Embed Size (px)
Citation preview
APRESENTAÇÃO CORPORATIVA
Rio de Janeiro | Julho 2012 |
CORPORATE PRESENTATION
Rio de Janeiro | August 2012 |
ORGANIZATIONAL STRUCTURE
2
EBX FREE FLOAT
OSX SERVIÇOS OSX LEASING
Integrated offshore E&P equipment and services provider
77.9% 22.1%
Holding
90% 100% 100%
10%
HYUNDAI
Shipbuilding Unit Leasing Services
Controlling Shareholder & Management*
* Represented through Centennial Asset Mining Fund LLC. , Eike Batista (indirectly owns 100% of Centennial Asset Mining LLC), Board of Directors and Board of Executive Officers
OSX PILARS
3
Attractive Market Conditions in Brazil
Local Content Requirement
Strong Demand from OGX
Strategic Partnership with Hyundai
Incentivized and Experienced Management Team
More than 30 years experience, on average, in the E&P sector US$ 30bn in projects and more than 50,000 people under management
Approximately 70% of E&P industry capex supplied locally Key for Brazil’s long-term social and economic development (285,000 jobs in 5
years)
Priority Rights between OSX and OGX
Partnership with the largest shipbuilder in the world State-of-the-art technology and transfer of know-how Construction of the largest shipyard of the America's in the Açu Superport
Industrial District
Expected oil and gas resources to increase to 100 Bboe, with announced investments of US$ 140bn plus
Underserved domestic equipment & services market
Training (ITN)
ITN –Institute of Naval Technology , partnerships with technical institutions and universities
Absorption and application of Korean technology Qualification of 3.100 technical personnel until 2013
ORGANOGRAM: EXPERIENCED & MOTIVATED TEAM
Paulo Ricardo (28) Exploration Campos & ES
Roberto Toledo (31) E&P Laboratory
Celso Martins (34) Onshore Basin
Ernani Porsche (33) International
Carlos Bellot (34) CEO
Environment, Health and Safety
Heraldo Albuquerque (27)
Danilo Baptista( 35) Shipyard Operations Officer
Carlos Bellot (34) Operations, Engineering,
Leasing and Developing Officer
Luciano Porto (21) Chief Legal Officer
João Borges (20) Chief Financial Officer and Invetor Relations Officer
xxxxx
Ivo Dworschak (35) Shipbuilding Unit
Management Planning Heleno Barbosa (33)
4
Comunicação Roberta Brandão
Commercial Department Rodrigo Lopes (25)
Recursos Humanos Monica Barbosa
Anna Kac (34) Engineering
Arnaldo Arcadier (34) Construction, Assembly and
Integration
Contratos e Afiliadas
Adilson Araújo (29) Contracts & Affiliates
Francisco Crisostomo (35) Operation & Production
Eónio Rocha (14) Logistics
Heleno Barbosa (33) New Projects/Well
Intervention
Antonio Maceiras (34) Training /ITN
More than 50 engineers with an average of 26 years experience
Total OSX employees: approx. 650 Total employees involved in the
operations: 2500
Regina Ozorio (31) New Ventures
LOCAL CONTENT: RATIONALE AND EVOLUTION Represents a social & economic development strategy Has increased significantly in recent ANP bidding rounds
Notable Companies Committed to Local
Content
5
Local Content Requirement
■ Definition: minimum percentage of equipment and services contracted by the operator that must be supplied by local companies
■ Average of 70% in the production development phase
■ Component of the bid for acquisition of E&P Blocks
■ Certification of each item by inspection companies (guidelines set forth by Federal Government – MME)
■ Subject to severe penalties
Local Content Rationale
■ Boost local oil & gas equipment and services industry
■ Incentivize local technology development
■ Substantially increase employment and income
Local Content Evolution
Source: ANP Note (1) 8th ANP bidding round auction is still under discussion
25%
42%
28%
39%
79% 86%
74% 69%
