OSX Presents Fourth Quarter Earnings

Press Release
Wednesday, March 21, 2012

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.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Port New Orleans Unveils New Logo

The Board of Commissioners of the Port of New Orleans unveiled a new modern, streamlined logo today to kick-off the 6th annual Critical Commodities Conference.

Colfax's Acquisition of Victor Technologies Complete

ESAB has announced that Colfax Corporation has completed the previously announced acquisition of Victor Technologies Holdings, Inc. Victor is a preeminent global manufacturer of cutting,

Contracts

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Zamakona to Build Tug for HPC

Haifa Port contracts 70 t Voith Tug with Zamakona Yards Haifa Port Company (HPC) has awarded the international tender for a new build Voith Schneider tug to Zamakona Yards.

US Retailers Urge Speedy W. Coast Labor Contract Negotiations

The National Retail Federation (NRF) informs it has urged maritime management and the union representing dockworkers along the U.S. West Coast ports to expedite

Shipbuilding

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Zamakona to Build Tug for HPC

Haifa Port contracts 70 t Voith Tug with Zamakona Yards Haifa Port Company (HPC) has awarded the international tender for a new build Voith Schneider tug to Zamakona Yards.

New Joint Venture Targets Nuclear Industry

International maritime logistics expert Cory Logistics, part of Braemar Shipping Services plc, has formed a joint venture with universal supply chain specialist

Offshore

Med Urals Market Awaits Short May Loading Schedule

Activity in the Russian Urals crude market froze on Tuesday as traders said they were awaiting the first loading dates for May for signs of how much supplies from

BOEM Proposes GoM Oil and Gas Lease Sale

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Director Tommy P.

North Sea Traders Eye VLCCs to Asia, Libya Caps

North Sea Forties crude differentials firmed on Tuesday as traders eyed two potential VLCC shipments to Asia, though gains were capped as the first cargo of Libyan

Finance

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Libya to export first cargo since rebel deal

An oil tanker is due to load 1 million barrels of crude on Tuesday from Libya's recently reopened Hariga port, its first export shipment after a deal to end months of closures at its key terminals,

ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1480 sec (7 req/sec)