OSX Brasil S.A., a Brazilian publicly held corporation with activities in the sector of supplying equipment and services to the offshore oil and natural gas industry, with integrated operations in shipbuilding, chartering of exploration and production units (E&P) and operation and maintenance services (O&M), hereby informs to its shareholders and the market that:
As informed in the Material Fact released yesterday by the client OGX Petróleo e Gás Participações S.A. (OGX), OGX concluded technical analyses concerning the development of its fields and, as a result, decided to update the orders made to OSX pursuant to the existing Strategic Cooperation Agreement between the companies, as stated below:
Due to the events informed above, the parties entered into an agreement whereby OSX receives an immediate disbursement from OGX of approximately USD 449 million. According to the agreement, roughly 70% of such amount is to be invested in the completion of the construction of the FPSO OSX 3 and WHP 2.
As a result of the update now released, several dialogues and initiatives were initiated by OSX, and will continue to be pursued with lenders, employees, suppliers and other stakeholders, with the goal of readjusting the Company’s business to such update, in line with the phasing of the Açu shipyard announced in the Material Fact of May 17, 2013.
As informed in the May 17 Material Fact, OSX has been studying potential business combinations and similar business opportunities in order to optimize OSX’s leasing and services portfolio and the Açu shipyard, aiming at evaluating the best strategies to create value for its shareholders.
“ In furtherance to the implementation of the new OSX Business Plan, the update of the contractual relationship with our client OGX reflects our commitment to adapt OSX to the current situation, with the strong capital discipline required to optimize our excellent assets, available to suit the broad demand for oil production equipment in this country “, said Carlos Bellot, CEO of OSX.
Additionally, the Company informs that projections previously disclosed should no longer be considered valid, including those related to the OGX estimated orders of production units.
[mappress] Press Release, July 2, 2013