OSX is a Brazilian offshore oil and gas equipment and services provider with a strong order book from OGX to supply 48 offshore units worth $30 billion. OSX has partnered with Hyundai Heavy Industries to build a state-of-the-art shipyard in Açu that will allow it to efficiently serve the growing Brazilian offshore market and meet local content requirements.

1. OSX – Institutional Presentation
August 2011
1

2. OSX Ownership
Organizational Structure
78.9%* Free Float 21.1%
Integrated offshore E&P
Holding equipment and
services provider
10% 90% 100% 100%
OSX Shipbuilding Unit OSX Leasing OSX Services
*Controlling Shareholder (78.67%) + Board of Directors (0.0107%) + Officers (0.1995%) 2

3. OSX Highlights
• Priority Rights between OSX and OGX
Strong Demand
from OGX • Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment
• Upside potential with expansion of OGX’s exploratory campaign
• Expected oil and gas resources to increase to 100 Bboe, with announced investments of
Attractive Market
US$ 140bn plus
Conditions in Brazil
• Underserved domestic equipment & services market
Local Content • Approximately 70% of E&P industry capex supplied locally
Requirement
• Key for Brazil’s long-term social and economic development (285,000 jobs in 5 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 – Naval Technology Institutes, partnerships with technical institutions and universities
Training (ITN) • Absorption and application of Korean technology
• Qualification of 7,800 technical personnel until the end of 2013
Incentivized and • More than 30 years experience, on average, in the E&P sector
Experienced
Management Team • US$ 30bn in projects and more than 50,000 people under management
3

4. OGX: Anchor Client
43 oil & gas discoveries to date Exploratory Success in the Drilling Campaign LINGUADO
Campos Basin T Aracaju Prospect
Pipeline Prospect BM-C-39
POLVO
Netpay of 40 meters
C
OGX Highlights Netpay of 165 meters BM-C-40
Discovery between 1,000 – 2,000 M boe R Belém Prospect
• Largest Brazilian private E&P player in terms of offshore
BM-C-37
PEREGRINO Netpay of 43 meters
D Waimea Prospect C G MAROMBA
Vesuvio Prospect
exploratory acreage Netpay of 130 meters BM-C-38 D
I
BM-C-41
PAPA-TERRA
J N Netpay of 57 meters
B
Discovery between 500 – 900 M boe H B
F
• 6.7 billion boe of risked prospective resources , assuming a K
BM-C-42
E
BM-C-43 Discovery between 500 -
1,500 M boe
Santos Basin
Etna Prospect
probability of success of 35% Netpay of 91 meters
BM-S-56
S
Ingá Prospect
G Netpay of 12 meters
M
Discovery between
• 22 offshore blocks and 7 onshore blocks in 5 different
BM-S-58
BM-S-57
500 – 1.000 M boe L
BM-S-59
Vesúvio Direcional
Huna Prospect J Prospect
sedimentary basins H
Netpay of 52 meters
1SPS 0014 SP1SPS 0014A SP
MEXILHÃO
Netpay of 60 meters
1-MRK-1-SPS
A
LAGOSTA Hawaii Prospect
OGX blocks MERLUZA
L
1SPS 0019 SP
Netpay of 64 meter
Oil Field
OGX Offshore Blocks (Sept. 2009) 1BSS 0067 BS
Blocos OGX Campos de Produção
Unrisked Probability of Risked Risked 0 2 4 8 12 16 Km
Basin Blocks Resources Resources Resources Basin D&M Report 2011
Geological
Total 1 Total OGX
Success
Campos 7 9,350 44.10% 4,124 3,693 Campos 5,700*
Santos 5 6,659 27.00% 1,796 1,688 Santos 1,688
Espírito Espírito
5 5,017 32.60% 1,634 817 817
Santo Santo
Pará Pará
5 2,104 21.30% 447 447 447
Maranhão Maranhão
Total 22 23,130 34.59% 8,001 6,645 Total 8,652
(1) Gross Prospective Resources * 3C + Delineation + Prospective
Source: D&M Report and OGX presentations 4

