New osx project update_agosto_final_inglês

Project Update

AUGUST 2011

Açu Shipyard – Licensing

Term of Reference

EIA filling

Public Hearing

Preliminary License

Installation License

Beginning of Construction (July)

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Açu Shipyard – Industrial District

A new cluster for Heavy Industry

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Açu Shipyard – Setup

Administrative buildings with LEED

Certification (US Green Building Council)

FPSO

Dry dock and effluent station

treatment

Quay

Electric Substation 345 kV – 13.8 kV

Platform assembly area

Administrative buildings

Water treatment station

Green curtain

Modules construction area

Platform construction area

Industrial unit

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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

Energy Savings: 30% reduction and US$ 4 million in annual savings

Welding length: (18m x 8point) + 20m = 164m

COMPARATIVO DE FABRICAÇÃO DE BLOCOS PARA DOIS TIPOS DE CHAPAS: (18m X 4m X 19,5mm) & (9m X 2,44m X 19,5mm)

2.4M 2.4M 2.4M 2.4M 2.4M 2.4M 2.4M 2.4M

18M

9M

9M

20M

1 2 3 4 5 6 7 8 9

4M 4M 4M 4M 4M

18M

20M

1 2 3 4 5

WELDING LENGTH: (18M * 9POINT) + 20M = 182 M WELDING LENGTH: 18M * 4POINT = 72MWelding lenght: (18m x 4point) =72m

Regular Size Açu

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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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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

Equipment and others 420 - 420

Total 1,933 219 1,714

Merchant Marine Fund ≈ 80%

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Current Order Book – OGX

Equipment CapacityEstimated

CAPEX (US$ MM)

Delivery*

FPSO OSX-1 80K bopd 610 3Q 2011



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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FPSO OSX-1

AUGUST 2011

FPSO OSX-1 – Customization

MODIFICATION WORK

NEW INSTALLATION

Hull / Engine Room Mod.

Central Pipe Rack Mod.

M430 Mod.

M400 Mod.

M310 New M280 Mod. M250 New M220 Mod. W140 Mod.

F110 Mod.

N130 Mod.

N160 Mod.

M350 NewM200 New

M320 Mod. M290 Mod. M260 Mod.

M380 New

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M230 New

FPSO OSX-1 – Project Progress

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FPSO— Mechanical Completion and commissioning: July 30th

Turret— Instand-by at Indonesia.

Components of the mooring system— Stored in Brazil.

1

2

3

1

2

3

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60%

65%

70%

75%

80%

85%

90%

95%

100%

Planned Actual


Delivery Progress & Timeline

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%

Purchase

Delivery in Singapore

First Oil

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FPSO OSX-1 – Hire of Personnel On-Track

Percentage of Workers Hired

No. of employees March 11 April 11 May 11 June 11

Planned 58 79 79 86

Actual 61 73 74 77

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

% Planned % Actual

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FPSO OSX-1 – Personnel Experience

14%

26%

28%

28%

4%

Age

20 to 30 years

30 to 40 years

40 to 50 years

50 to 60 years

Greater than or equal to 60 years

49%

32%

19%

Less than 20 years

20 to 30 years

Greater than or equal to 30 years

ExperienceTime

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OSX-2 / WHP-1 System

AUGUST 2011


WHP-1 OSX-2

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Construction Contract

— EPCIC (Engineering, Procurement,

Construction, Installation and Commissioning)

contract executed with SBM Offshore

Long term debt commitment

— Proposals with 100% underwriting

— Mandated and with negotiated term sheet

— Debt/Equity Structure – 80/20




contract executed with Techint

Drilling Package

— Ongoing tender

— Initial proposals received on December 8th,

2010 from AKER, NOV, TTS and SEAWELL

Expected Timeline Status

GTD

RFP

Delivery at shipyard* 2Q13

* ex-installation

OSX-2


GTD

RFP

Delivery at shipyard * 1Q13

* ex-installation

WHP-1

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AUGUST 2011


WHP-2 OSX-3

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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


GTD

RFP


* ex-installation

OSX-3


GTD

RFP


* ex-installation

WHP-2

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FPSOs OSX-4 and OSX-5

AUGUST 2011

FPSOs OSX-4 e OSX-5

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

Gemini Star Suhail Star

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