CORPORATE PRESENTATION

Rio de Janeiro | April 2012 |

ORGANIZATIONAL STRUCTURE

2

EBX FREE FLOAT

OSX

OSX SERVICES OSX LEASING

OSX SHIPBUILDING

UNIT

Integrated offshore E&P equipment and services provider HYUNDAI

78.8% 21.2%

Holding 10%

90% 100% 100%

OSX HIGHLIGHTS

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Attractive Market Conditions in Brazil

Local Content Requirement

Strong Demand from OGX

Strategic Partnership with Hyundai

Incentivized and Experienced Management Team

More than 30 years experience, on average, in the E&P sector US$ 30bn in projects and more than 50,000 people under management

Approximately 70% of E&P industry capex supplied locally Key for Brazil’s long-term social and economic development (285,000 jobs in 5

years)

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 OGX’s exploratory campaign

Partnership with the largest shipbuilder in the world State-of-the-art technology and transfer of know-how Large, scalable shipyard at Açu

Expected oil and gas resources to increase to 100 Bboe, with announced investments of US$ 140bn plus

Underserved domestic equipment & services market

Training (ITN)

ITN –Institute of Naval Technology , partnerships with technical institutions and universities

Absorption and application of Korean technology Qualification of 3.100 technical personnel until beginning of 2013

POTENTIAL DEMAND

4

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)

2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

PETROBRAS (FPSOs + 28 Rigs)

OGX (FPSOs Only)

Existing Capacity

Source: Verax

3 3

22

8

32

18

27

13

16

11

Note: Includes equipment which has already been ordered Capacity Estimates: Source OSX

LOCAL CONTENT: RATIONALE AND EVOLUTION Represents a social & economic development strategy. Has increased significantly in recent ANP bidding rounds.

Local Content Requirement

■ Definition: minimum percentage of equipment and services contracted by the operator that must be supplied by local companies

■ Average of 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

Local Content Rationale

■ Boost local oil & gas equipment and services industry

■ Incentivize local technology development

■ Substantially increase employment and income

Local Content Evolution

Source: ANP Note (1) 8th ANP bidding round auction is still under discussion

25%

42%

28%

39%

79% 86%

74% 69%

79%

27%

48%

40%

54%

86% 81%

77%

84%

1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th

Exploration Phase

Development Phase

Notable Companies Committed to Local

Content

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BRAZILIAN SHIPYARDS

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Local shipyards are not prepared to serve expected offshore E&P equipment demand

Main Shipbuilders in Brazil

EAS ERG Brasfels Mauá Mac

Laren

1,6 0,5 0,5 0,4 0,1

160 60 50 36 6

Current Conditions of Brazilian Shipyards

Mac Laren

Brasfels

Mauá

“A construction slot in OSX’s shipyard is worth more than gold”

Committed Slots

Site Area (km2)

Technology Partner

Steel Processing Capacity (Kton / year)

Focus on Offshore Equipment

Logistics

Labor Force

Source: Verax

SHIPBUILDING 7

AÇU SUPERPORT

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A One-Stop Shop for the Oil & Gas Industry

8

AÇU INDUSTRIAL COMPLEX

A New Cluster for the Offshore and Heavy Industry

90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan)

GE

90 km² Industrial Complex (1.5 x larger than Manhattan Island) 9

UCN AÇU: LAYOUT

90 km² Complexo Industrial (1,5x maior que a ilha de Manhattan) 10 10

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

UCN AÇU: LICENSING SCHEDULE

Oct-10 Jan-11 Jun-11 Jul-11 Feb-11

Public Hearings

Preliminary License Issuance

Installation License

Issuance Beginning of Construction

EIA/RIMA Filling

P P P P P

11

UCN AÇU: SHIPBUILDING UNIT SCHEDULE

12

PACKAGES PROCUREMENT MOBILIZATION

REMOVAL OF VEGETATION 2Q11 2Q11

PREPARATION OF THE TERRAIN 3Q11 3Q11

NORTH QUAY AND JACKET'S AREA 1Q12 (LOI) 1Q12

DRY DOCK 1Q12 (LOI) 1Q12

SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 (LOI) 1Q12

INDUSTRIAL BUILDINGS 3Q11 4Q11

UTILITIES AND INFRASTRUCTURE 3Q11 3Q11

ADMNISTRATIVE BUILDINGS 2Q12 2Q12

AUXILIARY BUILDINGS 2Q12 2Q12

ELECTROMECHANICAL ASSEMBLY 2Q12 2Q12

SUPERVISION SUPPORT 2Q11 2Q11

CONSTRUCTION SITE 3Q11 3Q11

BREAKWATER 1Q11 1Q11

DREDGING 3Q11 3Q11

P

P P

P P

P P

P P

P P

P P

P P

P

P

P

P

P

P

P

UCN AÇU: ESTIMATED PARTIAL DELIVERIES

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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UCN AÇU: FINANCING