79%
27%
48%
40%
54%
86% 81%
77%
84%
1st 2nd 3rd 4th 5th 6th 7th 8th (1) 9th 10th
Exploration Phase
Development Phase
BRAZILIAN SHIPYARDS
Local shipyards are not prepared to serve expected offshore E&P equipment demand
Main Shipbuilders in Brazil
EAS ERG Brasfels Mauá Mac
Laren
1,6 0,5 0,5 0,4 0,1
160 60 50 36 6
Current Conditions of Brazilian Shipyards
Mac Laren
Brasfels
Mauá
“A construction slot in OSX’s shipyard is worth more than gold” Source: Verax 6
Committed Slots
Site Area (km2)
Technology Partner
Steel Processing Capacity (Kton / year)
Focus on Offshore Equipment
Logistics
Labor Force
SHIPBUILDING UNIT
LOCALIZAÇÃO UCN AÇU: SUPERPORTO DO AÇU
A One-Stop Shop for the Oil & Gas Industry
8
AÇU SUPERPORT
COMPLEXO INDUSTRIAL DO AÇU
A New Cluster for the Offshore and Heavy Industry
9
AÇU INDUSTRIAL COMPLEX
LOGISTICS YARD/ OTF
ENVIRONMENTAL RESERVE AREA
40KM2
PLANNED NEIGHBORHOOD
SILICON VALLEY
METAL MECHANIC POLE
OFFSHORE INDUSTRIES
IRON ORE
CRUDE OIL
COAL
CEMENT PLANTS
LIQUID BULK
SUPPLY BOAT
STEEL/SOLID BULK
90 km² Industrial Complex (1.5 x larger than Manhattan Island)
UCN AÇU: THE LARGEST SHIPYARD OF THE AMERICAS
Partnership with Hyundai Heavy Industries
US$ 1.7 bn investment
Steel assembly capacity of 220,000 ton/year
Up to 3,525 m water front (2,400 m in first phase)
Beginning of construction in July 2011
Comercial partnership with Hyundai
Capacity to integrate up to 6 FPSOs and 8 WHPs simultaneously
10
Main entrance
Office buildings
Production workshops (manufacturing of blocks, structures, accessories and pipes)
Industrial facilities
Module assembly area
Jacket pre-assembly area
Jacket assembly area
Dry Dock
Quay
Quay Expansion
ALMAGESTO MANAGEMENT SYSTEM
Main processes*: Project “Almagesto” :
Instrumentalization of Shipbuilding main
processes and systems
Globally unprecedented systems integration in the
naval construction sector (partnership with SIX).
Project benefits:
Reduce errors in transmission of
information
Reduce stock and waste
Production and productivity real time
information
Precise allocation of production costs
*Illustration only 11
Focus on management processes
Planning & Programing
Engineering
Materials & Logistics
Processes and Managerial
Information
Construction & Assembly
Manufacturing
Acquisitions
Maintenance & Facilities
EHS/EBP
Commissioning
UCN AÇU: SHIPBUILDING UNIT SCHEDULE
P
P P
P P
P
P P
P
P
P
P
P
P
P
P
P
P
P
P
P P
12
PACKAGES PROCUREMENT MOBILIZATION
REMOVAL OF VEGETATION 2Q11 2Q11
PREPARATION OF THE TERRAIN 3Q11 3Q11
NORTH QUAY AND JACKET'S AREA 1Q12 (LOI) 1Q12
DRY DOCK 1Q12 (LOI) 1Q12
SOUTH QUAY AND RESPECTIVE RETRO AREA 1Q12 (LOI) 1Q12
INDUSTRIAL BUILDINGS 3Q11 4Q11
UTILITIES AND INFRASTRUCTURE 3Q11 3Q11
ADMNISTRATIVE BUILDINGS 3Q12 3Q12
AUXILIARY BUILDINGS 3Q12 3Q12
ELECTROMECHANICAL ASSEMBLY 3Q12 3Q12
SUPERVISION SUPPORT 2Q11 2Q11
CONSTRUCTION SITE 3Q11 3Q11
BREAKWATER 1Q11 1Q11
DREDGING 3Q11 3Q11
P
P P
P P
P P
P P
P P
P P
P P
P
P
P
P
P
P
P
UCN AÇU: ESTIMATED PARTIAL DELIVERIES
13
UCN SECTIONS READY 2012 2013 2014
SLOT 1 4th QUARTER - -
SLOT 2 - 1st QUARTER -
BEGINNING OF OPERATION OF NORTH AREA - 1st QUARTER -
MODULE ASSEMBLY AREA - 2nd QUARTER -
INDUSTRIAL FACILITIES - 2nd QUARTER -
SLOT 3 - 3rd QUARTER
SLOT 4 - 3rd QUARTER -
DRY DOCK RETRO AREA - 4th QUARTER -
PRE-ASSEMBLY AREA - 4th QUARTER -
SLOT 5 - 4th QUARTER -
COMPLETION OF CONSTRUCTION - - 2nd QUARTER
UCN AÇU: FINANCING
Obtained from Fundo da Marinha Mercante (Merchant Marine Fund)
Credit facility: 80% CAPEX
Total tenure 21 years with a 42/36-month
grace period for amortization of principal and
36/30-month grace period for payment of
interest (BNDES/CEF) with an expected
average interest rate US$ + 3,38% a.a.
