This document provides a project update for OSX Shipbuilding's Açu Industrial Complex in November 2011. Key details include: - Construction is underway on infrastructure and buildings at the complex, including quays, dry docks, industrial buildings, and administrative facilities. - Licensing and permitting is on schedule, with preliminary licenses issued and installation licenses expected in mid-2011. - The shipbuilding unit is on track to deliver areas for jacket and module assembly starting in late 2012 through 2014. - Financing is in place through the Merchant Marine Fund to cover 80% of the project's capital expenditures. - FPSO OSX-1 is undergoing customization work and is scheduled to arrive at

1. Project Update
NOVEMBER 2011

2. OSX Shipbuilding
NOVEMBER 2011

3. Açu Industrial Complex
A new cluster for the offshore and heavy industry
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4. UCN Açu: Layout
Platform construction
area
Jacket assembly
area Module construction
area
Dry dock
and ETS Green Curtain
Industrial unit ETA
Administrative
FPSO buildings
Quays
Electricity Substation Administrative
345 kV – 13.8 kV buildings with LEED
Certification (US Green
Building Council)
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5. UCN Açu: Licensing Schedule
Preliminary Installation
EIA/RIMA Public License (LP) License (LI) Beginning of
Filling Meetings Issuance Issuance Construction
P P P P P
Oct-10 Jan-11 Feb-11 Jun-11 Jul-11
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6. 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 4Q11 1Q12
Dry Dock 4Q11 1Q12
South Quay and Respective Retro Area 4Q11 1Q12
Industrial Buildings 3Q11 P 4Q11
Utilities and Infrastructure 3Q11 P 3Q11 P
Administrative Buildings (Leed) 1Q12 1Q12
Auxiliary Buildings (Non Leed) 4Q11 1Q12
Electromechanical Assembly 1Q12 2Q12
Supervision Support 2Q11 P 2Q11 P
Construction Site 3Q11 P 3Q11 P
Breakwater 1Q11 P 1Q11 P
Dredging 3Q11 P 3Q11 P
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7. UCN Açu: Estimated delivery for the sections
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 - 3rd Quarter -
Slot 4 for FPSO integration - 4th Quarter -
Slot 5 and 6 for FPSO integration - - 2nd Quarter
Completion of construction of UCN - - 2nd Quarter
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8. UCN Açu: Financing (Merchant Marine Fund)
 Credit facility: 80% of CAPEX
 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
 Lending Agents: BNDES, Caixa Econômica Federal, Banco do Brasil, BNB
and Banco da Amazônia
14.4% 63.6% 20.1% 1.9%
2011 2012 2013 2014
 Capex Distribution by Activity:
US$ MM OSX LLX
Dredging and Engineering 93 90
Break Water 135 129
Quay 262 -
Buildings 339 -
Dry Dock 133 -
Roads and Paving 146 -
Equipment and Others 487 -
Total of US$ 1.933 MM 1.714 219
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9. UCN Açu: Photos of Construction phase
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10. Current Order Book Status: OGX
Estimated CAPEX
Equipment Capacity Delivery *
(US$ MM)
FPSO OSX-1 80K bopd 610 3Q11
FPSO OSX-2 100K bopd 775 2Q13
FPSO OSX-3 100K bopd 800 3Q13
FPSO OSX-4 100K bopd 850-900 2Q14
FPSO OSX-5 100K bopd 850-900 4Q14
WHP-1 30 wells 400-450 3Q13
WHP-2 30 wells 400-450 4Q13
Total 4.685-4.885
* Delivery at UCN Açu (ex-installation)
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11. FPSO OSX-1
NOVEMBER 2011

12. 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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13. FPSO OSX-1: Project Progress
13

14. FPSO OSX-1: Destination Waimea
Milestone Date
Beginning of instalation of mooring system September 2011
Arrival of buoy (from Batam) September 2011
Arrival of OSX-1 in Rio de Janeiro, Brazil 6th October 2011
Installation of STP Buoy November 2011
First Oil OGX December 2011
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15. FPSO OSX-1: Total Crew: 89 people
Age Years of Experience
4%
14% 20 to 30 years
19%
Less than 20 years
30 to 40 years
28%
49% 20 to 30 years
40 to 50 years
26% 32%
Greater than or equal to
50 to 60 years 30 years
Greater than or equal to
60 years
28%
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16. OSX-2 / WHP-1 System
NOVEMBER 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
Mile sto ne Date Mile sto ne Date
Arrival of hull at Keppel shipyard
(Singapore) 3rd Quarter 2011 Start of construction and assembly 4th Quarter 2011
P&IDs approved for construction 2nd Quarter 2011 Load Out of WHP-1 3rd 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
 Contract signed with Techint
Long term debt commitment  LOI for Drilling Package signed with TTS
 Facility agreement entered into lead by ING,
Itaú-BBA and Santander: US$ 850 million
 Other financial institutions participating in the
syndicate : HSBC, Citibank, ABN Amro Bank,
Banco do Brasil, NIBC and DnB Nor.
 Debt/Equity structure – 80/20
 12 years, LIBOR +4,41% p.a.
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19. OSX-3 / WHP-2 System
NOVEMBER 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
Mile sto ne Date Mile sto ne Date
Arrival of hull at conversion shipyard 4th Quarter 2011 Start of construction and assembly 4th Quarter 2011
P&IDs approved for construction 1st Quarter 2012 Load Out of WHP-2 4th Quarter 2013
FPSO departure from yard 3rd Quarter 2013
Construction Contract Construction Contract
 Aquisition of VLCC - accomplished  Signing of LOI with Techint – 1Q11
 EPCI contract signed with MODEC  Start of Engineering – 1Q11
 Contract signed with Techint
Long term debt commitment
 Financing: 1st half 2012
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22. FPSO OSX-4
NOVEMBER 2011