Fundo da Marinha Mercante (Merchant Marine Fund)

Credit facility: 80% CAPEX

Total tenor ranging from 18 to 20 years

with a grace period of up to 3 years and

interest rates that vary between US$ + 2% to

US$ + 4% per annum

Lending Agents: BNDES, Caixa Econômica

Federal, Banco do Brasil, BNB and Banco da

Amazônia

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2011 2012 2014 2013

63,6% 20,1% 1,9% 14,4%

TOTAL OF US$ 1,933 MM

DESCRIPTION OSX (US$) LLX (US$)

DREDGING AND ENGINEERING 93 90

BREAK WATER 135 129

QUAY 262 -

BUILDINGS 339 -

DRY DOCK 133 -

ROADS AND PAVING 146 -

EQUIPMENT, ENGINEERING AND ENVIRONMENT 487 -

OTHERS 119 -

TOTAL $1.714 $219

Capex distribution per year/activity

UCN AÇU:

EVOLUTION OF THE WORKS

UCN AÇU: BREAKWATER

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Breakwater: used to avoid the silting of the canal and protects the entry and exit of vessels

16

The breakwater is composed of 43 large blocks each 67m long, 24m wide and 24m deep

UCN AÇU: AERIAL VIEW

17 17

UCN AÇU: CONSTRUCTION OF THE CANAL

18 18

19

UCN AÇU: CONSTRUCTION OF THE CANAL

Beginning of construction of the breakers to protect the approach canal to the

Açu Shipbuilding Unit

Distance escavated

19

UCN AÇU: EARTHWORKS & BUILDINGS

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Administrative Building Plots to be used by contractors

Water Treatment Plant Plots to be used by contractors

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UCN AÇU: EARTHWORKS & BUILDINGS

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1. Medical Centre 2. Administrative Building

3. Canteen

Concrete factory

1

3 2

21

UCN AÇU: BUILDINGS

22

Canteen

Effluent Treatment Plant

22

UCN AÇU: BUILDINGS

23

Administrative Building

FPSO OSX-1 ORDER BOOK

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* Delivery at the shipyard (ex-installation) • FPSO: Floating Production Storage Offloading • WHP: Wellhead Platform • PLSV: Pipe Laying Support Vessel • MR: Medium Range Tanker

CURRENT ORDER BOOK

UNIT CAPACITYESTIMATED PRICE

(US$ MM)DELIVERY*

CONSTRUCTION

LOCATION

OSX LEASING

& SERVICES

FPSO OSX-1 80K bopd 610 OK SAMSUNG, KOREA

FPSO OSX-2 100K bopd 775 2Q 2013 KEPPEL, SINGAPORE

FPSO OSX-3 100K bopd 800 3Q 2013 JURONG, SINGAPORE

FPSO OSX-4 100K bopd 850-900 2Q 2014 OSX, BRAZIL

FPSO OSX-5 100K bopd 850-900 4Q 2014 OSX, BRAZIL

WHP-1 30 wells 400-450 3Q 2013 TECHINT, BRAZIL

WHP-2 30 wells 400-450 4Q 2013 TECHINT, BRAZIL

PLSV - SAPURA NA 263 4Q 2014 OSX, BRAZIL

11 MR - KINGFISH NA 732 2Q 2015- 4Q 2017 OSX, BRAZIL

P

P

P

P

P

P

P

FPSO OSX-1

FIRST OIL FOR OGX: 18H 39M 50S

27 27

31ST January 2012

FPSO OSX-1: CUSTOMIZATION

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Age

FPSO OSX-1: CREW

Total of 89 crew members

Years of Experience

14%

26%

28%

28%

4%

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

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FPSO OSX-2 / WHP-1

OSX-2 / WHP-1 SYSTEM

OSX-2

Construction Contract

■ EPCI contract signed with SBM

■ Acquisition of VLCC – accomplished

Long term debt commitment

■ Facility agreement: US$ 850 million(12 years, LIBOR +4,41% p.a.)