Lending agents: BNDES and Caixa
Econômica Federal (CEF)
2011 2012 2014 2013
63,6% 20,1% 1,9% 14,4%
Capex distribution per year/activity
TOTAL OF US$ 1,933 MM 14
DESCRIPTION OSX (US$) LLX (US$)
DREDGING AND ENGINEERING 93 90
BREAK WATER 135 129
QUAY 262 -
BUILDINGS 339 -
DRY DOCK 133 -
ROADS AND PAVING 146 -
EQUIPMENT, ENGINEERING AND
ENVIRONMENT487 -
OTHERS 119 -
TOTAL $1,714 $219
UCN AÇU: AERIAL VIEW
15
UCN AÇU: AERIAL VIEW
16
Evolution of the construction of the canal
June | 2012
October | 2011 November | 2011 December | 2011 January | 2012
February | 2012 March | 2012 April | 2012 May | 2012
July | 2012
UCN AÇU: AERIAL VIEW
17
Aerial view of the canal: July 25,2012
UCN AÇU: CONSTRUCTION OF THE CANAL
18
UCN AÇU: BUILDINGS
19
UCN AÇU: BUILDINGS
20
Water Treatment Plant
Foundations of the building for plate cutting Columns for the steel plate preparation building
FPSO
WHP
Drillship
PLSV
Tanker
TLWP
Floating, Production, Storage and Offloading Unit
Fixed drilling & production platforms ( Wellhead Platform)
Drilling units heavily demanded for ultra-deep water’s
Maritime Transportation Unit
Tension-Leg Wellhead Platform Pipe-Laying Support Vessel
PRODUCT PORTFOLIO
21 Image courtesy of Hyundai Heavy Industries Image courtesy of IHC Offshore&Marine B.V.
Image courtesy of Hyundai Heavy Industries Image courtesy of Hyundai Heavy Industries
Image courtesy of Hyundai Heavy Industries
FPSO OSX-1 : Guanabara Bay, RJ, Brazil
UCN Açu designed and equipped to meet diverse orders
ORDER BOOK
CURRENT ORDER BOOK
23
P
P
P
P
P
P
P
P
P
* Delivery at the shipyard (ex-installation)
CLIENT UNIT CAPACITYESTIMATED PRICE
(US$ MM)DELIVERY*
CONSTRUCTION
LOCATION
OSX LEASING
& SERVICES
OGX FPSO OSX-1 80K bopd 610 OK SAMSUNG, KOREA
OGX FPSO OSX-2 100K bopd 775 3Q 2013 KEPPEL, SINGAPORE
OGX FPSO OSX-3 100K bopd 800 3Q 2013 JURONG, SINGAPORE
OGX FPSO OSX-4 OSX, BRAZIL
OGX FPSO OSX-5 OSX, BRAZIL
OGX WHP-1 30 wells 400-450 2Q 2014 TECHINT, BRAZIL
OGX WHP-2 30 wells 400-450 4Q 2013 TECHINT, BRAZIL
OGX WHP-3 OSX, BRAZIL
OGX WHP-4 OSX, BRAZIL
SAPURA PLSV N/A 263 4Q 2014 OSX, BRAZIL
KINGFISH 11 MRs N/A 732 2Q 2015- 4Q 2017 OSX, BRAZIL
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
Expecting Technical Specifications from Client
P
P
P
P
P
P
P
P
P
FPSOs
FPSO OSX-1: HIGH OPERATIONAL EFFICIENCY
Operational Efficiency (OSX Services)
25
Leasing and O&M contracts with OGX for a period of 20 years
1st oil produced on 31/Jan/12 &
1st offloading on 28/Mar/12
Age
Year’s of experience
14%
26%
28%
28%
4% 20 to 30 years
30 to 40 years
40 to 50 years
50 to 60 years
Greater than or
equal to 60
years
49%
32%
19% Less than 20
years
From 20 to 30
years
Greater or equal
to 30 years
OHSAS 18001: Health and Safety Systems in the workplace
Certifications
Certified by BSI (British Standard Institution)
ABNT NBR: ISO 14001 Environmental Management
ABNT NBR: ISO 9001 Quality Management 95%
99% 100%
96%
99.70%
February March April May June
26
Construction Contract
■ EPCI contract signed with SBM
■ Construction of the vessel, turret and topside modules in progress at
