Osx corporate presentation english_may

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Osx corporate presentation english_may

  1. 1. CORPORATE PRESENTATIONRio de Janeiro | May 2012 |
  2. 2. ORGANIZATIONAL STRUCTURE EBX FREE FLOAT 78.8% 21.2% Integrated offshore E&P equipment HYUNDAI OSX and services provider 10% Holding 90% 100% 100% OSX SHIPBUILDING OSX LEASING OSX SERVICES UNIT 2
  3. 3. OSX HIGHLIGHTS  Priority Rights between OSX and OGX Strong Demand  Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment from OGX  Upside potential with expansion of OGX’s exploratory campaign Attractive Market  Expected oil and gas resources to increase to 100 Bboe, with announced Conditions in investments of US$ 140bn plus Brazil  Underserved domestic equipment & services market  Approximately 70% of E&P industry capex supplied locally Local Content  Key for Brazil’s long-term social and economic development (285,000 jobs in 5 Requirement years) Strategic  Partnership with the largest shipbuilder in the world Partnership with  State-of-the-art technology and transfer of know-how Hyundai  Large, scalable shipyard at Açu  ITN –Institute of Naval Technology , partnerships with technical institutions and universities Training (ITN)  Absorption and application of Korean technology  Qualification of 3.100 technical personnel until beginning of 2013 Incentivized and Experienced  More than 30 years experience, on average, in the E&P sector Management  US$ 30bn in projects and more than 50,000 people under management Team 3
  4. 4. POTENTIAL DEMANDOffshore E&P Equipment in Brazil182 units to be delivered within the next 10 yearsOGX’s projected demand: 48 units (19 FPSOs, 24 WHPs, 5 TLWPs) Consolidated Potential Demand (number of E&P equipment units) 32 PETROBRAS (FPSOs + 28 Rigs) OGX (FPSOs Only) 27 22 18 16 13 11 8 Existing Capacity 3 3 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020ENote: Includes equipment which has already been ordered Source: VeraxCapacity Estimates: Source OSX 4
  5. 5. LOCAL CONTENT: RATIONALE AND EVOLUTION Represents a social & economic development strategy. Has increased significantly in recent ANP bidding rounds.Local Content Requirement Local Content Evolution Exploration Phase■ Definition: minimum percentage of equipment and 86% Development Phase 84% services contracted by the operator that must be 81% 77% supplied by local companies 86% 79% 79% 54% 74%■ Average of 70% in the production development phase 69% 48% 40%■ Component of the bid for acquisition of E&P Blocks 27% 42% 39%■ Certification of each item by inspection companies 28% 25% (guidelines set forth by Federal Government – MME) 1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th■ Subject to severe penalties Source: ANP Note (1) 8th ANP bidding round auction is still under discussionLocal Content Rationale Notable Companies Committed to Local■ Boost local oil & gas equipment and services industry Content■ Incentivize local technology development■ Substantially increase employment and income 5
  6. 6. BRAZILIAN SHIPYARDS Local shipyards are not prepared to serve expected offshore E&P equipment demand Main Shipbuilders in Brazil Current Conditions of Brazilian Shipyards Mac Laren EAS ERG Brasfels Mauá Mac Laren Committed Slots Mauá Site Area (km2) 1,6 0,5 0,5 0,4 0,1 Technology Partner Steel Processing Capacity 160 60 50 36 6 Brasfels (Kton / year) Focus on Offshore Equipment Logistics Labor Force “A construction slot in OSX’s shipyard is worth more than gold” 6Source: Verax
