1. Project Update
AUGUST 2011

2. Açu Shipyard – Licensing
 Term of Reference
 EIA filling
 Public Hearing
 Preliminary License
 Installation License
 Beginning of Construction (July)
2

3. Açu Shipyard – Industrial District
A new cluster for Heavy Industry
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4. Açu Shipyard – Setup
Platform construction
Platform assembly area
area
Modules construction
area
Dry dock and
effluent
Green curtain
station
treatment
Water treatment
FPSO station
Industrial
unit
Administrative
buildings
Quay
Administrative
Electric Substation 345
buildings with LEED
kV – 13.8 kV Certification (US
Green Building Council)
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5. Açu Shipyard – Advantages
 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
Regular Size Açu
COMPARATIVO DE FABRICAÇÃO DE BLOCOS PARA DOIS TIPOS DE CHAPAS: (18m X 4m X 19,5mm) & (9m X 2,44m X 19,5mm)
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 = 164m M
Welding length: (18m x * 9POINT) + 20M = 182 Welding lenght: (18m x 4point) =72m
WELDING LENGTH: 18M * 4POINT = 72M
 Energy Savings: 30% reduction and US$ 4 million in annual savings
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6. Açu Shipyard – Advantages
 Optimal Weather conditions: Less than 30% of rainy
days per year
 Better soil: Sandy soil requires lighter foundations
 Integration Slots: Up to 3,525m of quay allowing
simultaneous integration of 9 FPSOs and the construction
of 8 WHPs. (6 FPSOs and 2,400m at 1st phase)
 Proximity to Campos Basin: ( ≈ 150Km)
— FPSO / WHP travels to Campos Basin in half a day
— Savings of US$ 4,0 million as compared to a site in
Singapore
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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. Cost + environmental 74 - 74
Civil Works 447 - 447
Onshore Dredging (10,500k m3) 90 - 90
Quay 262 - 262
Back area embankment (6,000k m3) 21 - 21
Site campo facility and management 74 - 74
Shipyard structure 544 - 544
Buildings 265 - 265
Dry Dock 133 - 133
Roads and paving 146 - 146 Merchant Marine
Equipment and others 420 - 420
Fund ≈ 80%
Total 1,933 219 1,714
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8. Current Order Book – OGX
Estimated
Equipment Capacity CAPEX (US$ Delivery*
MM)
FPSO OSX-1 80K bopd 610 3Q 2011
FPSO OSX-2 100K bopd 775 2Q 2013
FPSO OSX-3 100K bopd 800 3Q 2013
FPSO OSX-4 100K bopd 850-900 2Q 2014
FPSO OSX-5 100K bopd 850-900 4Q 2014
WHP-1 30 wells 400-450 1Q 2013
WHP-2 30 wells 400-450 2Q 2013
Total 4,685 – 4,885
* Delivery at the shipyard (ex installation)
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9. FPSO OSX-1
AUGUST 2011

10. FPSO OSX-1 – Customization
M320 Mod. M290 Mod. M260 Mod. M230 New
MODIFICATION
WORK
NEW M200 New
M380 New M350 New
INSTALLATION
N160 Mod.
Hull / Engine N130 Mod.
Room Mod.
F110 Mod.
M430 Mod.
M400 Mod.
Central Pipe
Rack Mod.
M310 New M280 Mod. M250 New M220 Mod. W140 Mod.
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11. FPSO OSX-1 – Project Progress
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12. FPSO OSX-1 – Project Progress
1
2
3
1
 FPSO
— Mechanical Completion and commissioning: July 30th

2 Turret
— Instand-by at Indonesia.
3
 Components of the mooring system
— Stored in Brazil.
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13. FPSO OSX-1 – Project Progress
Delivery Progress & Timeline
100%
95%
90%
85%
80%
First Oil
Purchase
75%
Delivery in
70%
Singapore
65%
60%
Planned Actual
March 11 April 11 May 11 June 11
Planned 84.81% 86.90% 90.38% 95.85%
Actual 84.47% 86.96% 89.90% 92.43%
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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 March 11 April 11 May 11 June 11
Planned 58 79 79 86
Actual 61 73 74 77
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15. FPSO OSX-1 – Personnel Experience
Age ExperienceTime
4% 19%
14% 20 to 30 years
Less than 20 years
30 to 40 years
28%
49% 20 to 30 years
40 to 50 years
26% Greater than or equal to
50 to 60 years 30 years
32%
Greater than or equal to
60 years
28%
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16. OSX-2 / WHP-1 System
AUGUST 2011

17. OSX-2 / WHP-1 System
WHP-1 OSX-2
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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 Commissioning) Construction, Installation and Commissioning)
contract executed with SBM Offshore contract executed with Techint
 Long term debt commitment  Drilling Package
— Proposals with 100% underwriting — Ongoing tender
— Mandated and with negotiated term sheet — Initial proposals received on December 8th,
2010 from AKER, NOV, TTS and SEAWELL
— Debt/Equity Structure – 80/20
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19. OSX-3 / WHP-2 System
AUGUST 2011

20. OSX-3 / WHP-2 System
WHP-2 OSX-3
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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  Construction Contract
— EPCIC (Engineering, Procurement, — EPCIC (Engineering, Procurement,
Construction, Installation and Commissioning) Construction, Installation and Commissioning)
contract executed with Modec contract executed with Techint
 Drilling Package
— Ongoing tender
— Initial proposals received on December 8th,
2010 from AKER, NOV, TTS and SEAWELL
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22. FPSOs OSX-4 and OSX-5
AUGUST 2011

23. FPSOs OSX-4 e OSX-5
Gemini Star Suhail Star
 Two sister VLCC´s (Very Large Crude Oil Carriers) purchased in
November 2010
 Purchase price: US$ 27 MM each
 VLCC Gemini Star received on January 13th, 2011 and VLCC Suhail Star
received on February 22nd, 2011
 Purchased from Vela International Marine Limited (subsidiary of Saudi
Aramco)
 Engineering for conversion and integration under bidding process
 Delivery ex-installation scheduled for 2Q14 and 4Q14, respectively
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