OSX Gets Additional Funds for Super Shipyard (Brazil)

OSX Gets Additional Funds for Super Shipyard

OSX Brasil S.A., a Brazil-based holding company involved in the oil and gas sector, announces that the Board of the Merchant Marine Fund (FMM – Fundo da Marinha Mercante) has approved the prioritization of additional funding, for a credit line of R$1.5 billion(USD 735.5 million), for the construction of the Açu Shipbuilding Unit (“UCN Açu”), keeping the original financing structure for the project, with an estimated construction investment of approximately R$ 4.8 billion (USD2.35 billion).

The construction of the Açu Shipbuilding Unit is underway and operations are expected to begin in the first quarter of 2013, with construction activities of clients’ order book. Completion of construction of the UCN Açu is scheduled for the second quarter of 2014.

“The Açu Shipbuilding Unit is being built to begin operations at the beginning of 2013 and the approval of this additional funding prioritization by the FMM acknowledges the strategic importance of this project for the Brazilian naval industry and production of Brazilian oil. We receive this prioritization as a reassurance of the standards of quality, technology, safety and sustainability that lead our OSX team,” stated Carlos Bellot, CEO of OSX.

UCN Açu is a 5th generation shipyard with technology provided by partner Hyundai Heavy Industries, the global leader in naval construction, generating over 10,000 direct jobs. Its 2,400 m quay and expandable to 3,525 m may simultaneously integrate up to 11 FPSOs. Located in the Açu Superport Industrial Complex, UCN Açu is strategically positioned at approximately 150 km from the Campos Basin, which is responsible for around 85% of the Brazilian oil production.

Press Release, October 15, 2012

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