OSX Institutional Presentation

May, 2011
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OSX Ownership
Organizational Structure

78.9%

Free Float

21.1%

Holding

Integrated offshore E&P equipment and services provider

10%

90%

100%

100%

OSX Shipbuilding Unit

OSX Leasing

OSX Services

OSX Highlights
Strong Demand from OGX

Attractive Market Conditions in Brazil

Priority Rights between OSX and OGX Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment Upside potential with expansion of OGXs exploratory campaign Expected oil and gas resources to increase to 100 Bboe, with announced investments of US$ 140bn plus Underserved domestic equipment & services market Approximately 70% of E&P industry capex supplied locally Key for long term social and economic development (285k jobs in the 5 yrs)

Local Content Requirement

Partnership with Hyundai & Unique Location

Strong Current Order Book

Partnership with the largest shipbuilder in the world State of the art technology and transfer of know-how Sizeable and scalable shipyard at Au FPSO OSX 1 to be delivered in 3Q 2011 FPSO OSX 2 e OSX 3 to be delivered in 3Q 2013 FPSOs OSX 4 and OSX 5 to be delivered in 3Q 2014 and 1Q 2015 WHPs 1 and 2 construction contract ongoing and to be delivered in 3Q 2013
More than 30 years experience, on average, in the E&P sector US$ 30bn in projects and more than 50 thousand people under management
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Incentivized and Experienced Management Team

OGX: Anchor Client

35 wells with O&G discovered
OGX Highlights
C

Exploratory Success in the Drilling Campaign

Pipeline Prospect Netpay of 165 meters Campos Basin
B M -C -3 9
POLV O

Aracaju Prospect Netpay of 40 meters R Belm Prospect Netpay of 43 meters Vesuvio Prospect Netpay of 57 meters Discovery between 500 1,500 M boe

B M -C -4 0

Discovery between 1,000 2,000 M boe

Largest Brazilian private E&P player in terms of offshore exploratory acreage 6.7 billion boe of risked prospective resources and 212 million boe of contingent resources, assuming a probability of success of 35%
Etna Prospect G Netpay of 91 meters Discovery between 500 1.000 M boe H Huna Prospect Netpay of 52 meters
1-MRK-1-SPS

P E R E G R IN O

B M -C -37

Waimea Prospect Netpay of 130 meters Discovery between 500 900 M boe

C
B M -C -38

H K

B M -C -4 2

G I D J N B F
B M - C -41 B M -C -4 3

M ARO MB A PA PA - T E R RA

Santos Basin
B M -S - 5 6

S
M
B M -S - 5 7 B M -S - 5 8

Ing Prospect Netpay of 12 meters Vesvio Direcional Prospect Netpay of 60 meters Hawaii Prospect Netpay of 64 meter

B M - S -5 9

22 offshore blocks and 7 onshore blocks in 5 different sedimentary basins

J
M E X IL H O

OGX blocks

OGX Offshore Blocks (Sept/09)

Basin Blocks Unrisked Resources Total 1 Probability of Geological Success Risked Resources Total Risked Resources OGX

Oil Field

Basin

D&M Report 2010

Campos Santos Esprito Santo Par Maranho Total

7 5 5 5 22

9,350 6,659 5,017 2,104 23,130

44.10% 27.00% 32.60% 21.30% 34.59%

4,124 1,796 1,634 447 8,001

3,693 1,688 817 447 6,645

Campos Santos Esprito Santo Par Maranho Total

5,700* 1,688 817 447 8,652 4

(1) Gross Prospective Resources Source: D&M Report and OGX presentations

* 3C + Delineation + Prospective

OGX: Expected Demand

Base case of 48 offshore E&P units equivalent to US$ 30bn
OGX Production Targets - kboepd 1,380 Expected Demand for Offshore Equipment (2011-2019) in Number of units

