OSX Shipbuilding Announces Finance Deal

(Press Release)
Wednesday, June 22, 2011

OSX Brasil S.A., a Brazilian corporation engaged in the equipment and services sector for the offshore oil and gas industry, by means of integrated operations in shipbuilding, chartering of exploration and production (E&P) units, and operation and maintenance (O&M) services, announces to its shareholders and the market in general that: The Board of Directors of the Merchant Marine Fund (Fundo da Marinha Mercante - FMM) approved the prioritization of financial support for the Açu Shipbuilding Unit ("UCN Açu") project of OSX Construção Naval S.A., pursuant to the resolution published today in the Federal Official Gazette (Diário Oficial da União). OSX estimates that the credit line could reach R$ 2.7 billion, according to the news published by the media in general, for OSX to implement the largest shipyard in the Americas within the Açu Superport Industrial Complex, which is located in the São João da Barra Industrial District created by the Rio de Janeiro State Government and implemented by the Rio de Janeiro State Developing Company (Companhia de Desenvolvimento do Estado do Rio de Janeiro - CODIN)."This decision from the FMM is a confirmation of the national interest in the realization of the OSX Shipbuilding Unit, which is a decisive instrument so that we, Brazilians, may enjoy the benefits arising from the oil and gas that we have discovered in the offshore basins of our country," stated Eike Batista, Chairman of the Company´s Board of Directors.

The Açu Shipbuilding Unit is a result of a partnership between OSX Construção Naval S.A. and its partner Hyundai Heavy Industries, the global leader in shipbuilding, with more than 38 years of experience. "In addition to the technological endorsement provided by Hyundai, our project receives with pride and responsibility the most important credit line available to the Brazilian naval industry from the FMM´s Board," affirmed Luiz Eduardo Carneiro, OSX´s CEO.The main characteristics of the shipyard are:

*5th generation shipyard leveraging the Korean technology of Hyundai
*Largest shipyard of the Americas, creating more than 10,000 direct jobs during the operational phase
*Located in the Açu Superport Industrial Complex, with excellence in logistics and strategic location, at approximately 150 km from Campos Basin, responsible for 85% of Brazil´s crude oil output
*Proximity to steel plants, enabling operation with steel plates of 18m x 4m, generating up to a 56% cost reduction in welding
*Near to energy plants, guaranteeing its supply and up to 30% cost reduction
*Quay of 2,400m, expandable to 3,525m, enabling the integration of up to 11 FPSOs


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