OSX Brasil Moves Forward in New Business Stage

OSX Brasil Moves Forward in New Business Stage

OSX Brasil S.A., a Brazilian publicly held corporation which provides equipment and services to the offshore oil and natural gas industry, with integrated operations in shipbuilding, leasing of exploration and production (E&P) units and operation and maintenance services (O&M), hereby informs its shareholders and the market in general that, given continuity to the new business stage initiated with the release of the Company’s New Business Plan on May 17, 2013.

• In the OSX Shipbuilding unit, a contractual termination agreement was signed with Acciona Infraestructuras S.A., the main supplier of Unidade de Construção Naval do Açu (“UCN Açu”), in the context of the dialogues and initiatives initiated by the Company with its stakeholders due to the phasing of UCN Açu;

• In OSX Leasing and Services units, the FPSO OSX-3 is already in Brazilian waters, for oil production in Brasil;

• Regarding the Company´s management, the CEO replacement is under way.

Agreement with Acciona for the construction of UCN Açu

The subsidiary OSX Construção Naval S.A. (“OSX CN”) and Acciona signed an agreement establishing the settlement of the obligations of both parties with regard to construction contracts entered into between them, early terminated in May this year due to the phasing of the implementation works of UCN Açu.

This first phase of UCN Açu already enables OSX CN to act as one of the main offshore construction sites in Brazil.

FPSO OSX-3 arrives in Brasil for oil production

FPSO OSX-3 started its voyage on July 15 in Singapore, and completed its journey before the planned schedule.

FPSO OSX-3 is the second unit of oil production to compose OSX fleet to operate in Brazil and its arrival to Rio de Janeiro represents another important achievement for the Company. This project is in strict compliance with the deadlines originally established by the client OGX Petróleo e Gás Participações S.A. (“OGX”), maintaining the first oil expectation for this year.

The arrival of FPSO OSX-3 reinforces the prioritization of cash generating projects of the Company’s Leasing and Services units.

Management Changes

The Board of Directors of OSX appointed Marcelo Luiz Maia Gomes Chief Executive Officer, replacing Carlos Eduardo Sardenberg Bellot, who leaves the Company.

Marcelo Gomes worked as Managing Director of Alvarez & Marsal Brasil, leading the advisory services provided to OSX Construção Naval S.A. in negotiations with suppliers and stakeholders due to the phasing of the construction works of UCN Açu. With over 25 years of active experience in corporate restructuring, the new CEO of OSX is specialized in business diagnostics, management and development of financial strategy. He graduated in Business Administration and Mechanical Engineering from Universidade Federal Fluminense in Rio de Janeiro state, with specialization in Finance.

This replacement reflects the change of emphasis in the Company´s management, following the first technical phase of implementing projects, with the prioritization of the financial discipline already initiated, asset optimization, dialogues with business partners and analysis of potential business combinations. The Company’s new leadership will continue the dialogues started with business partners, aligned with the objective of creating value for its shareholders.

[mappress]

Press Release, August 26, 2013

 

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