OSX Presents Fourth Quarter Earnings
OSX, a company which provides equipment and services for the offshore oil and gas industry, part of EBX Group, consolidated third quarter 2011 results with important achievements, including the start of the construction of the Açu Shipbuilding Unit (UCN Açu); arrival of FPSO OSX-1 in Rio de Janeiro; agreement for the construction of the FPSO OSX-3; a financing agreement for the construction of FPSO OSX-2 ($850 Million); and Disclosure of its 2011-2015 Execution Plan.
OSX finished the fourth quarter with a R$7 million net profit and the full year of 2011. The consolidated cash position of the Company and its subsidiaries on December 31st, 2011 was of R$1.0 billion (R$ 2.2 billion on December 31st, 2010).
The Management monitors the financial results of the business units separately for decision-making purposes, as well as the allocation of funds and performance evaluation. OSX Shipbuilding had a negative EBITDA of R$54.3 million, due to its implementation stage in the Açu Super Port Industrial Complex. OSX Leasing had a positive EBITDA of R$42.5 million as a result of the start of operation of FPSO OSX-1 under the bare boat charter agreement. OSX O&M Services had a positive EBITDA of R$42.5 million as a result of the start of operation of FPSO OSX-1 under the bare boat charter agreement.
Other highlights included:
• Contractual agreement in the amount of $732 million with Kingfish do Brasil Navegação S/A for the construction of 11 medium-range tankers.
• Contractual agreement in the amount of $263 million with Sapura Navegação Maritima S/A for the construction of a PLSV (Pipe-Laying Support Vessel).
• An increase in the order book of anchor client OGX, from $2.5 billion in 2010 to approximately $5 billion in 2011.