Brazil: Construction of OSX’s Acu Shipbuilding Unit Progresses According to Schedule

The construction of the Acu Shipbuilding Unit (UCN Açu) in the Açu Super Port Industrial Complex in São João da Barra, located in the north of the State of Rio de Janeiro, has been progressing according to schedule since July 2011, and completion is estimated for the second quarter of 2014. During construction of UCN Açu, partial deliveries of important sections of the shipyard are scheduled to occur, which will allow the Company to begin the partial operation of UCN Açu in the first quarter of 2013.

OSX’s Order Book

Regarding UCN Açu’s order book, 2012 began very positively.

In February 2012, Sapura hired OSX Construção Naval to build a PLSV – Pipe-Laying Support Vessel, in the approximate amount of US$ 263 million. Sapura is a wholly-owned subsidiary of Seabras Sapura Participações S/A, which in turn is a wholly-owned subsidiary of SapuraCrest Petroleum Berhad, a company based in Malaysia where it is the leader in the provision of engineering, offshore transportation and installation services for the oil and gas industry.

In March 2012, Kingfish hired OSX Construção Naval to build 11 MR – Medium Range Tankers, with 45,000 DWT (Deadweight Tonnage), for transportation of oil and clear products, in the approximate amount of US$ 732 million. These vessels will be chartered by Kingfish to Petrobras.

As a subsequent event in April, OSX received an order from OGX for the construction and leasing of two new wellhead platforms, WHP-3 and WHP-4, pursuant to the Strategic Cooperation Agreement entered into by the parties.

[mappress]

Shipbuilding Tribune Staff, May 4, 2012; Image: osx