OSX Will Construct PLSV for New Client

Maritime Activity Reports, Inc.

February 28, 2012

OSX was hired by Sapura Navegação Marítima S/A for the construction of one PLSV (Pipe-Laying Support Vessel), for a total amount of approximately US$ 263 million, to be built and delivered by OSX at the Açu Shipbuilding Unit, in the north of the State of Rio de Janeiro. A PLSV is used for laying and installing flexible pipelines on the seabed.
Sapura is a wholly-owned subsidiary of Seabras Sapura Participações S/A, which is currently wholly owned by SapuraCrest Petroleum Berhad, a company based in Malaysia, where it holds a leading position in engineering and offshore transportation & installation services for the oil and gas industry. SapuraCrest is currently in the process of obtaining its shareholders approval for a proposed joint venture with Seadrill Limited, one of the world’s largest offshore drilling companies, listed in Oslo and New York, with a market value of approximately US$ 18 billion, operating a fleet of 48 offshore drilling rigs worldwide and 14 rigs under construction. Seabras Sapura will be the joint venture vehicle for the proposed joint venture.
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