23. FPSO OSX-4: 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
OSX-3
Exactum) WHP-2
 Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas
 Preparation Stage: engineering project for conversion of the hulls
 Integration UCN Açu : 2Q2013 marking the start-up of UCN Açu’s activities
 Delivery at UCN Açu in 2Q2014
Milestone Date
Specifications for hull conversion 1Q12
End of hull conversion 4Q12
Arrival of hull at UCN slot 1 2Q13
Delivery by shipyard 2Q14
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24. FPSO OSX-5
NOVEMBER 2011

25. FPSO OSX-5: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
OSX-3
Exactum) WHP-2
 Close-up Survey of the hulls performed by ShipScan and monitored by Bureau Veritas
 Preparation Stage: engineering project for conversion of the hulls
 Integration UCN Açu : 3Q2013 marking the start-up of UCN Açu’s activities
 Delivery at UCN Açu in 4Q2014
Milestone Date
Specifications for hull repair 2Q12
End of hull conversion 2Q13
Arrival of hull at UCN slot 2 3Q13
Delivery by shipyard 4Q14
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26. UCN – Occupation of slots by FPSOs
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: 3Q13 OSX-6: 3Q13 OSX-6: 4Q14 *
Slot 4: 4Q13 OSX-7: 4Q13 OSX-7: 4Q14 *
Slot 5: 2Q14 OSX-8: 2Q14 OSX-8: 2Q15 *
Slot 6: 2Q14 OSX-9: 2Q14 OSX-9: 3Q15 *
* Subject to new orders from OGX
Slot 3
Slot 4
Slot 5
Slot 1
Slot 2 Slot 6
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27. Project Accelerators

28. Project Accelerators

29. Project Accelerators: Standardization of Equipment
 Maximize competitiveness through standardization of production units
 Reach 70% of standardization of units (plant and deck)
 Signature of long-term contracts with suppliers
KEY SYSTEMS OTHER SYSTEMS
 Water injection  Water harvesting
 Cargo handling  Compressed air
 Energy generation  Fire Fighting System
 Gas compression  Tubing and Accessories
 Offloading System  Load pump
 Supervisory System  Ballast pumps
 Anchoring and Turret System
SEP / 11 FEB / 11
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30. Project Accelerators: OSX Flex Engineering
Advantages
 Modules can be removed without damaging the project
 Capable of treating a range of oil specifications
 Potential gain: 5 months in the engineering phase
Status
 Contract signed with Chemtech-Kromav-Exactum
 First OSXflex units: OSX-4 and OSX-5.
MIN MAX MIN MAX MIN MAX
API RGO LDA
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31. ITN – Naval Technology Institute

32. ITN : Objectives
 Qualification of up to 3,100 personnel in 23 functions by the
end of 2012
 Use of SENAI’s facilities and faculty in the city of Campos, as
well as mobile units in São João da Barra. Macaé in the future
 Scholarships providing financial assistance, food and
transportation
 Estimated budget: R$ 12.7 million
SENAI São João da Barra
SENAI Campos
Fase 2 – Conhecimento, SENAI Macaé
Tecnologia e Inovação
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33. ITN : Phase I – Qualification and Training
City Aprox. Distance Work Force Population
São João da
20 Km 6.000 33.000
Barra
Campos 40 Km 92.000 460.000
Radius Up to 50 Km 98.000 493.000
Quissamã 75 Km 3.000 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 January 2012
 Organization and production of teaching material
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34. ITN : Phase II – Training at UCN Açu
 40 specialists from Hyundai based in Brazil for 5 years
 50 employees from UCN Açu to be trained at Hyundai’s shipyard in
Ulsan, South Korea (4 groups from August 2012 through April
2014)
 Construction of ITN at UCN Açu, with an area of approximately
1.800 m2
 Facilities for workshops, labs, classrooms, auditorium and library
 Implementation of systems for simulation of operations and
Fase 2 – Conhecimento,
Tecnologia e Inovação
offshore units
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35. ITN – Phase III Supply Chain Strengthening
 Identification of suppliers that have the potential to develop new materials,
equipment, and innovative work methodologies, focused on OSX’s potential
demand
ITN: Phase IV Technological Innovation
 Establish partnerships with Brazilian and international academic institutions,
focused on the development and assimilation of new technologies
Fase 2 – Conhecimento,
Tecnologia e Inovação
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36. Next Milestones

37. Next Milestones
 First Oil OGX – December 2011
 Beginning of construction: WHP-1 and WHP-2
 Financing: OSX-3, WHP-1 and WHP-2
 Contract shipyard to convert the OSX4 and OSX5 hull’s
 Shipyard financing contract (Merchant Marine Fund)
 New orders from OGX
 Orders from third parties
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38. RI@OSX.COM.BR
+55 21 2555 6914