CAGR: 70%

FPSO TLWP

19 5 24 48*
* Considering 2009 D&M Report

730

WHP Total
Source: OGX

20
2011E 2015E 2019E

Delivery Timeline
13 12 6 6 6 5 3 1 1 2011E 1 2012E 2 2013E 1 2014E 2015E 2016E 2017E 5 5 4 5 3 1 1 2 2 1 4 2 1 1 2018E 1 1 2019E 6

Initial production expected to begin 2011 Expected CAGR of 70% between 2011 and 2019 1st FPSO already contracted with OSX for a period of 20 years, at an average day rate of US$263,000

Source: OGX

* OSX2: to be delivered in mid 2013 (IPO:Dec12) * OSX5: to be delivered in 1Q 2015 (IPO:Dec14)

PrePre -Salt Resources

Pre-salt discoveries will strongly contribute in increasing Brazilian resources up to 100Bboe
Pre-salt Resources Total Area Estimated Resources Production Development Required Capex
Source: Petrobras, ANP

Pre-salt Resources Area

112,000 km2
Exploratory Blocks OGX Blocks Oil and Gas Fields

Additional ~ 70 billion boe (only in pre-salt)

Pre-salt Reservoir (Petrobras/CNPE/ANP)

FPSO units, deepwater environment US$ 111bn 2009-2020E US$ 33bn 2010-2014E

Petrobras Local Production Forecast

(thousand bpd)
3,340 2,050 2,680 219 2,461 582 3,740 1,336 3,920 1,815

Au Super-Port

Esprito Santo Basin

Campos Basin
2,758 2,404 2,105

2,050

2009

2013E

2015E Ex-Pre Salt

2017E Pre Salt

2020E

Petrobras investments: US$111 billion

Santos Basin
Source: Petrobras (Company Presentation)

Source: Petrobras

Market for Offshore E&P Equipment in Brazil

182 units to be delivered within the next 10 years of which 48 units represent OGXs demand (19 FPSOs, 24 WHPs, 5 TLWPs) assuming Brazilian potential resources of 100 bboe
Consolidated Potential Demand (E&P number of equipment)

OGX (FPSOs Only) Petrobras (FPSOs + 28 Rigs) 32 27 18 22 13 8 16 11

Existing Capacity

3 2011E
Source: Verax

3 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

Note: Including already ordered equipment Capacity Estimates: Source OSX

Local Content: Rationale and Evolution

The Local Content requirement represents a social and economic development strategy and has significantly increased over ANPs bidding rounds
Local Content Requirement Local Content Evolution
86% 89% 81% 86% 54% 48% 40% 27% 25% 42% 28% 39% 79% 74% 79% 69% 77% 84%

Definition: minimum percentage of equipment and services contracted by the operator that must be supplied by local companies Average 70% in the production development phase Component of the bid for acquisition of E&P Blocks Certification of each item by inspection companies (guidelines set forth by Federal Government MME) 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

Main Companies Committed with Local Content

Boost local oil & gas equipment and services industry Incentivize local technology development Substantially increase employment and income
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Brazilian Shipyards
Local shipyards not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil
EAS ERG Brasfels Mau MacLaren

Current Brazilian Shipyard Condition

Mac Laren

Committed Slots Site Area (km2) Technology Partner Steel Processing Capacity (Kton / year) Focus on Offshore Equipment Logistics Labor Force
Source: Verax

1.6

0.5

0.5

0.4

0.1

Mau

160

60

50

36

Brasfels

A construction slot in OSXs shipyard is worth more than gold

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Hyundai Heavy Industries

OSX Shipyard Unit is being developed in a partnership with the largest shipbuilder in the world
Rationale and Overview Why Hyundai? Efficiency Comparison

10% equity investment in OSX Shipyard State-of-the-art technology Transfer of know-how and training Accelerate learning curve: 38 years of experience into 2 years Technology and services contract for shipyard design and transfer of know-how for at least 10 years

