OSX Brasil CFO Steps Down, CEO to Take Role
OSX Brasil SA Chief Financial Officer Claudio Antônio da Silva Zuicker is stepping down, and Chief Executive Officer Vladimir Kundert Ranevsky will add the role of CFO, the troubled Brazilian shipbuilder said in a statement on Tuesday. OSX is the shipbuilding arm of the EBX conglomerate started by fallen tycoon Eike Batista, who was once Brazil's richest man but lost almost everything as his companies failed under mounting debt and missed targets. (Reporting by Stephen Eisenhammer; Editing by David Gregorio)
OSX Presents Revamped Bankruptcy Plan, Calls Assembly
OSX Brasil SA, a shipbuilding and ship leasing firm controlled by Brazilian tycoon Eike Batista, presented a revamped bankruptcy protection plan to a judge in Rio de Janeiro on Monday. In May, OSX had presented a plan to pay $2.6 billion in debt over 25 years. The company also said it would hold an assembly for its creditors on Dec. 10, according to a securities filing.
Creditors Approve Restructuring Of Batista's Oleo E Gas - Update
Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90 percent of the Rio de Janeiro-based company's nearly 12 billion reais ($5 billion) of unpaid obligations. If a judge approves, creditors will swap debts for about 90 percent of Oleo e Gas stock, said Ricardo Knoepfelmacher of Angra Partners, the consultancy that handled talks with creditors. The judge's approval is expected within days, he said. Creditors include Newport Beach…
OSX Brasil Suspends Creditor Payments
A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday, OSX sought protection for its OSX WHP 1&2 Leasing BV unit after an unnamed "alleged creditor" asked a court to order payment in a way that threatened OSX's obligations to other creditors. OSX WHP was created to finance the building of two fixed, offshore oil-production platforms for bankrupt sister oil company Oleo e Gas Participacoes SA.
Brazil's Óleo e Gas, OSX Renegotiate FPSO Contract
Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship. In a securities filing, Óleo e Gas said OSX Brasil, a shipbuilder controlled by Brazilian tycoon Eike Batista, agreed to reduce the daily rental fee for the OSX 3 floating production, storage and offloading vessel to $250,000 from $265,000. Bonds that were sold by OSX to fund the construction of OSX 3 could be purchased by OGX Petróleo e Gas SA - which filed for bankruptcy in November - under certain, undisclosed circumstances, the filing added. (Reporting by Guillermo Parra-Bernal)
Brazil's OSX Posts Third-quarter Loss of $62m
OSX Brasil SA, the bankrupt shipbuilder controlled by Brazilian tycoon Eike Batista, posted a net loss of 160.8 million reais ($61.8 million) in the third quarter, the company said in a securities filing on Friday. OSX reported a net loss of 1.77 billion reais in the same period last year. ($1 = 2.6 reais) (Editing by Diane Craft)
Batista Shipbuilder Proposes 25-Year Payback Plan
OSX Brasil SA, the troubled shipbuilder controlled by former Brazilian billionaire Eike Batista, proposed a 25-year plan to pay back creditors to a Rio de Janeiro bankruptcy court, the company said on Friday in a statement. The proposal includes an initial three-year relief period before OSX would have to start making the payments. The shipbuilder also said it could seek to secure additional financing and make changes to its shareholding structure. OSX filed for bankruptcy protection in November…
OSX Obtains US$ 850 Million for FPSO OSX-2
OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itaú-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2. The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC. The general conditions of the loan are: average interest of Libor rates + 4.41 % p.a.…
OSX Appoints New Shipyard Operations Officer
Mr. Danilo Baptista, who currently occupies the position of Executive Manager at OSX´s Açu Shipbuilding Unit (UCN Açu), has been nominated the new Shipyard Operations Officer replacing Mr. Eduardo Costa Vaz Musa. Mr. Baptista is one of the Company’s 52 engineers that have an average of 26 years of experience in naval construction. Mr. Baptista has a degree in Mechanical Engineering from the Federal University of Rio de Janeiro and has a specialization degree in Equipment and Maintenance Engineering and Managerial development by the University of São Paulo. Mr. Baptista began his career in 1978 as an Equipment Engineer at Petrobras where he worked for 33 years in the engineering and international areas of the company.
Petrobas Contract OSX for Tankship Conversions
Petrobras signs a $900 million contract with OSX Brasil SA to convert two oil tankers into FPSO's. According to Reuters, OSX, controlled by Brazilian billionaire Eike Batista, has agreed to deliver the first platform in 49 months, just over four years, and the second platform in five years. Under the agreement with Rio de Janeiro-based OSX, Petrobras has an option to convert a third tanker into a platform, known as a floating production storage and offloading ship, or FPSO. Source: Reuters
Shipbuilder OSX Brasil Restructuring Plan Suspended by Court
Reuters – A Brazilian court has suspended the deadline for shipbuilder OSX Brasil SA to present its restructuring plan under bankruptcy legislation until a new judge is appointed to the case, the company said in a statement. The 60-day deadline to file the plan was already suspended in January while another court reviewed a challenge to OSX's Nov. 11, 2013, bankruptcy protection filing. The new deadline will be set once the case is formally transferred to a new judge. Spanish construction company Acciona asked a court to prevent OSX's bankruptcy from being handled by the same judge responsible for the bankruptcy of sister oil company Oleo e Gas Participações SA. Oleo e Gas, formerly known as OGX, filed Latin America's largest ever bankruptcy on Oct. 30.