5. OGX: Significant Demand Expected
Base case order book of 48 offshore E&P units equivalent to US$ 30bn
Expected Demand for Offshore Equipment (2011-2019)
OGX Production Targets - kboepd
Number of units
1,380 FPSO 19
CAGR:
70%
TLWP 5
730 WHP 24
Total 48*
Source: OGX * Considering 2009 D&M Report
20 Delivery Timeline
13
2011E 2015E 2019E 12
• Initial production expected to begin 2011 6
6
• 1st FPSO already contracted for a period of 20 years, at an 6 6
5 2
1
average day rate of US$ 263,000 1
2 4
3 5 1
• Expected CAGR of 70% between 2011 and 2019 1 5
4
5
2
1
3 1
2
1 1 1 1 1
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
* OSX2: to be delivered in mid 2013 (IPO: Dec. 2012)
Source: OGX * OSX5: to be delivered in 1Q 2015 (IPO: Dec 2014) 5

6. Current Order Book with OGX
ESTIMATED CAPEX
EQUIPMENT CAPACITY DELIVERY*
(US$ 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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7. Pre-Salt Resources
Pre-salt discoveries strongly contribute to increase in Brazilian resources of up to 100Bboe
Pre-salt Resources Pre-salt Resources Area
Exploratory Blocks
Total Area 149,000 km2
OGX Blocks
Oil and Gas Fields
Estimated
Additional ~ 70 billion boe (only in pre-salt) Pre-salt Reservoir
Resources (Petrobras/CNPE/ANP)
Production
FPSO units, deepwater environment
Development
Required US$ 111bn 2009-2020E
Capex US$ 33bn 2010-2014E
Source: Petrobras (updated in June 2011)
Espírito
Petrobras Local Production Forecast Santo
Basin
(thousand bpd) Açu Super-Port
3,950
1,078
2,980
241 Campos
2,100 2,872 Basin
2,461 2,739
2,100
2010 2014 2020
Ex-Pre Salt Pre Salt
Petrobras’ capex: US$ 111 billion
Santos Basin
Source: Petrobras (updated in June 2011)
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Source: Petrobras (Company Presentation)

8. Strong Demand for 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)
OGX (FPSOs Only)
Petrobras (FPSOs + 28 Rigs)
32
27
18
22 16
13
11
8
Existing Capacity
3 3
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Note: Including already ordered equipment
Source: Verax
Capacity Estimates: Source OSX
8

9. Local Content: Rationale and Evolution
The local content requirement represents a social and economic development strategy and
has significantly increased in recent ANP bidding rounds
Local Content Requirement Local Content Evolution
• Definition: minimum percentage of equipment and
86%
89%
84%
services contracted by the operator that must be supplied 81%
77%
by local companies 86%
79% 79%
• Average 70% in the production development phase 48%
54% 74%
69%
• Component of the bid for acquisition of E&P Blocks
27%
40%
•
42%
39%
Certification of each item by inspection companies
28%
(guidelines set forth by Federal Government – MME) 25%
• Subject to severe penalties
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Exploration Phase Development Phase
Source: ANP
Note (1) 8th ANP bidding round auction is still under discussion
Local Content Rationale Notable Companies Committed to Local Content
• Boost local oil & gas equipment and services industry
• Incentivize local technology development
• Substantially increase employment and income
9

10. Brazilian Shipyards
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil Current Brazilian Shipyard Condition
Mac Laren
EAS ERG Brasfels Mauá MacLaren
Committed Slots
Site Area (km2) 1.6 0.5 0.5 0.4 0.1
Mauá
Technology Partner
Steel Processing Capacity
160 60 50 36 6
(Kton / year)
Focus on Offshore
Equipment Brasfels
Logistics
Labor Force
Source: Verax
“A construction slot in OSX’s shipyard is worth more than gold”
10