Proven track record: founded in 1972 Largest shipbuilder in the world: 10% market share (2010) Delivered more than 1,600 vessels to more than 250 ship owners in 47 countries to date One of the leaders in offshore equipment fabrication in the world, handling over 100 turnkey EPIC projects for more than 30 oil and gas majors

Significant upside potential for OSX

HHI Offshore division processes

550,000 tons of steel/year in 2,500,000 m

OSX should process in its initial

stage 180,000 tons of steel/year and integrate 220,000 tons/year in 2,000,000 m

Efficiency gains could drive potential processing capacity expansion OSXs goal is to reach Asian productivity in two years of operation

Delivered FPSOs and fixed platforms to clients such as ExxonMobil, Petrobras, Shell, Chevron and BP

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Au Site
Macro drainage execution signed on march 31st 2010

The largest shipyard to be built in the Americas

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Au Industrial District A new cluster for heavy industry

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Au Site
US$ 1.7 bn investment Steel processing of 180,000 ton/year and assembly of 220,000 ton/year Up to 3,525 m water front (2,400 m on first phase) Conceptual design approved by Hyundai Heavy Industries
Platforms assembling area Drydock and effluent station treatment Platforms construction areas Modules construction area Green curtain Effluent treatment station Water treatment station FPSO Industrial Unit Administrati ve buildings

Quay Administrative buildings with Leed - US Green Building

Electric Substation 345 kV 13.8 kV

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Au Site
Competitive Advantages Welding savings with 18m steel plate: 56% less welding

Energy savings: 30% reduction

Weather conditions: 25% more sunny days (5% efficiency increase)

Soil advantages: less foundation required

Integration slots: up to 3,525m of quay

Proximity to Campos Basin: approximately 150 km

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Au Site
Preliminary Budget - USD (MM) Common Infrastructure Investigation and Engineering Civil Works Offshore Dredging (854k m3) Onshore Dredging (13,000k m3) Break Water (2,300k m3) Pre eng. costs + environmental Civil works Onshore Dredging (10,500k m3) Quay (2,270 m) Back area embankment (6,000k m3) Site camp facility and management Shipyard structure Buildings Dry Dock Roads and Paving Equipment and others Total Total 448 31 416 111 41 264 74 447 90 262 21 74 544 265 133 146 420 1,933 LLX 219 15 204 55 20 129 219 OSX 229 16 212 56 21 135 74 447 90 262 21 74 544 265 133 146 420 1,714
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Product Portfolio
Description Floating Production Storage and Offloading Hull: conversion of oil tanker or newbuild Main Systems for Standardization Target

FPSO

Pull-in and Mooring Systems

TLWP Tension-Leg Wellhead Platform Suited for deepwater environments

Cranes Power Generation

WHP

Wellhead Platform or fixed production platforms in general Suited for shallow-water environments

Automation Systems Bulk Materials

Drillships

Drilling units for exploration Heavily demanded in ultra-deepwater

Processing Systems Safety Systems

Navigation transportation unit Tankers Demand for long course navigation units, cabotage, relievers and production platforms
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Current Order Book - OGX

ESTIMATED CAPEX US$ MM 610 775 800-850 850-900 850-900 400-450 400-450 4,685 - 4,935

EQUIPMENT FPSO OSX1 FPSO OSX2 FPSO OSX3 FPSO OSX4 FPSO OSX5 WHP1 WHP2

CAPACITY 80K bopd 100K bopd 100K bopd 100K bopd 100K bopd *30 wells *30 wells Total

FIRST OIL 3Q 2011 3Q 2013 3Q 2013 3Q 2014 1Q 2015 3Q 2013 3Q 2013

*18 wells for production,10 wells for water injection and 2 wells for gas injection
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Next Milestones
Installation License

Shipyard Ground Breaking

BNDES / FMM Financing

FPSO OSX 2 Financing

WHP 1 and WHP 2 EPCI Contract Signature

FPSO OSX 1 arrival in Brazil and First Oil

Construction Contract: FPSOs OSX 3, OSX 4 and OSX 5

Potential orders from other clients

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