1

July 2011

OSX – Institutional Presentation

Organizational Structure

OSX OwnershipOSX Ownership

Free Float 21.1%78.9%*

2

OSX LeasingOSX Shipbuilding Unit OSX Services

Integrated offshore E&Pequipment and

services provider

10% 90% 100% 100%

Holding

*Controlling Shareholder (78.67%) + Board of Directors (0.0107%) + Officers (0.1995%)

Attractive Market Conditions in Brazil

Local Content Requirement

Strong Demand from OGX

OSX Highlights OSX Highlights

• 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

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

• Underserved domestic equipment & services market

3

Requirement

Strategic Partnership with Hyundai

Training (ITN)

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

• Key for Brazil’s long-term social and economic development (285,000 jobs in 5 years)

• Partnership with the largest shipbuilder in the world

• State-of-the-art technology and transfer of know-how

• Large, scalable shipyard at Açu

• ITN – Naval Technology Institutes, partnerships with technical institutions and universities

• Absorption and application of Korean technology

• Qualification of 7,800 technical personnel until the end of 2013

Exploratory Success in the Drilling Campaign

OGX: Anchor ClientOGX: Anchor Client

• Largest Brazilian private E&P player in terms of offshore

exploratory acreage

• 6.7 billion boe of risked prospective resources , assuming a

probability of success of 35%

• 22 offshore blocks and 7 onshore blocks in 5 different

sedimentary basins

OGX Highlights

43 oil & gas discoveries to date

C

DIG

HK E

FB

J N

P E R E G R IN O

M A R O M B A

P OLV O

PA PA -TE R RABM - C-41

BM -C-38

BM -C-37

B M -C-4 2BM -C-4 3

BM -C-4 0

B M -C -3 9

C

DIG

HK E

FB

J N

P E R E G R IN O

M A R O M B A

P OLV O

PA PA -TE R RABM - C-41

BM -C-38

BM -C-37

B M -C-4 2BM -C-4 3

BM -C-4 0

B M -C -3 9Campos Basin

Vesuvio Prospect

Netpay of 57 meters

Discovery between 500 -1,500 M boe

Pipeline Prospect

Netpay of 165 meters

Discovery between 1,000 – 2,000 M boe

M

L

M E X IL H Ã O

B M -S - 5 8

B M -S - 5 6

B M -S - 5 7

B M - S -5 9

Santos Basin

Waimea Prospect

Netpay of 130 meters

Discovery between 500 – 900 M boe

DD

BB

GG

Etna Prospect

Netpay of 91 meters

Discovery between 500 – 1.000 M boe

HHHuna Prospect

Netpay of 52 metersJJ

Vesúvio Direcional Prospect

Netpay of 60 meters

SSIngá Prospect

Netpay of 12 meters

Aracaju Prospect

Netpay of 40 metersTT

Belém Prospect

Netpay of 43 metersRR

CC

4Source: D&M Report and OGX presentations

(1) Gross Prospective Resources

OGX Offshore Blocks (Sept. 2009)

Basin BlocksUnrisked

ResourcesTotal 1

Probability of

Geological Success Total

Risked Resources

OGX

Campos 7 9,350 44.10% 4,124 3,693

Santos 5 6,659 27.00% 1,796 1,688

Espírito

Santo5 5,017 32.60% 1,634 817

Pará

Maranhão5 2,104 21.30% 447 447

Total 22 23,130 34.59% 8,001 6,645

1-MRK-1-SPS

A

Risked Resources

OGX blocks

Oil Field

LLHawaii Prospect

Netpay of 64 meter

Basin D&M Report 2011

Campos 5,700*

Santos 1,688

817

447

Espírito

Santo

ParáMaranhão

Total 8,652

* 3C + Delineation + Prospective

OGX: Significant Demand ExpectedOGX: Significant Demand Expected

Base case order book of 48 offshore E&P units equivalent to US$ 30bn

OGX Production Targets - kboepdExpected Demand for Offshore Equipment (2011-2019) Number of units

FPSOFPSO

TLWPTLWP

WHPWHP

19

5

24

TotalTotal 48*

730

1,380CAGR:

