1. Institutional Presentation
2011

2. Organizational Structure
Free Float
78.8% 21.2%
Integrated offshore E&P equipment
and services provider
Holding
10% 90% 100% 100%
OSX Shipbuilding
OSX Leasing OSX Services
Unit
2

3. OSX Highlights
 Priority Rights between OSX and OGX
Strong Demand
 Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment
from OGX
 Upside potential with expansion of OGX’s exploratory campaign
 Expected oil and gas resources to increase to 100 Bboe, with announced investments of
Attractive Market
US$ 140bn plus
Conditions in Brazil
 Underserved domestic equipment & services market
Local Content  Approximately 70% of E&P industry capex supplied locally
Requirement  Key for Brazil’s long-term social and economic development (285,000 jobs in 5 years)
Strategic  Partnership with the largest shipbuilder in the world
Partnership with  State-of-the-art technology and transfer of know-how
Hyundai  Large, scalable shipyard at Açu
 ITN – Naval Technology Institutes, partnerships with technical institutions and universities
Training (ITN)  Absorption and application of Korean technology
 Qualification of 7,800 technical personnel until the end of 2013
Incentivized and
 More than 30 years experience, on average, in the E&P sector
Experienced
 US$ 30bn in projects and more than 50,000 people under management
Management Team
3

4. OGX: Anchor Client
57 oil & gas discoveries to date
OGX Highlights Exploratory Success in the Drilling Campaign
LINGUADO
Campos Basin T Aracaju Prospect
 Largest Brazilian private E&P player in terms of Pipeline Prospect Netpay of 40 meters
BM-C-39
C POLVO
Netpay of 165 meters
offshore exploratory acreage
BM-C-40
Discovery between 1,000 – 2,000 M boe R Belém Prospect
Netpay of 43 meters
 10,8 billion boe of risked prospective resources,
PEREGRINO
D
with over 80% located offshore in Brazil
BM-C-37
Waimea Prospect G
C
B
MAROMBA
Netpay of 130 meters BM-C-38 D
I
BM-C-41
PAPA-TERRA
Vesuvio Prospect
Netpay of 57 meters
22 offshore blocks and 8 onshore blocks in 5 Discovery between 500 – 900 M boeH J N
 K
BM-C-42
E
B
F
BM-C-43
Discovery between 500 -
1,500 M boe
different sedimentary basins in Brazil and 5 blocks Santos Basin
Etna Prospect
onshore in 3 sedimentary basins in Colombia G Netpay of 91
BM-S-56
S Ingá Prospect
meters M BM-S-58 Netpay of 12 meters
Discovery between
BM-S-57
500 – 1.000 M boe BM-S-59
L
OGX Offshore Blocks (Sept. 2009) H
Huna Prospect
Netpay of 52 MEXILHÃO
J Vesúvio Direcional
Prospect
meters Netpay of 60
meters
OGX blocks L Hawaii Prospect
Unrisked Probability of Risked Risked Netpay of 64 meter
Oil Field
Basin Blocks Resources Geological Resources Resources
Total Success Total OGX
Campos 7 9.350 44,10% 4.124 3.693
Basin D&M Report 2011
Santos 5 6.659 27,00% 1.796 1.688
Campos 5.700*
Espírito
5 5.017 32,60% 1.634 817 Santos 1.688
Santo
+ 30%
Pará Espírito Santo 817
5 2.104 21,30% 447 447
Maranhão Pará Maranhão 447
Total 22 23.130 34,59% 8.001 6.645 Total 8.652
(1) Gross Prospective Resources * 3C + Delineation + Prospective
Source: D&M Report and OGX presentations
4

5. OGX: Significant Demand Expected
Base case order book of 48 offshore E&P units equivalent to US$ 30bn
Expected Demand for Offshore Equipment
OGX Production Targets - kboepd
(2011-2019) - Number of units
1,380 FPSO 19
CAGR:
70% TLWP 5
WHP 24
730
Total 48*
Source: OGX * Considering 2009 D&M Report
20
Delivery Timeline
2011E 2015E 2019E
13
• OSX2: to be delivered in 12
• Initial production expected to begin 2011 mid 2013 (IPO: Dec
2012)
6
6
• 1stFPSO already contracted for a period of 20
6 6
years, at an average day rate of US$ 263,000 5 2
1 2 4
1
3 5 1
• Expected CAGR of 70% between 2011 and 2019 1 5 5 2
1
4
3 1
1 1 2 1 1
1
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E
5