the Keppel shipyard in Singapore
■ Main equipment purchase orders have been placed
■ Bare Boat contract signed between OSX & OGX
■ Physical progress: approximately 56%
■ Estimated delivery: 3Q13
Debt commitment
■ Facility agreement: US$ 850 million (12 years, LIBOR +4,41% p.a.)
■ Syndicated bank loan: ING, Itaú-BBA and Santander (leaders),
HSBC, Citibank, ABN Amro Bank, Banco do Brasil, NIBC and DnB Nor
FPSO OSX-2 Leasing and O&M contracts with OGX for a period of 20 years
Main deck undergoing Conversion/construction
Içamento do Moonpool a bordo
Construction of the turret Gas compression module
27
FPSO OSX-3 Leasing and O&M contracts with OGX for a period of 20 years
Construction Contract
■ EPCI contract signed with MODEC
■ Conversion and construction of the hull in progress at the
Jurong shipyard in Singapore, with the final dry docking of the
vessel underway
■ Main equipment purchase orders have been placed
■ Physical progress: approximately 52%
■ Estimated delivery: 3Q13
Debt commitment
■ Financing: Senior Secured Bonds US$ 500 mm, maturity
March/2015 at an interest rate of 9.25% pa, payable quarterly
■ Global Coordinator, Joint Lead Manager and Bookrunner:
Pareto Securities and Joint Lead Manager and Bookrunner: DNB
Markets
E-house Pull-in deck of the turret
FPSOs OSX-4 & OSX-5
28
Hull designated for OSX-4 Hull designated for OSX-5
Milestones achieved and next steps
The “Gemini Star” and “Suhail Star” Very Large Crude Carriers (VLCCs) will be used in the conversion of the hulls of FPSOs OSX-4
and OSX-5. The Concept Design, Front End Engineering Development (FEED), and Detailed Design for the Process Plants are
following the OSX FLEX Concept. As informed in the previously mentioned order book, OSX awaits technical specifications from its
client OGX regarding characteristics of these units.
Regarding FPSO OSX-4:
■Basic engineering project concluded
■Generator’s and water injection modules with purchase orders placed
■Remaining main equipment’s and services with purchase orders under negotiation
■Hull survey completed
WHPs
30
WELL HEAD PLATFORMS
WHP-1 and WHP-2
■ Engineering, Procurement, Construction and Installation (EPCI) agreement with Techint Engenharia e Construção S.A. for WHP-
1 and WHP-2 to be chartered and operated by subsidiaries of OSX to its client OGX in the Campos Basin. WHP-1 will be connected
to FPSO OSX-2 and WHP-2 to FPSO-OSX-3
■ Development of the Basic Project for the jacket and topside by TECHNIP, subcontracted by TECHINT. Contract signed with
Techint
■ Acquisition from TTS/CAMERON of a Drilling Package Unit (DPU) for each of the Units. Project underway.
■ Estimated delivery WHP-1: 2Q 2014
■ Estimated delivery WHP-2: 4Q 2013
WHP-3 and WHP-4
■ Both WHPs were ordered by client OGX to be chartered and operated by OSX subsidiaries. WHP-3 will be connected to FPSO
OSX-4 and WHP-4 to FPSO-OSX-5. As informed in the previously mentioned order book, OSX awaits technical specifications from
its client OGX regarding characteristics of these units.