■ ING, Itaú-BBA and Santander (leaders), HSBC, Citibank, ABN

Amro Bank, Banco do Brasil, NIBC and DnB Nor

WHP-1

Construction Contract

■ Signing of LOI with Techint – 1Q11

■ Start of Engineering – 1Q11

■ Contract signed with Techint

■ LOI for Drilling Package signed with TTS

Milestone Date

Arrival of hull at Keppel shipyard

(Singapore) 3rd Quarter 2011

P&IDs approved for construction 2nd Quarter 2011

FPSO departure from yard 2nd Quarter 2013

Milestone Date

Start of construction and assembly 4th Quarter 2011

Load Out of WHP-1 3rd Quarter 2013

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FPSO OSX-3 / WHP- 2

OSX-3

Long term debt commitment

■ Financing: Senior Secured Bonds US$ 500 mm, maturity 03/2015 at an interest rate of 9.25% pa, payable quarterly.

■ Global Coordinator, Joint Lead Manager and Bookrunner: Pareto Securities and Joint Lead Manager and Bookrunner: DNB Markets

WHP-2

Construction Contract

■ Signing of LOI with Techint – 1Q11

■ Start of Engineering – 1Q11

■ Contract signed with Techint

OSX-3 / WHP-2 SYSTEM

Milestone Date

Arrival of hull at conversion shipyard 4th Quarter 2011

P&IDs approved for construction 1st Quarter 2012

FPSO departure from yard 3rd Quarter 2013

Milestone Date

Start of construction and assembly 4th Quarter 2011

Load Out of WHP-2 4th Quarter 2013

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Construction Contract

■ Acquisition of VLCC - accomplished

■ EPCI contract signed with MODEC

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 Exactum)

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

conversion1st Q2012

End of hull conversion 4th Q2012

Arrival of hull at UCN slot 1 2nd Q2013

Delivery by the shipyard 2nd Q2014

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FPSO OSX-5

VLCC sister hulls acquired by OSX in Nov. 2010:

US$ 27 million each

FPSO OSXFLEX concept contracted with CKE

Consortium (Chemtech, Kromav and Exactum)

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

Milestones Date

Specifications for hull repair 2nd Q2012

End of hull conversion 2nd Q2013

Arrival of hull at UCN slot 2 3rd Q2013

Delivery by the shipyard 4th Q2014

MILESTONES ACHIEVED AND NEXT STEPS

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Milestones:

Contract signed on 24/2/2012

Contract price: US$ 263 million

Delivery date: December 2014

Main characteristics:

Length: 135 meters

Breadth: 24 meters

Depth: 10 meters

Flexible lines traction capacity : 300 tonnes

Flexible lines capacity: 2.500 tonnes

PLSV - PIPE-LAYING SUPPORT VESSEL

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Used for laying and installing flexible pipelines on the seabed

Milestones:

Contract signed on 9/03/2012

Contract price: US$ 732 million

Delivery date of last vessel: December 2017

Main characteristics:

Total length: 183 meters

Breadth: 32.20 meters

Depth: 18 meters

Deadweight : 47.000 tonnes

11 MR - MEDIUM RANGE TANKERS

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ITN:

INSTITUTE

OF NAVAL

TECHNOLOGY

PARTNERSHIP BRAZIL / KOREA

ITN- INSTITUTE OF NAVAL TECHNOLOGY

Qualification of up to 3,100 personnel in 23

functions by the beginning of 2013

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 Campos

SENAI Macaé

SENAI São João da Barra

Objectives

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Curriculum planning

Adapting the necessary facilities

Classes scheduled to commence in 1st half 2012

Organization and production of teaching material

ITN- INSTITUTE OF NAVAL TECHNOLOGY

CityApprox.

distanceWork force Population

São João da Barra 20 Km 6.000 33.000

Campos 40 Km 92. 000 460.000

Radius Up to 50 Km 98.000 493.000

Quissamã 75 Km 3000 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

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NEXT MILESTONES

Financing: WHP-1 and WHP-2 (BNDES / GIEK)

Financing: OSX-4 and OSX-5

Contract shipyard to convert the OSX-4 and OSX-5 hull’s

Shipyard financing contract (Merchant Marine Fund)

New orders from OGX

New orders from third parties

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+55 21 2555 6914

RI@OSX.COM.BR