6. Pre-Salt Resources
Pre-salt discoveries strongly contribute to increase in Brazilian resources of up to 100Bboe
Local Content Requirement Pre-salt Resources Area
Exploratory Blocks
Total Area • 149,000 km2
OGX Blocks
Oil and Gas Fields
Estimated
• Additional ~ 70 billion boe (only in pre-salt)
Resources Pre-salt Reservoir
(Petrobras/CNPE/ANP)
Production
• FPSO units, deepwater environment
Development
Required • US$ 111bn 2009-2020E
Capex • US$ 33bn 2010-2014E
Source: Petrobras (updated in June 2011) Espírito
Santo
Super Basin
Porto do Açu
Petrobras Local Production Forecast ( thousad bpd )
3.950
Ex-Pre Salt Cmpos
Basin
1.078
Pre Salt 2.980
241
2.100 2.872
2.739
2.100
Santos Basin
2010 2014 2020
Source: Petrobras
Petrobras’ capex: US$ 111 billion Source: Petrobras – (Company Presentation)
(updated in June 2011)
6

7. Strong Demand: Offshore E&P Equipment in Brazil
 182 units to be delivered within the next 10 years
 OGX’s projected demand: 48 units (19 FPSOs, 24 WHPs, 5 TLWPs)
Consolidated Potential Demand (number of E&P equipment units)
OGX (FPSOs Only) 32
Petrobras (FPSOs + 28 Rigs)
27
18
22 16
13
11
8
Existing
Capacity 3 3
2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
Note: Including already ordered equipment
Source: Verax
Capacity Estimates: Source OSX
7

8. Local Content: Rationale and Evolution
The local content requirement represents a social and economic development strategy
and has significantly increased in recent ANP bidding rounds
Local Content Requirement Local Content Evolution
89%
86% 84%
 Definition: minimum percentage of equipment and Exploration Phase 81%
77%
services contracted by the operator that must be Development Phase
86%
supplied by local companies 79% 79%
54% 74%
 Average 70% in the production development phase 69%
48%
 Component of the bid for acquisition of E&P Blocks 40%
 Certification of each item by inspection companies 27% 42% Source: ANP
(guidelines set forth by Federal Government – MME) 39%
Note (1) 8th ANP bidding round
25% 28% auction is still under discussion
 Subject to severe penalties
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Local Content Rationale Notable Companies Committed to Local Content
 Boost local oil & gas equipment and services industry
 Incentivize local technology development
 Substantially increase employment and income
8

9. Brazilian Shipyards
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil Current Brazilian Shipyard Condition
Mac Laren
EAS ERG Brasfels Mauá MacLaren
Committed Slots
Mauá
Site Area (km2) 1.6 0.5 0.5 0.4 0.1
Technology Partner
Steel Processing Capacity
(Kton / year)
160 60 50 36 6 Brasfels
Focus on Offshore
Equipment
Logistics
Labor Force
Source: Verax
“A construction slot in OSX’s shipyard is worth more than gold”
9

10. Strategic Partner: Hyundai Heavy Industries
OSX Shipbuilding Unit under development in partnership
with the largest shipbuilder in the world
Rationale and Overview Why Hyundai? Efficiency Comparison
 10% equity investment in OSX  Proven track record: founded in  Significant upside potential
Shipbuilding Unit 1972 for OSX
 Largest shipbuilder in the HHI Offshore division processes
 State-of-the-art technology —
world: 10% market share (2010) 550,000 tons of steel/year in
 Transfer of know-how and  Delivered more than 1,600 2,500,000 m²
training vessels to more than 250 ship — OSX should process in its initial
 Accelerate learning curve: owners in 47 countries to date stage 180,000 tons of steel/year
distill 38 years of experience  One of the leaders in offshore and integrate 220,000 tons/year
equipment fabrication in the in 2,000,000 m²
into 2 years
world, handling over 100  Efficiency gains could drive
 Technology and services turnkey EPIC projects for more potential processing capacity
contract for shipyard design than 30 oil and gas majors
expansion
and transfer of know-how for  Delivered FPSO’s and fixed
platforms to clients such as  OSX’s goal is to reach Asian
at least 10 years productivity levels after two
ExxonMobil, Petrobras, Shell,
Chevron and BP years of operation
10