  7. 7. SHIPBUILDING 7
  8. 8. AÇU SUPERPORTA One-Stop Shop for the Oil & Gas Industry 8
  9. 9. AÇU INDUSTRIAL COMPLEXA New Cluster for the Offshore and Heavy Industry GE 90 km² Industrial Complex (1.5 x (1,5x maior Manhattan de Manhattan) 90 km² Complexo Industrial larger than que a ilha Island) 9
  10. 10. UCN AÇU: LAYOUT Conceptual design approved by Hyundai Heavy Industries US$ 1.7 bn investment Steel processing capacity of180,000 ton/year andassembly capacity of 220,000ton/year Up to 3,525 m water front(2,400 m in first phase) 10 90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan) 10
  11. 11. UCN AÇU: LICENSING SCHEDULE Preliminary InstallationEIA/RIMA Public License License Beginning of Filling Hearings Issuance Issuance Construction P Oct-10 P Jan-11 P Feb-11 P Jun-11 P Jul-11 11
  12. 12. UCN AÇU: SHIPBUILDING UNIT SCHEDULE PACKAGES PROCUREMENT MOBILIZATION REMOVAL OF VEGETATION 2Q11 P 2Q11 P PREPARATION OF THE TERRAIN 3Q11 P 3Q11 P NORTH QUAY AND JACKETS AREA 1Q12 (LOI) P 1Q12 P DRY DOCK 1Q12 (LOI) P 1Q12 P SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 (LOI) P 1Q12 P INDUSTRIAL BUILDINGS 3Q11 P 4Q11 P UTILITIES AND INFRASTRUCTURE 3Q11 P 3Q11 P ADMNISTRATIVE BUILDINGS 2Q12 2Q12 AUXILIARY BUILDINGS 2Q12 2Q12 ELECTROMECHANICAL ASSEMBLY 2Q12 2Q12 SUPERVISION SUPPORT 2Q11 P 2Q11 P CONSTRUCTION SITE 3Q11 P 3Q11 P BREAKWATER 1Q11 P 1Q11 P DREDGING 3Q11 P 3Q11 P 12
  13. 13. UCN AÇU: ESTIMATED PARTIAL DELIVERIES UCN Sections (Ready) 2012 2013 2014 AREA 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 - 3r d QUARTER - SLOT 4 FOR FPSO INTEGRATION - 4th QUARTER - SLOT 5 AND 6 FOR FPSO INTEGRATION - - 2nd QUARTER COMPLETION OF CONSTRUCTION OF UCN - - 2nd QUARTER 13
  14. 14. UCN AÇU: FINANCING Fundo da Marinha Mercante (Merchant Marine Fund) Capex distribution per year/activity 14,4% 63,6% 20,1% 1,9% Credit facility: 80% CAPEX 2011 2012 2013 2014 Total tenor ranging from 18 to 20 years DESCRIPTION OSX (US$) LLX (US$)with a grace period of up to 3 years and DREDGING AND ENGINEERING 93 90interest rates that vary between US$ + 2% to BREAK WATER 135 129US$ + 4% per annum QUAY 262 - BUILDINGS 339 - Lending Agents: BNDES, Caixa Econômica DRY DOCK 133 -Federal, Banco do Brasil, BNB and Banco da ROADS AND PAVING 146 -Amazônia EQUIPMENT, ENGINEERING AND ENVIRONMENT 487 - OTHERS 119 - TOTAL $1.714 $219 TOTAL OF US$ 1,933 MM 14
  15. 15. UCN AÇU:EVOLUTION OF THE WORKS
  16. 16. UCN AÇU: AERIAL VIEW 16 16
  17. 17. UCN AÇU: AERIAL VIEW 17 17
  18. 18. UCN AÇU: CONSTRUCTION OF THE CANAL 18 18
  19. 19. UCN AÇU: CONSTRUCTION OF THE CANAL Volume of canal to be dredged: 43 million m3 equivalent to 140 Maracanã StadiumsBreakers to protect the approach canal to the Açu Shipbuilding Unit 19 19
  20. 20. UCN AÇU: BREAKWATERBreakwater: used to avoid the silting of the canal The breakwater is composed of 43 large blocks eachand protects the entry and exit of vessels 67m long, 24m wide and 24m deep 20 20
  21. 21. UCN AÇU: EARTHWORKS & BUILDINGS Foundations of Industrial Buildings 21 21
  22. 22. UCN AÇU: EARTHWORKS & BUILDINGS Water Treatment Plant Plots to be used by contractors Administrative Building Plots to be used by contractors 22 22
