6 FPSOs and 2,400m at 1st phase)6. Proximity to Campos Basin: ( ≈ 150Km)FPSO / WHP travels to Campos Basin in half a daySavings of US$ 4,0 million as compared to a site in Singapore 5
  7. 7. Açu Shipyard – Capex Preliminary Budget – US$ (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 Merchant Marine Fund ≈ US$ 1.630 MM 6
  8. 8. Current Order Book – OGX ESTIMATED CAPEX EQUIPMENT CAPACITY DELIVERY** US$ MM FPSO OSX1 80K bopd 610 3Q 2011 FPSO OSX2 100K bopd 775 2Q 2013 FPSO OSX3 100K bopd 800-850 3Q 2013 FPSO OSX4 100K bopd 850-900 2Q 2014 FPSO OSX5 100K bopd 850-900 4Q 2014 WHP1 *30 wells 400-450 1Q 2013 WHP2 *30 wells 400-450 2Q 2013 Total 4,685 - 4,935 *18 wells for production,10 wells for water injection and 2 wells for gas injection **delivery at the shipyard (ex installation) 7
  9. 9. FPSO OSX 1 8
  10. 10. 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. 9
  11. 11. FPSO OSX 1 – Project Progress 10
  12. 12. FPSO OSX 1 – Project Progress • FPSO – MECHANICAL COMPLETION AND COMISSIONING: 30TH OF JULY • TURRET – INSTAND-BY AT INDONESIA. • COMPONENTS OF THE MOORING SYSTEM – STORED IN BRAZIL. 11
  13. 13. FPSO OSX 1 – Project Progress Delivery Progress & Timeline FPSO OSX 1 100% 95% 90% Purchase 85% 80% First Oil 75% Delivery in 70% Singapore 65% 60% Planned Actual FEB/11 MAR/11 APR/11 MAY/11 PLANNED 83.38% 84.81% 86.90% 90.38% ACTUAL 80.88% 84.47% 86.96% 89.90% 12
  14. 14. FPSO OSX 1 – Hire of Personnel On-Track Percentage of Workers Hired 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % Planned % Actual No. of employees FEB/11 MAR/11 APR/11 MAY/11 PLANNED 50 58 79 79 ACTUAL 46 61 73 74 13
  15. 15. FPSO OSX 1 – Personnel Experience Age ExperienceTime 4% 13% 20 to 30 years 21% 30 to 40 years Less than 20 years 29% 40 to 50 years 20 to 30 years 25% 50% 50 to 60 years Greater than or equal to 30 years 29% Greater than or equal to 60 years 29% 14
  16. 16. OSX 2 – WHP 1 System 15
  17. 17. OSX 2 – WHP 1 System WHP 1 OSX 2 16
  18. 18. OSX 2 – WHP 1 System OSX 2 WHP 1 Expected Timeline Status Expected Timeline Status GTD GTD RFP RFP Delivery at shipyard* 2Q13 Delivery at shipyard* 1Q13 * ex-installation * ex-installation Construction Contract Construction Contract • EPCIC (Engineering, Procurement, • EPCIC (Engineering, Procurement, Construction, Installation and Construction, Installation and Commissioning) contract executed with Commissioning) contract executed with SBM Offshore TechintLong term debt commitment Drilling Package• Proposals with 100% underwriting • Ongoing tender• Mandated and with negotiated term sheet • Initial proposals received on• Debt/Equity Structure – 80/20 December 8th, 2010 from AKER, NOV, TTS and SEAWELL 17
  19. 19. OSX 3 – WHP 2 System 18
  20. 20. OSX 3 – WHP 2 System WHP 2 OSX 3 19
  21. 21. OSX 3 – WHP 2 System OSX 3 WHP 2 Expected Timeline Status Expected Timeline Status GTD GTD RFP RFP Delivery at shipyard* 3Q13 Delivery at shipyard* 2Q13 * ex-installation * ex-installation Construction Contract Contrato de Construção • EPCIC (Engineering, Procurement, • EPCIC (Engineering, Procurement, Construction, Installation and Construction, Installation and Commissioning) in negotiation Commissioning) contract executed with with Modec Techint Drilling Package • Ongoing tender • Initial proposals received on December 8th, 2010 from AKER, NOV, TTS and SEAWELL 20
  22. 22. FPSOs OSX 4 & OSX 5 21
  23. 23. FPSOs OSX 4 & OSX 5 Gemini Star Suhail Star• Two sister VLCC´s (Very Large Crude Oil Carriers) purchased inNovember 2010• Purchase price: US$ 27 MM each• VLCC Gemini Star received on January 13th, 2011 and VLCCSuhail Star received on February 22nd, 2011• Purchased from Vela International Marine Limited (subsidiary ofSaudi Aramco)• Engineering for conversion and integration under biddingprocess• Delivery ex-installation scheduled for 2Q14 and 4Q14,respectively 22

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