11. Açu Industrial Complex
A new cluster for the offshore and heavy industry
90 km² Industrial Complex (1.5 x larger than Manhattan Island)
11

12. Açu Site
 US$ 1.7 bn investment
 Steel processing capacity of 180,000 ton/year and assembly capacity of
220,000 ton/year
 Up to 3,525 m water front (2,400 m in first phase)
 Conceptual design approved by Hyundai Heavy Industries
12

13. Açu Site: Competitive Advantages
 Welding economies: 18m steel plate, 56% less welding, savings of US$
3.5 MM/FPSO
 Energy savings: 30% estimated reduction (US$ 4.0 MM/year)
 Weather conditions: Less than 30% of rainy days per year
 Soil advantages: less foundation required
 Integration slots: Up to 3,525m of quay allowing simultaneous
integration of 9 FPSOs and the construction of 8 WHPs. (6 FPSOs and
2,400m at 1st phase)
 Proximity to Campos Basin: approximately 150 km
13

14. Product Portfolio
Description Main Systems for Standardization Target
• Floating Production Storage and OSX Flex Engineering
Offloading • Conceived to process oils of different
FPSO
• Hull: conversion of oil tanker or characteristics (different API grade, gas/oil
new-build ratio, water/oil ratio
Sister Vessels
• Tension-Leg Wellhead Platform
• Reduction in project time and conversion costs
TLWP • Suited for deepwater
environments • Accelerates the learning curve in the operation
and maintenance
• Wellhead Platform or fixed WHP’s Standardization
production platforms in general
WHP •Optimization of assembly and fabrication
• Suited for shallow-water
environments •Designed to operate in a range of water depths
• Drilling units for exploration Equipment Standardization
Drillships • Heavily demanded in ultra- • Key systems
deepwater
• Supplied with increased security and speed
systems in the long run
• Navigation transportation unit • Pre negotiated contracts with minimum demand
Tankers • Demand for long course guaranteed
navigation units, cabotage, • Inventory and maintenance optimization
relievers and production
platforms
14

15. ITN – Institute of Naval Technology
The ITN is designed to have 4 areas of activity.
Phase I began during the 3rd quarter 2011
 Phase I- Qualification and Training
— on 1st July 2011, OSX entered into an agreement with FIRJAN for the training of up to
3.100 pepole in 23 job functions (welders, mechanics, among others)
— in this first phase, SENAI’s facilities and faculty in the city of Campos shall be utilized as
well as mobile units in São João da Barra
— classes shall commence in 2012
— estimated investment for this phase is approx. R$ 12.7 million
15

16. ITN – Institute of Naval Technology
 Phase II- Training at UCN Açu:
— contemplates several training activities, technical assistance and supervision of operations in
partnership with Hyundai (40 specialists based in Brazil for 5 years)
— 50 employees from UCN Açu to be trained at Hyundai’s shipyard in Ulsan, South Korea
— construction of ITN at UCN Açu, with an area of approximately 1,800 m2
— facilities for workshops, labs, classrooms, auditorium and library
— implementation of systems for simulation of operations of offshore units
Phase 1 – Employee Training
➜ Shipbuilding
➜ Operation &
Maintenance of naval
units
Phase 2 – Knowledge,
Dedication
Technology & Inovation
Timeline
16

17. ITN – Institute of Naval Technology
 Phase III- Supply Chain Strengthening
— Identification of suppliers that have the potential to develop new materials,
equipment and innovative work methodologies, focused on OSX’s potential demand
 Phase IV- Technological Innovation
— The ITN will establish partnerships with Brazilian and international academic
institutions, focused on the development and assimilation of new technologies.
Fase 2 – Conhecimento,
Tecnologia e Inovação
17

18. RI@OSX.COM.BR
+55 21 2555 6914