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Osx project update september 2011

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Osx project update september 2011

  1. 1. Project Update SEPTEMBER 2011 1
  2. 2. OSX Shipbuilding SEPTEMBER 2011 2
  3. 3. Açu Shipyard – Industrial District <ul><li>A new cluster for heavy industry </li></ul>3
  4. 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. 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. 6. Shipyard Financing : Merchant Marine Fund <ul><li>Credit facility: 80% of CAPEX </li></ul><ul><li>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 </li></ul><ul><li>Lending Agents: BNDES, Caixa Econômica Federal, Banco do Brasil, BNB and Banco da Amazônia </li></ul><ul><li>28% </li></ul><ul><li>48% </li></ul><ul><li>20% </li></ul><ul><li>4% </li></ul>Capex Distribution by Activity (million): 6
  7. 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. 8. Pictures: Dredging and Vegetation Supression 8
  9. 9. Order Book Status - OGX * Delivery at the shipyard (ex-installation) 9
  10. 10. FPSO OSX-1 SEPTEMBER 2011 10
  11. 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. 12. FPSO OSX-1 – Project Progress 12
  13. 13. FPSO OSX-1 Sail Away <ul><li>Milestones Achieved </li></ul><ul><li>Sail away ceremony </li></ul><ul><li>Start of journey to Brazil </li></ul><ul><li>Preliminary license issued for OGX </li></ul>13
  14. 14. FPSO OSX-1 – En Route to Brazil <ul><li>Estimated Date of Arrival: 1st week in October, 2011 </li></ul>As of 9/26/11 14
  15. 15. <ul><li></li></ul>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. 16. OSX-2 / WHP-1 System SEPTEMBER 2011 16
  17. 17. OSX-2 / WHP-1 System 17 WHP-1 OSX-2
  18. 18. OSX-2 / WHP-1 System <ul><li>Construction Contract </li></ul><ul><ul><li>EPCI contract signed with SBM </li></ul></ul><ul><ul><li>Acquisition of VLCC - accomplished </li></ul></ul><ul><li>Long term debt commitment </li></ul><ul><ul><li>Committed financing with 3 leading banks (ING, Santander, Itaú) and 5 others </li></ul></ul><ul><ul><li>Contract at final stage of negotiation with probable signature for Oct/2011. </li></ul></ul><ul><ul><li>Debt/Equity structure – 80/20 </li></ul></ul>OSX-2 WHP-1 <ul><li>Construction Contract </li></ul><ul><ul><li>Signing of LOI with Techint – 1st quarter 2011 </li></ul></ul><ul><ul><li>Start of Engineering - 1st quarter 2011 </li></ul></ul><ul><ul><li>Contract signed with Techint </li></ul></ul><ul><ul><li>LOI for Drilling Package signed with TTS </li></ul></ul><ul><li>Long term debt </li></ul><ul><li>- Financing: BNDES and GIEK </li></ul>18
  19. 19. OSX-3 / WHP-2 System SEPTEMBER 2011 19
  20. 20. OSX-3 / WHP-2 System 20 WHP-2 OSX-3
  21. 21. OSX-3 / WHP-2 System <ul><li>Construction Contract </li></ul><ul><ul><li>Aquisition of VLCC - accomplished </li></ul></ul><ul><ul><li>EPCI contract signed with MODEC </li></ul></ul><ul><li>Long term debt commitment </li></ul><ul><ul><li>Financing: 1 st half 2012 </li></ul></ul>OSX-3 WHP-2 <ul><li>Construction Contract </li></ul><ul><ul><li>Signing of LOI with Techint - February 2011 </li></ul></ul><ul><ul><li>Start of Engineering - February 2011 </li></ul></ul><ul><ul><li>Contract signed with Techint </li></ul></ul><ul><li>Long term debt </li></ul><ul><ul><li>Financing: BNDES and GIEK </li></ul></ul>21
