Osx project update agosto_final_inglês

Project UpdateAugust 2011

Açu Shipyard – Licensing

• Term of Reference

• EIA filling

• Public Hearing

• Preliminary License

• Installation License

• Beginning of Construction (July)

1

Açu Shipyard – Industrial District

A new cluster for Heavy Industry

2

Açu Shipyard – Setup

Quay

FPSO

Green curtain

Platform construction

area

Administrative

buildings

Industrial unit

Modules

construction areaDrydock and

effluent station

treatment

Administrative buildings with

LEED Certification

(US Green Building Council)

Electric Substation 345 kV – 13.8 kV

Platform

assembly area

Water treatment station

3

Açu Shipyard – Advantages

1. 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

2. 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 = 72M

Regular Size Açu

Welding lenght: (18m x 4point) =72m

4

Açu Shipyard – Advantages

3. Optimal Weather conditions: Less than 30% of rainy days per year

4. Better soil: Sandy soil requires lighter foundations

5

5. 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)

6. 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

Açu Shipyard – Capex

6

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. costs + environmental 74 - 74

Civil works 447 - 447

Onshore Dredging (10,500k m3) 90 - 90

Quay (2,270 m) 262 - 262

Back area embankment (6,000k m3) 21 - 21

Site camp 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%

7

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)

FPSO OSX-1

8

FPSO OSX-1 – Customization

M350 New

M260 Mod.

M320 Mod.

M400 Mod.

Central Pipe Rack Mod.

M430 Mod.

M220 Mod.

F110 Mod.

N130 Mod.

M230 New

M250 New

M310 New

MODIFICATION WORK

NEW INSTALLATION

M280 Mod.

W140 Mod.

N160 Mod.

M200 New

M290 Mod.

M380 New

Hull / Engine Room Mod.

9

FPSO OSX-1 – Project Progress

10


11

• FPSO– MECHANICAL COMPLETION AND COMISSIONING: 30TH OF JULY

• TURRET

– INSTAND-BY AT INDONESIA.

• COMPONENTS OF THE MOORING SYSTEM

– STORED IN BRAZIL.

PLANNED

ACTUAL

84.81%

84.47%

MAR/11

86.90%

86.96%

APR/11

90.38%

89.90%

MAY/11

95.85%

92.43%

JUN/11

12


60%

65%

70%

75%

80%

85%

90%

95%

100%

FPSO OSX 1

Planned Actual

Delivery Progress & Timeline

Purchase

Delivery inSingapore

First Oil

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

% Planned % Actual

PLANNED

ACTUAL

58

61

MAR/11

79

73

APR/11

79

74

MAY/11

86

77

JUN/11

13

Percentage of Workers Hired

No. of employees

FPSO OSX-1 – Hire of Personnel On-Track

FPSO OSX-1 – Personnel Experience

14

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

OSX-2 / WHP-1 System

15


16

WHP 1 OSX 2

17

Expected Timeline

GTD

RFP

Delivery at shipyard*

Status

2Q13

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

* ex-installation

Expected Timeline

GTD

RFP


Status

1Q13





Techint

Drilling Package

• Ongoing tender

• Initial proposals received on

December 8th, 2010 from AKER,

NOV, TTS and SEAWELL

OSX 2 WHP 1

* ex-installation



18


19

WHP 2 OSX 3

20

Expected Timeline

GTD

RFP


Status

3Q13





Modec

* ex-installation

Expected Timeline

GTD

RFP


Status

2Q13

Contrato de Construção




Techint

Drilling Package

• Ongoing tender

• Initial proposals received on

December 8th, 2010 from AKER,

NOV, TTS and SEAWELL

OSX 3 WHP 2

* ex-installation


21

FPSOs OSX-4

and OSX-5

22

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

FPSOs OSX-4 and OSX-5

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