Brazil: OSX Receives USD 228 Million Loan for Super Shipyard

OSX, an EBX Group company focused in providing equipment and services for the offshore oil and gas industry, has received a USD 227.9 million loan for the funding of the construction of the Açu Shipbuilding Unit (UCN Açu), which will, once it is completed, be the largest shipyard in the Americas.

The construction of the shipyard began in July 2011, at the Açu Industrial Complex in the City of São João da Barra, in the Northern region of the State of Rio de Janeiro.

The general conditions of this loan are: interest rate of approximately 5.4% p.a., with an 18-month maturity period, principal and interest to be paid at the end of the maturity period or upon first disbursement of the long-term loan from the Merchant Marine Fund (FMM – Fundo da Marinha Mercante), for which the Açu Shipbuilding Unit was granted funding priority in June 2011, with a total term of approximately 20 years and interest rate in Dollars + 2% to 4% p.a.

The long-term funding contract with the FMM is currently being negotiated with the transfer agents BNDES and Caixa Econômica Federal. The total credit approval in the amount of R$2.7 billion has already been obtained and the guarantee conditions have been defined.

“The construction of the Açu Shipbuilding Unit is underway, in order to begin steel cutting for OSX’s fleet of oil and gas production platforms in the first quarter of 2013. This USD 227.9 million disbursement advances part of the R$ 2.7 billion FMM long-term funding, dedicated to the implementation of the Açu Shipbuilding Unit, which we are developing in partnership with our fellow shareholder and technology partner Hyundai Heavy Industries, the global leader in naval construction.” stated OSX’s CEO, Luiz Eduardo Carneiro.

[mappress]
Offshore Energy Today Staff, January 11, 2012