The document provides an overview of OSX's organizational structure and order book. It discusses: 1) OSX's ownership structure, with EBX holding 78.8% and free float holding 21.2%. 2) OSX's current order book of 48 offshore E&P units for OGX worth $30 billion, with potential for expansion. 3) Progress made on the FPSO OSX-1 project, including first oil production, as well as milestones for future FPSO and WHP projects in the order book.

1. CORPORATE PRESENTATION
Rio de Janeiro | April 2012 |

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. 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. POTENTIAL DEMAND
Offshore E&P Equipment in Brazil
182 units to be delivered within the next 10 years
OGX’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 2020E
Note: Includes equipment which has already been ordered Source: Verax
Capacity Estimates: Source OSX 4

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 discussion
Local 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. 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” 6
Source: Verax

7. SHIPBUILDING
7

8. AÇU SUPERPORT
A One-Stop Shop for the Oil & Gas Industry
8

9. AÇU INDUSTRIAL COMPLEX
A 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. UCN AÇU: LAYOUT
Conceptual design approved by Hyundai Heavy Industries
US$ 1.7 bn investment
Steel processing capacity of 180,000 ton/year and assembly capacity of
220,000 ton/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. UCN AÇU: LICENSING SCHEDULE
Preliminary Installation
EIA/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. 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 JACKET'S 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. 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. 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 90
interest rates that vary between US$ + 2% to
BREAK WATER 135 129
US$ + 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. UCN AÇU:
EVOLUTION OF THE WORKS

16. UCN AÇU: BREAKWATER
Breakwater: used to avoid the silting of the canal The breakwater is composed of 43 large blocks each
and protects the entry and exit of vessels 67m long, 24m wide and 24m deep
16
16

17. UCN AÇU: AERIAL VIEW
17
17

18. UCN AÇU: CONSTRUCTION OF THE CANAL
18
18

19. UCN AÇU: CONSTRUCTION OF THE CANAL
Distance escavated
Beginning of construction of the breakers to
protect the approach canal to the
Açu Shipbuilding Unit
19
19

20. UCN AÇU: EARTHWORKS & BUILDINGS
Water Treatment Plant
Plots to be used by contractors
Administrative Building
Plots to be used by contractors
20
20

21. UCN AÇU: EARTHWORKS & BUILDINGS
1
Concrete factory
2
3
1. Medical Centre
2. Administrative Building
3. Canteen
21
21

22. UCN AÇU: BUILDINGS
Canteen
Effluent Treatment Plant
22
22

23. UCN AÇU: BUILDINGS
Administrative Building
23

24. ORDER BOOK
FPSO OSX-1

25. CURRENT ORDER BOOK
ESTIMATED PRICE CONSTRUCTION OSX LEASING
UNIT CAPACITY DELIVERY*
(US$ MM) LOCATION & 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
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)
• FPSO: Floating Production Storage Offloading
• WHP: Wellhead Platform
• PLSV: Pipe Laying Support Vessel
• MR: Medium Range Tanker 25

26. FPSO OSX-1

27. FIRST OIL FOR OGX: 18H 39M 50S
31ST January 2012
27
27

28. FPSO OSX-1: CUSTOMIZATION
28

29. 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 years
28%
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%
29

30. FPSO OSX-2 / WHP-1

31. 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
Long term debt commitment ■ Contract signed with Techint
■ Facility agreement: US$ 850 million(12 years, LIBOR +4,41% p.a.) ■ LOI for Drilling Package signed with TTS
■ ING, Itaú-BBA and Santander (leaders), HSBC, Citibank, ABN
Amro Bank, Banco do Brasil, NIBC and DnB Nor
31

32. FPSO OSX-3 / WHP- 2

33. OSX-3 / WHP-2 SYSTEM
OSX-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
Long term debt commitment ■ Contract signed with Techint
■ Financing: Senior Secured Bonds US$ 500 mm, maturity
03/2015 at an interest rate of 9.25% pa, payable quarterly.
■ Global Coordinator, Joint Lead Manager and Bookrunner: Pareto
Securities and Joint Lead Manager and Bookrunner: DNB Markets
33

34. FPSO OSX-4

35. MILESTONES ACHIEVED AND NEXT STEPS
 VLCC sister hulls acquired by OSX in Nov. 2010:
US$ 27 million each
 FPSO OSXFLEX concept contracted with CKE Milestone Date
Consortium (Chemtech, Kromav and Exactum) Specifications for hull
1st Q2012
conversion
 Close-up Survey of the hulls performed by ShipScan
End of hull conversion 4th Q2012
and monitored by Bureau Veritas
Arrival of hull at UCN slot 1 2nd Q2013
 Preparation Stage: engineering project for
conversion of the hulls Delivery by the shipyard 2nd Q2014
 Integration UCN Açu : 2Q2013 marking the start-up
of UCN Açu’s activities
 Delivery at UCN Açu in 2Q2014
35

36. FPSO OSX-5

37. MILESTONES ACHIEVED AND NEXT STEPS
 VLCC sister hulls acquired by OSX in Nov. 2010:
US$ 27 million each
 FPSO OSXFLEX concept contracted with CKE Milestones Date
Consortium (Chemtech, Kromav and Exactum)
Specifications for hull repair 2nd Q2012
 Close-up Survey of the hulls performed by ShipScan
End of hull conversion 2nd Q2013
and monitored by Bureau Veritas
Arrival of hull at UCN slot 2 3rd Q2013
 Preparation Stage: engineering project for
conversion of the hulls Delivery by the shipyard 4th Q2014
 Integration UCN Açu : 3Q2013 marking the start-up
of UCN Açu’s activities
 Delivery at UCN Açu in 4Q2014
37

38. PLSV - PIPE-LAYING SUPPORT VESSEL
Used 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
38

39. 11 MR - MEDIUM RANGE TANKERS
Milestones:
 Contract signed on 9/03/2012
 Contract price: US$ 732 million
 Delivery date of last vessel: December 2017
Main characteristics:
 Total length: 183 meters
 Breadth: 32.20 meters
 Depth: 18 meters
 Deadweight : 47.000 tonnes
39

40. PARTNERSHIP BRAZIL / KOREA
ITN:
INSTITUTE
OF NAVAL
TECHNOLOGY

41. ITN- INSTITUTE OF NAVAL TECHNOLOGY
Objectives
 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
Campos, as well as mobile units in São João da SENAI Macaé
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
41

42. ITN- INSTITUTE OF NAVAL TECHNOLOGY
Approx.
City Work force Population
distance
São 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
42

43. 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
43

44. 44

45. RI@OSX.COM.BR
+55 21 2555 6914