PLSV
SAPURA CONTRACT: PIPE-LAYING SUPPORT VESSEL
Used for laying and installing flexible pipelines on the seabed
Milestones:
Contract signed on 24/2/2012
Contract price: US$ 263 million
Delivery date: 4Q 2014
Main characteristics:
Length: 135 meters
Breadth: 24 meters
Depth: 10 meters
Flexible lines traction capacity : 300 tons
Flexible lines capacity: 2,500 tons
Deadweight: 5,880 tons
32
TANKERs
KINGFISH CONTRACT: 11 MEDIUM RANGE TANKERS
Used for transportation of oil and clear products
Milestones:
Contract signed on 9/03/2012
Contract price: US$ 732 million
Delivery date: 2Q 2015 - 4Q 2017
Main characteristics:
Total length: 183 meters
Breadth: 32.20 meters
Depth: 18 meters
Deadweight : 47,000 tons
34
PARTNERSHIP BRAZIL / KOREA
ITN:
INSTITUTE OF
NAVAL
TECHNOLOGY
ITN- INSTITUTE OF NAVAL TECHNOLOGY
Professional Training Program in Shipbuilding
PHASE I Qualification and Training
PHASE II Training “on the job”
Training activities, technical assistance and supervision of operations in partnership with Hyundai (40 Korean specialists based in Brazil for 5 years)
80 employees from UCN Açu to be trained at Hyundai’s shipyard in Ulsan, 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 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
Establish partnerships with Brazilian and international academic
institutions, focused on the development and assimilation of new
technologies
36
CityApprox.
distanceWork force Population
São João da Barra 20 Km 6,000 33,000
Campos 40 Km 92. 000 460,000
Radius Up to 50 Km 98,000 493,000
Quissamã 75 Km 3000 20,000
São Francisco 95 Km 3,000 41,000
São Fidelis 100 Km 5,000 37,000
Macaé 130 Km 113,000 206,000
Radius 2 Up to 150 Km 222,000 797,000
Qualifying the local population
ITN- INSTITUTE OF NAVAL TECHNOLOGY
Phase I - Qualification and Training
37
More than 19 thousand candidates applied
for 3,100 places in 23 free courses offered in
Metal-Mechanics, Electricity, Metallurgy,
Automation/Instrumentation, O&G,
Automotive Operations, Civil Construction
and Management
Use of SENAI’s facilities and faculty in the
city of Campos, as well as mobile units in
São João da Barra
Scholarships providing financial assistance,
food and transportation
Investment in training: R$ 12.7 million
Classes began in June 2012
880 students already being qualified
Mobile units for practical welding classes
First day of class
First welding class First electrical class
38
FINANCIAL PERFORMANCE
R$ 36.5 MM EBITDA in 1H12 with two business units already in operation
In millions of BRL
1H12 1H11
Gross Revenue - -
Taxes - -
Net Revenue - -
COGS - -
Op. Income - -
G&A (24.4) (19.6)
EBITDA (24.4) (19.6)
OSX Brasil S.A.
1H12 1H11
Gross Revenue 207.9 39.5
Taxes (8.3) (4.7)
Net Revenue 199.6 34.8
COGS (95.7) (25.1)
Op. Income 103.9 9.7
G&A (67.4) (46.4)
EBITDA 36.5 (36.7)
Consolidated
1H12 1H11 1H12 1H11 1H12 1H11
Gross Rev - - Gross Rev 103.6 - Gross Rev 104.3 39.5
Taxes - - Taxes - - Taxes (8.3) (4.7)
Net Rev - - Net Rev 103.6 - Net Rev 96.0 34.8
COGS - - COGS (13.4) - COGS (82.3) (25.1)
Op. Income - - Op. Income 90.2 - Op. Income 13.7 9.7
G&A (32.2) (21.1) G&A (2.9) (0.5) G&A (7.9) (5.2)
EBITDA (32.2) (21.1) EBITDA 87.3 (0.5) EBITDA 5.8 4.5
Shipbuilding Leasing O&M Services