  23. 23. UCN AÇU: EARTHWORKS & BUILDINGS 1 Administrative Building 2 3 1. Medical Centre 2. Administrative Building 3. Canteen 23 23
  24. 24. UCN AÇU: BUILDINGS Canteen Part of the products used for meal preparation are sourced locally 24
  25. 25. ORDER BOOK FPSO OSX-1
  26. 26. CURRENT ORDER BOOK ESTIMATED PRICE PLACE OF OSX LEASING UNIT CAPACITY DELIVERY* (US$ MM) CONSTRUCTION & SERVICES FPSO OSX-1 80K bopd 610 OK SAMSUNG, KOREA P FPSO OSX-2 100K bopd 775 2Q 2013 KEPPEL, SINGAPORE P FPSO OSX-3 100K bopd 800 3Q 2013 JURONG, SINGAPORE P FPSO OSX-4 100K bopd 850-900 2Q 2014 OSX, BRAZIL P FPSO OSX-5 100K bopd 850-900 4Q 2014 OSX, BRAZIL P WHP-1 30 wells 400-450 3Q 2013 TECHINT, BRAZIL P WHP-2 30 wells 400-450 4Q 2013 TECHINT, BRAZIL P WHP-3 to be defined to be defined 2015 OSX, BRAZIL P WHP-4 to be defined to be defined 2015 OSX, BRAZIL P PLSV - SAPURA NA 263 4Q 2014 OSX, BRAZIL 11 MR - KINGFISH NA 732 2Q 2015- 4Q 2017 OSX, BRAZIL * Delivery at the shipyard (ex-installation) • PLSV: Pipe Laying Support Vessel• FPSO: Floating Production Storage Offloading • MR: Medium Range Tanker• WHP: Wellhead Platform 26
  27. 27. FPSO OSX-1
  28. 28. FIRST OIL FOR OGX: 18H 39M 50S31ST January 2012 28 28
  29. 29. FPSO OSX-1: CUSTOMIZATION 29
  30. 30. FPSO OSX-1: CREW Total of 89 crew members Age Years of Experience 4% 14% 20 to 30 years 19% 30 to 40 years Less than 20 years28% 40 to 50 years 49% 20 to 30 years 26% 50 to 60 years Greater than or equal to 30 years 32% Greater than or equal to 60 years 28% 30
  31. 31. FPSO OSX-2 / WHP-1
  32. 32. OSX-2 / WHP-1 SYSTEM OSX-2 WHP-1 Milestone Date Milestone Date Arrival of hull at Keppel shipyard (Singapore) 3r d Quarter 2011 Start of construction and assembly 4th Quarter 2011 P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3r d Quarter 2013 FPSO departure from yard 2nd Quarter 2013 Construction Contract Construction Contract■ EPCI contract signed with SBM ■ Signing of LOI with Techint – 1Q11■ Acquisition of VLCC – accomplished ■ Start of Engineering – 1Q11■ Conversion of the hull underway at the Keppel shipyard ■ Contract signed with Techint (Singapore) ■ LOI for Drilling Package signed with TTS■ Physical progress: approximately 32% Long term debt commitment■ Facility agreement: US$ 850 million(12 years, LIBOR +4,41% p.a.)■ ING, Itaú-BBA and Santander (leaders), HSBC, Citibank, ABNAmro Bank, Banco do Brasil, NIBC and DnB Nor 32
  33. 33. FPSO OSX-3 / WHP- 2
  34. 34. OSX-3 / WHP-2 SYSTEMOSX-3 WHP-2 Milestone Date Milestone Date th th Arrival of hull at conversion shipyard 4 Quarter 2011 Start of construction and assembly 4 Quarter 2011 st th P&IDs approved for construction 1 Quarter 2012 Load Out of WHP-2 4 Quarter 2013 rd FPSO departure from yard 3 Quarter 2013 Construction Contract Construction Contract■ Acquisition of VLCC - accomplished ■ Signing of LOI with Techint – 1Q11■ EPCI contract signed with MODEC ■ Start of Engineering – 1Q11■ Conversion of the hull underway at the Jurong shipyard ■ Contract signed with Techint (Singapore)■ Physical progress: approximately 37% Long term debt commitment■ Financing: Senior Secured Bonds US$ 500 mm, maturity03/2015 at an interest rate of 9.25% pa, payable quarterly■ Global Coordinator, Joint Lead Manager and Bookrunner: ParetoSecurities and Joint Lead Manager and Bookrunner: DNB Markets 34