  22. 22. FPSO OSX-4 SEPTEMBER 2011 22
  23. 23. FPSO OSX-4 OSX-3 WHP-2 <ul><li>Milestones Achieved </li></ul><ul><li>Aquisition of VLCC Suhail Star / value US$ 27 million </li></ul><ul><li>Signing of contract for OSXflex Project ( Chemtec & Kromav ) </li></ul><ul><li>Start of tanks inspection and thickness measurement of the hull </li></ul>23
  24. 24. FPSO OSX-5 SEPTEMBER 2011 24
  25. 25. FPSO OSX-5 OSX-3 WHP-2 <ul><li>Milestones Achieved </li></ul><ul><li>Aquisition of VLCC – Gemini Star / value US$ 27 million </li></ul><ul><li>Signing of OSXflex Project </li></ul><ul><li>Start of tanks inspection and thickness measurement of the hull </li></ul>25
  26. 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. 27. Project Accelerators 27
  28. 28. <ul><li>KEY SYSTEMS </li></ul><ul><li>Water injection </li></ul><ul><li>Cargo handling </li></ul><ul><li>Energy generation </li></ul><ul><li>Gas compression </li></ul><ul><li>Offloading System </li></ul><ul><li>Supervisory System </li></ul><ul><li>Anchoring and Turret System </li></ul>Project Accelerators : Standardization of Equipment <ul><li>Maximize competitiveness through standardization of production units </li></ul><ul><li>Reach 70% of standardization of units (plant and deck) </li></ul><ul><li>Signature of long-term contracts with suppliers </li></ul><ul><li>OTHER SYSTEMS </li></ul><ul><li>Water harvesting </li></ul><ul><li>Compressed air </li></ul><ul><li>Fire Fighting System </li></ul><ul><li>Tubing and Accessories </li></ul><ul><li>Load pump </li></ul><ul><li>Ballast pumps </li></ul>Sept. 2011 Feb. 2012 28
  29. 29. <ul><li>Advantages </li></ul><ul><li>Modules can be removed without damaging the project </li></ul><ul><li>Capable of treating a range of oil specifications </li></ul><ul><li>Potential gain: 5 months in the engineering phase </li></ul><ul><li>Status </li></ul><ul><li>Contract signed with Chemtech-Kromav-Exactum </li></ul><ul><li>First OSXflex units: OSX-4 and OSX-5. </li></ul>Project Accelerators: OSX Flex Engineering 29 MIN API RGO LDA MAX MIN MAX MIN MAX
  30. 30. ITN – Naval Technology Institute 30
  31. 31. ITN : Phase I - Objectives <ul><li>Qualification of up to 3,100 personnel in 23 functions by the end of 2012 </li></ul><ul><li>Utilization of facilities and instructors from SENAI </li></ul><ul><li>Scholarships provide financial assistance, food and transportation </li></ul><ul><li>Estimated budget: R$ 12.7 million </li></ul>31 SENAI Campos SENAI Macaé SENAI São João da Barra
  32. 32. ITN : Phase I - Recruiting <ul><li>Courses in final stage of planning </li></ul><ul><li>Recruiting and selection taking place during 4th quarter of 2011 </li></ul><ul><li>Beginning of classes scheduled for 1st quarter 2012 </li></ul><ul><li>Initial programs: welders, mechanics, electricians, among others </li></ul>32
  33. 33. Next Milestones 33
  34. 34. Next Milestones <ul><li>Arrival of OSX-1 and first oil </li></ul><ul><li>Conclusion of OSX-2 financing </li></ul><ul><li>Beginning of construction : WHP-1 and WHP-2 </li></ul><ul><li>Financing of OSX-3, WHP-1 and WHP-2 </li></ul><ul><li>New orders from OGX </li></ul><ul><li>Orders from third parties </li></ul>34
  35. 35. Investor Relations Contacts [email_address] +55 21 2555 6914 35
  36. 36. 36

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