OSX Brasil Increases Capital by $250 Mln

OSX Brasil S.A., a publicly-held, private Brazilian company that provides offshore oil and natural gas solutions with integrated operations in shipbuilding, chartering of exploration and production (E&P) units and operation and maintenance (O&M) services, announces that all of the 12,919,630 shares issued under the capital increase approved on October 23, 2012 have been subscribed and paid up, in the total amount of R$508,775,029.40 (approx $250 million).

A total of 12,919,099 shares were subscribed and paid up by the controlling shareholders, with an addition 531 shares subscribed and paid up by minority shareholders, at the price of R$39.38 per share. The capital increase was ratified by the Company’s Board of Directors on December 18, 2012 and the corresponding shares will be available for trading as of December 21, 2012. The Company’s capital is now R$3,023,768,904.89, represented by 293,712,408 common shares.

As previously announced, the capital increase hereby concluded is the result of the exercise of a put option (Option) by the Company in an amount in Reais equivalent to US$500 million and shall be followed by a capital increase in the amount corresponding to the US$250 million balance by March 23, 2013. In addition, the Company obtained the right to exercise the balance of the Option, which totals an additional US$500 million, until March 2014, maintaining the prospect that OSX´s new total capitalization as a result of the put option could reach the total amount of US$1 billion by March 2014.

[mappress]

Press Release, December 20, 2012