Batista companies extend test in Brazil offshore field
Brazilian tycoon Eike Batista's bankrupt shipmaker and sister oil company are extending tests in the offshore Tubarão Azul field until March 7, according to a Wednesday securities filing. OSX Brasil SA said its OSX-1 platform would continue tests in the field operated by Oleo e Gas Participações SA, the oil producer formerly known as OGX. The failure to produce as much oil as expected at Tubarão Azul, Batista's first offshore field, led to the meltdown of his energy and mining group, resulting in Latin America's largest-ever bankruptcy protection filing.
Brazil's Batista Target of Insider Trading Probes
Eike Batista, who was Brazil's richest man for most of the past decade, is under investigation for allegedly engaging in insider trading while he chaired his now-bankrupt oil-producing and shipbuilding firms, securities industry watchdog CVM said on Friday. In a statement sent to Reuters, Rio de Janeiro-based CVM confirmed that Batista is a respondent in six of nine probes that executives of his Grupo EBX conglomerate are facing for breaching securities rules. In two of them, regulators are examining whether Batista allegedly took advantage of his access to privileged information.
Reports: Brazilian Tycoon Batista Investigated For Financial Crimes
Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be yet another major blow for a businessman once hailed as Brazil's model entrepreneur and symbol of its economic success. Batistas EBX oil, mining and logistics empire, which two years ago was valued at $60 billion, collapsed last year in a mountain of debt and massive filings for bankruptcy protection. A week ago, Brazil's securities commission…
OSX To Locate Brazil Shipyard & Produce Rigs
According to a Sept 14 report from The Wall Street Journal, OSX Brasil SA, the shipbuilding and ship-services company controlled by Brazilian billionaire Eike Batista, will decide on the location of its first shipyard by year end and plans to be producing oil platforms in 2013-2014, a company official. OSX’s main client is oil company OGX Petroleo e Gas Participacoes SA (OGXPY,OGXP3.BR), also controlled by Batista. (Source: The Wall Street Journal)
Hamworthy Improves on Separator Performance
Hamworthy signed a contract with FPSO Owner OSX 1 Leasing B.V., a subsidiary of OSX Brasil S.A., for delivery of its newest generation Vessel Internal Electrostatic Coalescer (VIEC) technology to the FPSO OSX-1. Upon completion of customization works currently in progress in , the FPSO OSX-1 will be delivered by OSX to its customer OGX Petróleo e Gás Ltda. under charter arrangements, for deployment in the basin, offshore . OSX and OGX are controlled by the EBX Group, owned by Brazilian entrepreneur Eike Batista.
OSX Shipbuilding Announces Finance Deal
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 Brasil Announces New Operational Plan
OSX Brasil S.A., announced a new Plan of Activities, to be implemented by its subsidiary OSX Construção Naval S/A, for production of offshore oil and gas E&P equipment at its Açu Shipbuilding Unit ("UCN Açu") up to 2015.OSX Brasil aims to construct the largest shipyard in the Americas, in partnership with Hyundai Heavy Industries, in the city of São João da Barra, Rio de Janeiro state. The company also hopes to satisfy customers' demands for oil and gas exploration and production equipment. UCN Açu has a total area of 3.2 million square meters, of which 2.55 million square meters will be used in the first phase of development. This phase includes the possibility of integrating up to 6 FPSOs and building up to 8 fixed platforms (WHPs) simultaneously…
Keppel Shipyard Wins Two Contracts
Keppel Shipyard Ltd has secured two contracts worth a total of S$146 million (over $120 million) to convert a Floating Production Storage and Offloading (FPSO) unit as well as to fabricate and integrate an external turret mooring system for an existing FPSO unit. The first contract, from Single Buoy Moorings Inc (SBM), involves the conversion of the Very Large Crude Carrier (VLCC) M/T Concorde Spirit into a FPSO facility, to be named FPSO OSX-2. SBM had been engaged by OSX Brasil S.A. (OSX) to supply the FPSO, which is expected to be completed in the second quarter of 2013 and will be deployed in the OGX Petroleo e Gas Participacoes S.A. (OGX) field in Campos Basin, offshore Brazil.
Keppel to deliver the first FPSO for Brazil’s OSX
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.
OSX: On the Pole Position
The business of building ships has largely been tumultuous since the economic collapse of 2008 and lingering global malaise. - Your shipyard has a $4.8B orderbook and plans for its first delivery (an FPSO) in 3Q2011 … BEFORE the shipyard is complete. Meet OSX Brasil S.A., an EBX Group company, designed to supply the industry's demand for integrated service solutions to the Oil & Gas market, which is rapidly expanding in Brazil. In January of this year Maritime Reporter presented a one-on-one with Roberto Monteiro, CFO of OSX Shipbuilding, Chartering and Offshore Services, in the wake of OSX Brasil S.A raising $1.4B in its IPO. This month, Maritime Reporter checks in with Mr.
OSX Brasil Slashes Public Offering
According to a report from The Wall Street Journal, OSX Brasil SA, the Brazilian shipbuilding company controlled by billionaire Eike Batista, slashed the size and price of its initial public offering, which was expected to be among the world's biggest this year. The company said in a filing it cut the number of shares it will offer by 45% to 3.06 million. (Source: The Wall Street Journal)