70%

5

• Initial production expected to begin 2011

• 1st FPSO already contracted for a period of 20 years, at an

average day rate of US$263,000

• Expected CAGR of 70% between 2011 and 2019

Source: OGX

Source: OGX

TotalTotal 48*

Delivery Timeline

2019E2015E2011E

20

12

45

3

1 1

1

2

1

1

3 5

66

2

2

1

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

1

56

12

13

6

4

1

1

5

1

* OSX2: to be delivered in mid 2013 (IPO: Dec. 2012)

* OSX5: to be delivered in 1Q 2015 (IPO: Dec 2014)

* Considering 2009 D&M Report

Current Order Book with OGXCurrent Order Book with OGX

EQUIPMENT CAPACITYESTIMATED CAPEX

US$ MMDELIVERY**

FPSO OSX1 80K bopd 610 3Q 2011

FPSO OSX2 100K bopd 775 2Q 2013

FPSO OSX3 100K bopd 800-850 3Q 2013

FPSO OSX4 100K bopd 850-900 2Q 2014

6

FPSO OSX4 100K bopd 850-900 2Q 2014

FPSO OSX5 100K bopd 850-900 4Q 2014

WHP1 *30 wells 400-450 1Q 2013

WHP2 *30 wells 400-450 2Q 2013

Total 4,685 - 4,935

*18 wells for production,10 wells for water injection and 2 wells for gas injection

**delivery at the shipyard (ex installation)

PrePre--Salt ResourcesSalt Resources

Pre-salt discoveries strongly contribute to increase in Brazilian resources of up to 100Bboe

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

FPSO units, deepwater environment

US$ 111bn 2009-2020E

Total Area

Estimated Resources

Production Development

Required

149,000 km2

Pre-salt Resources Pre-salt Resources Area

Exploratory Blocks

OGX Blocks

Oil and Gas Fields

Pre-salt Reservoir(Petrobras/CNPE/ANP)

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Petrobras Local Production Forecast(thousand bpd)

Petrobras’ capex: US$111 billion

US$ 111bn 2009-2020E

US$ 33bn 2010-2014E

Required Capex

Source: Petrobras (updated in June 2011)

Source: Petrobras (Company Presentation)

Espírito Santo Basin

Campos Basin

Santos Basin

Açu Super-Port

2,461

Ex-Pre Salt Pre Salt

2,1002,739

2,872

241

1,078

2,100

2,980

3,950

2010 2014 2020

Source: Petrobras (updated in June 2011)

Consolidated Potential Demand (number of E&P equipment units)

32

27

Strong Demand for Offshore E&P Equipment in BrazilStrong Demand for 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)

OGX (FPSOs Only)

Petrobras (FPSOs + 28 Rigs)

8

3 3

22

8

18

13

16

11

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

Existing Capacity

Note: Including already ordered equipment

Source: Verax

Capacity Estimates: Source OSX

Local Content Requirement

Local Content: Rationale and EvolutionLocal Content: Rationale and Evolution

The local content requirement represents a social and economic development strategy and has significantly increased in recent ANP bidding rounds

Local Content Evolution

• 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 42% 39%

79%86%

74%69%

79%

27%

48%

40%

54%

86% 89%81%

77%84%

9

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

Notable Companies Committed to Local Content

• Boost local oil & gas equipment and services industry

• Incentivize local technology development

• Substantially increase employment and income

Local Content Rationale

• Certification of each item by inspection companies

(guidelines set forth by Federal Government – MME)

• Subject to severe penalties

25% 28%

39%

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

Exploration Phase Development Phase

Brazilian ShipyardsBrazilian Shipyards

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

Main Shipbuilders in Brazil Current Brazilian Shipyard Condition

Mac Laren

Committed Slots

Site Area (km2)

Technology Partner

EAS ERG Brasfels Mauá MacLaren

1.6 0.5 0.5 0.4 0.1 Mauá

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Brasfels

Technology Partner

Steel Processing Capacity(Kton / year)

Focus on Offshore Equipment

Logistics

Labor Force

Source: Verax

160 60 50 36 6

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

Strategic Partner: Hyundai Heavy IndustriesStrategic Partner: Hyundai Heavy Industries

