Brazil: OSX Secures Order for Two Wellhead Platforms from OGX

Brazil - OSX Secures Order for Two Wellhead Platforms from OGX

OSX, an EBX Group Company of integrated solutions for offshore units and services, received an order from its anchor client OGX Petróleo e Gás for construction and charter of two new Wellhead Platforms, WHP-3 and WHP-4, pursuant to the Strategic Cooperation Agreement entered into by the companies.

The two new units will be built by OSX Construção Naval S/A in the Açu Shipbuilding Unit, which is currently being implemented in the northern region of the State of Rio de Janeiro, and are destined to meet OGX’s oil and gas production program.

“OSX currently manages an order book comprised of 21 units for production of oil and gas in Brazil. The confirmation that our anchor client OGX has ordered 2 WHPs reaffirms our commitment to the development of oil production in Brazil. This commitment is also reflected in the 10,000 Brazilian persons that have applied to date for the shipbuilding technical professional training program that is being implemented by SENAI-FIRJAN jointly with our ITN – Institute of Naval Technology. This is Brazil working and progressing! OSX, at service for the development of Brazil.” said Luiz Eduardo Carneiro, CEO of OSX.

OSX is a Brazilian publicly held corporation that provides equipment and services for the offshore oil and gas industry, being dedicated to supply the Brazilian industry’s growing demand for integrated solutions in three different segments: shipbuilding, E&P unit chartering and O&M services. Since July 2011, OSX is building the largest shipyard of the Americas, the Açu Shipbuilding Unit, in the Açu Superport Industrial Complex, in the São João da Barra Industrial District, with technology from its partner Hyundai Heavy Industries, the global leader in naval construction. The Açu Shipbuilding Unit project received financing priority from the Board of Directors of the Merchant Marine Fund in June 2011, under contractual negotiation phase, and funding from a US$ 227.9 million bridge loan. Currently, OSX has an estimated order book of 48 offshore units for our client OGX, corresponding to approximately US$ 30 billion, US$ 4.8 billion of which are already confirmed, represented by seven oil and gas production platforms. The construction of these platforms is underway, at different engineering and execution stages. In addition, the order book of the Açu Shipbuilding Unit already amounts to US$ 1 billion approximately, with shipbuilding contracts of one PLSV to Sapura and eleven MR tankers to Kingfish. The FPSO OSX-1, the first offshore unit in OSX’s fleet, became operational in January 2012 and its private international financing, in the amount of US$ 420 million, was awarded the “Shipping Debt Deal of the Year – South America” award from Jane´s Transport Finance and the “Deal of the Year – 2010” award, from the Marine Money magazine. The private international financing of FPSO OSX-2, in the amount of US$ 850 million, was awarded the Oil & Gas Deal of the Year Americas, at the Project Finance International Awards, and the “Latin America Upstream Deal of the Year”, from Euromoney. In March 2010, OSX raised R$ 2.5 billion in its IPO, the seventh largest primary IPO in the history of the BM&FBOVESPA. OSX is a part of the EBX Group, a corporate conglomerate founded and headed by Brazilian entrepreneur Eike Batista, who has a proven track record of successfully developing new ventures in the fields of natural resources and infrastructure, with the highest technology and sustainable standards.

[mappress]

Source: OSX, April 19, 2012