OSX Brasil S.A. (OSX) yesterday announced its 2013 second quarter results. The increase in revenues from all OSX business units – Shipbuilding, Leasing and O&M Services (Operation and Maintenance) contributed to the 96.1% growth in the Company’s total net revenues compared to 1Q13.
EBITDA was negative R$ 100.1 million, with positive results coming from Shipbuilding and O&M Services units. The Leasing unit was impacted by a provision of impairment of assets (FPSO OSX – 2 and WHP – 2) in the amount of R$ 121.4 million and the write off of assets (WHP – 1, 3 and 4 FPSOs OSX – 4 and OSX – 5), in the amount of R$ 794.0 million.
2013 second quarter highlights
Net revenue of R$ 188.5 million, increase of 96.1% related to 1Q13
Negative EBITDA of R$ 100. 1 million
New Business Plan, released in May, prioritizing cash generating projects of the Leasing unit and phasing the construction works for implementing the shipyard
Paying up of US$ 120 million related to the capital increase resulting from the exercise of the put granted to the Company by the controlling shareholders
Update of client OGX orders, informed on 07/01
FPSO OSX – 3: naming ceremony on 05/31
FPSO OSX – 2: naming ceremony on 07/27
2 Earnings Release – 2Q13
[mappress] Source: , August 15, 2013