OSX Shipyard Unit under development in partnership with the largest shipbuilder in the world

• 10% equity investment in OSX Shipyard

• State-of-the-art technology

• Transfer of know-how and training

• Accelerate learning curve: distill 38 years

of experience into 2 years

Rationale and Overview

• 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

• Significant upside potential for OSX

– HHI Offshore division processes

550,000 tons of steel/year in

2,500,000 m²

– OSX should process in its initial

stage 180,000 tons of steel/year and

Why Hyundai? Efficiency Comparison

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of experience into 2 years

• Technology and services contract for

shipyard design and transfer of know-how

for at least 10 years

• 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

• Delivered FPSO’s and fixed platforms to

clients such as ExxonMobil, Petrobras,

Shell, Chevron and BP

stage 180,000 tons of steel/year and

integrate 220,000 tons/year in

2,000,000 m²

• Efficiency gains could drive potential

processing capacity expansion

• OSX’s goal is to reach Asian productivity

levels after two years of operation

ITN ITN –– Technology Naval InstituteTechnology Naval Institute

� Initial strategic partnerships: Firjan (Rio de Janeiro State Industrial Federation) and SENAI (National Institute of Industrial Learning) – Commercial Contract executed in 07/01/2011

� Objectives of the 1st Phase of the Program:

� Absorption and application of technology (agreement with Hyundai)

� Qualification of up to 3,100 technical personnel in 23 functions (welders, assemblers, electrics and mechanicals, among others) through the end of 2012

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� Utilization of facilities and instructors from SENAI

� Scholarships that provide financial assistance, food and transportation

� Beginning of classes scheduled for 4Q11

� Estimated budget: R$ 12.7 million

ITN ITN –– Technology Naval InstituteTechnology Naval Institute

� Objectives of the 2nd Phase of the Program:

� Preparation of a labor force with superior skill and know-how

� Development of innovative engineering projects

� Supplier mobilization: new equipment and materials

� New partnerships with reference institutions: Companies and Universities

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� Approach:

� Shipbuilding

� Operation & Maintainanceof naval units

FASE 1 – PERSONNEL GRADUATION

FASE 2 – KNOWLEDGE,

TECHNOLOGY & INOVATION

TIMELINE

DE

DIC

AT

ION

Açu Industrial DistrictAçu Industrial DistrictA new A new clustercluster for heavy industryfor heavy industry

1414

AçuAçu SiteSite

• 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

15

AçuAçu Site: Competitive AdvantagesSite: Competitive Advantages

• Welding economies: 18m steel plate, 56% less welding, savings of US$ 3.5 MM/FPSO

• Energy savings: 30% estimated reduction (US$ 4.0 MM/year)

• Weather conditions: Less than 30% of rainy days per year

16

• Soil advantages: less foundation required

• 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: approximately 150 km

Product PortfolioProduct Portfolio

• Floating Production Storage and Offloading

• Hull: conversion of oil tanker or new-build

• Tension-Leg Wellhead Platform

• Suited for deepwater environments

Description Main Systems for Standardization Target

FPSO

TLWP

� Moduflex Project

� Conceived to process oils of different characteristics (different API grade, gas/oil ratio, water/oil ratio

� Sister Vessels

� Reduction in project time and conversion costs

� Accelerates the learning curve in the operation and maintenance

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• Drilling units for exploration

• Heavily demanded in ultra-deepwater

• Wellhead Platform or fixed production platforms in general

• Suited for shallow-water environments

WHP

Drillships

Tankers

• Navigation transportation unit

• Demand for long course navigation units, cabotage, relievers and production platforms

� WHP’s Standardization

� Optimization of assembly and fabrication

� Designed to operate in a range of water depths

� Equipment Standardization

� Key systems

� Supplied with increased security and speed systems in the long run

� Pre negotiated contracts with minimum demand guaranteed

� Inventory and maintenance optimization

Next MilestonesNext Milestones

�Financing of the Shipyard

�Arrival of FPSO OSX 1 in Brazil and First Oil

�FPSO OSX 2 Financing

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�WHP 1 and WHP 2 EPCI Contract Signature

�WHP 1 and WHP 2 Financing

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

�Potential orders from other clients