  35. 35. FPSO OSX-4
  36. 36. 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 Exactum) Milestone Date Close-up Survey of the hulls performed by ShipScan and Specifications for hull 1st Q2012 monitored by Bureau Veritas conversion End of hull conversion 4th Q2012 Preparation Stage: engineering project for conversion of the hulls Arrival of hull at UCN slot 1 2nd Q2013 The price quote for the packages (modules to be installed on the Delivery by the shipyard 2nd Q2014 vessel deck) is in progress Completion of Basic Engineering Project: scheduled for May 2012 Integration UCN Açu : 2Q2013 marking the start-up of UCN Açu’s activities Delivery at UCN Açu in 2Q2014 36
  37. 37. FPSO OSX-5
  38. 38. 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 Exactum) Milestones Date Close-up Survey of the hulls performed by ShipScan and Specifications for hull repair 2nd Q2012 monitored by Bureau Veritas End of hull conversion 2nd Q2013 Preparation Stage: engineering project for conversion of the hulls The price quote for the packages (modules to be installed on the Arrival of hull at UCN slot 2 3rd Q2013 vessel deck) is in progress Delivery by the shipyard 4th Q2014 Completion of Basic Engineering Project: scheduled for May 2012 Integration UCN Açu : 3Q2013 marking the start-up of UCN Açu’s activities Delivery at UCN Açu in 4Q2014 38
  39. 39. PLSV - PIPE-LAYING SUPPORT VESSELUsed for laying and installing flexible pipelines on the seabed Milestones:  Contract signed on 24/2/2012  Contract price: US$ 263 million  Delivery date: December 2014 Main characteristics:  Length: 135 meters  Breadth: 24 meters  Depth: 10 meters  Flexible lines traction capacity : 300 tonnes  Flexible lines capacity: 2,500 tonnes  Deadweight: 5,880 tonnes 39
  40. 40. 11 MR - MEDIUM RANGE TANKERSMilestones: Contract signed on 9/03/2012 Contract price: US$ 732 million Delivery date of last vessel: December 2017Main characteristics: Total length: 183 meters Breadth: 32.20 meters Depth: 18 meters Deadweight : 47,000 tonnes 40
  41. 41. PARTNERSHIP BRAZIL / KOREAITN:INSTITUTEOF NAVALTECHNOLOGY
  42. 42. ITN- INSTITUTE OF NAVAL TECHNOLOGYObjectives Application period from 9th to 20th April 2012 Approximately 20 thousand applicants Qualification of up to 3,100 personnel in 23 functions by the beginning of 2013 Use of SENAI’s facilities and faculty in the city of SENAI Macaé Campos, as well as mobile units in São João da Barra. Macaé in the future Scholarships providing financial assistance, food and SENAI Campos transportation Estimated budget: R$ 12.7 million SENAI São João da Barra 42
  43. 43. ITN- INSTITUTE OF NAVAL TECHNOLOGY Approx. City Work force Population distanceSão 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 3000 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 Curriculum planning Adapting the necessary facilities Classes scheduled to commence in 1st half 2012 Organization and production of teaching material 43
  44. 44. NEXT MILESTONES  Financing: WHP-1 and WHP-2 (BNDES / GIEK)  Financing: OSX-4 and OSX-5  Contract shipyard to convert the OSX-4 and OSX-5 hull’s  Shipyard financing contract (Merchant Marine Fund)  New orders from OGX  New orders from third parties 44
  45. 45. 45
  46. 46. RI@OSX.COM.BR+55 21 2555 6914

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