Keppel to deliver the first FPSO for Brazil’s OSX

Maritime Activity Reports, Inc.

August 15, 2011

Keppel Shipyard Ltd (Keppel Shipyard) is on track to complete the modification and upgrading works on FPSO OSX-1, the first floating production storage and offloading (FPSO) unit for OSX Brasil S.A. (OSX).

Chartered to OGX Petroleo e Gas Participacoes S.A. (OGX), FPSO OSX-1 will be deployed in the Waimea field, in Campos Basin, offshore Brazil. This project will deliver OGX's first oil, just four years after the company was founded. Production is expected to commence in the last quarter of this year.

Lady Sponsor Cristina Pinto named the vessel today in the presence of Mr Joao Ziccardi Navajas, Minister Counsellor at the Embassy of Brazil in Singapore, and Mr Reinaldo Belotti, Production Director of OGX.

Mr Carlos Bellot, Director of Engineering, Leasing and Operations of OSX, said, "FPSO OSX-1 is our first unit, and was developed to meet OGX´s demand. With a strong track record in FPSO projects, Keppel Shipyard is the choice yard for the modification and upgrading of FPSO OSX-1. The unit was accorded dedicated and professional services, and I am confident that it will be an asset to OGX and the Brazil's oil and gas industry."

Keppel Shipyard's work scope on FPSO OSX-1 includes fabricating, modifying and upgrading the topside process modules. The yard had partnered sister company DPS (Bristol) Ltd to undertake detailed engineering and procurement work for the topside modules.

OSX had engaged BW Offshore Ltd (BW Offshore) for project management, engineering services and technical guidance services for this project.

Mr Nelson Yeo, Managing Director of Keppel Shipyard, said, "We are honoured to have been selected to work on OSX's first FPSO unit. Through our close collaboration with OSX and BW Offshore, we have made steady progress on this project and ensured no lost-time incidents. We will continue in our efforts towards a safe and successful delivery."

Previously named Nexus-1, the FPSO OSX-1 is expected to leave the yard in the third quarter of 2011.

Keppel Shipyard was also recently awarded the conversion of FPSO OSX-2 by Single Buoy Moorings Inc (SBM), which had been contracted by OSX to supply a FPSO for OGX's field in Campos Basin, offshore Brazil.

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