11. Strategic Partner: Hyundai Heavy Industries
OSX Shipyard Unit under development in partnership with the largest shipbuilder in the world
Rationale and Overview Why Hyundai? Efficiency Comparison
• 10% equity investment in OSX Shipyard • Proven track record: founded in 1972 • Significant upside potential for OSX
• Largest shipbuilder in the world: 10%
• State-of-the-art technology – HHI Offshore division processes
market share (2010) 550,000 tons of steel/year in
• Transfer of know-how and training • Delivered more than 1,600 vessels to 2,500,000 m²
more than 250 ship owners in 47
• Accelerate learning curve: distill 38 years – OSX should process in its initial
countries to date
of experience into 2 years
• One of the leaders in offshore equipment
stage 180,000 tons of steel/year and
integrate 220,000 tons/year in
• Technology and services contract for fabrication in the world, handling over 100
2,000,000 m²
shipyard design and transfer of know-how turnkey EPIC projects for more than 30 oil
for at least 10 years and gas majors • Efficiency gains could drive potential
• Delivered FPSO’s and fixed platforms to processing capacity expansion
clients such as ExxonMobil, Petrobras, • OSX’s goal is to reach Asian productivity
Shell, Chevron and BP levels after two years of operation
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12. Açu Industrial District
A new cluster for heavy industry
12 12

13. Açu Site
• 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)
• Conceptual design approved by Hyundai Heavy Industries
13

14. Açu Site: Competitive Advantages
• Welding economies: 18m steel plate, 56% less welding, savings of US$ 3.5 MM/FPSO
• Energy savings: 30% estimated reduction (US$ 4.0 MM/year)
• Weather conditions: Less than 30% of rainy days per year
• Soil advantages: less foundation required
• 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: approximately 150 km
14

15. Product Portfolio
Description Main Systems for Standardization Target
 OSX Flex Engineering
• Floating Production Storage and
Offloading  Conceived to process oils of different
FPSO characteristics (different API grade,
• Hull: conversion of oil tanker or new-
gas/oil ratio, water/oil ratio
build
 Sister Vessels
• Tension-Leg Wellhead Platform  Reduction in project time and
TLWP conversion costs
• Suited for deepwater environments
 Accelerates the learning curve in the
operation and maintenance
• Wellhead Platform or fixed production  WHP’s Standardization
WHP platforms in general  Optimization of assembly and
• Suited for shallow-water environments fabrication
 Designed to operate in a range of water
depths
• Drilling units for exploration
Drillships  Equipment Standardization
• Heavily demanded in ultra-deepwater
 Key systems
 Supplied with increased security and
speed systems in the long run
• Navigation transportation unit
 Pre negotiated contracts with minimum
Tankers • Demand for long course navigation units,
demand guaranteed
cabotage, relievers and production
platforms  Inventory and maintenance optimization
15

16. ITN – Naval Technology Institute
 Initial strategic partnerships: Firjan (Rio de Janeiro State Industrial Federation) and SENAI
(National Institute of Industrial Learning) – Commercial Contract executed in 07/01/2011
 Objectives of the 1st Phase of the Program:
 Absorption and application of technology (agreement with Hyundai)
 Qualification of up to 3,100 technical personnel in 23 functions (welders, assemblers,
electrics and mechanicals, among others) through the end of 2012
 Utilization of facilities and instructors from SENAI
 Scholarships that provide financial assistance, food and transportation
 Beginning of classes scheduled for 4Q11
 Estimated budget: R$ 12.7 million
16

17. ITN – Naval Technology Institute
 Objectives of the 2nd Phase of the Program:
 Preparation of a labor force with superior skill and know-how
 Development of innovative engineering projects
 Supplier mobilization: new equipment and materials
 New partnerships with reference institutions: Companies and Universities
 Approach:
FASE 1 – PERSONNEL GRADUATION
 Shipbuilding
 Operation & Maintenance
of naval units
FASE 2 – KNOWLEDGE,
DEDICATION
TECHNOLOGY & INOVATION
TIMELINE 17

18. Next Milestones
 Arrival of FPSO OSX-1 in Brazil and first oil
 Conclusion of financing for FPSO OSX-2
 Financing for FPSO OSX-3, WHP-1 and WHP-2
 Beginning of Construction WHP-1 and WHP-2
 Contract for engineering of FPSOs OSX-4 and OSX-5
 OGX orders
 Orders from other clients
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