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2 Organizational Structure OSX Ownership OSX Leasing OSX Shipbuilding Unit OSX Services Free Float Integrated offshore E&P equipment and services provider 10%90%100% Holding 21.1% 78.9%

3 Organizational Structure: Chain Value Engineering Projects Bulk materials Packages, equipment and materials Units transportation services Units installation services Equipment, spares and consumables Technical assistence specialized services Construction, assembling, integration and commissioning of Naval Units (Shipbuilding) Project, finance, transport, install and lease Naval Units (Leasing) Operate and maintain Naval Units (Operational Services) Naval Units Naval Units installed Naval Units operated INPUTBUSINESS PRODUCT Support to the business (SMS, Comunication, Press, HR, Financial, Law, IR departments) Supply Naval Units and related operational services, focusing on the Oil and Gas industry.

4 OSX Shipbuilding Unit Main focus: construction, assembling and integration of E&P Units, such as fixed and floating production platforms and drillships. Highlights to operational efficiency and state of the art technology.

5 Strategic Partnership with Hyundai Strategic Location OSX Shipbuilding Unit Highlights Largest shipyard of the Americas Located at the Açu Superport Industrial Complex At approximately 150km from the Campos Basin 2,400m of quay, expandable to 3,525m, enabling the integration of up to 9 FPSOs and the construction of up to 8 WHPs simultaneously (first phase with 2,400m of quay) Excellence in logistic, with integration to thermoelectric (savings of 30%) and steel mills (steel plates of 18m: savings of up to 56% in welding) Partnership with the largest shipbuilder in the world State-of-the-art technology and transfer of know-how Large, scalable shipyard at Açu

6 Açu Industrial District A new cluster for heavy industry 6

7 Açu Shipbuilding Unit - UCN 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

8 Naval Technology Institute - ITN Immediate objectives: Education, training and capacitating of the labor force dedicated to the UCN and Brazilian naval industry jobs. 7,800 production, inspection and supervision technical specialists will be formed until Complementary objectives for a second phase: Training partnerships with leading institutions for graduating superior and technical professionals, seeking for new technologies and development of innovative engineering projects, mobilizing suppliers for new equipment, and investing in research and development.

9 Product Portfolio Floating Production Storage and Offloading Hull: conversion of oil tanker or new- build Tension-Leg Wellhead Platform Suited for deepwater environments Drilling units for exploration Heavily demanded in ultra-deepwater Wellhead Platform or fixed production platforms in general Suited for shallow-water environments Description Pull-in and Mooring Systems Cranes Power Generation Automation Systems Bulk Materials Processing Systems Safety Systems Main Systems for Standardization Target FPSO TLWP WHP Drillships Tankers Navigation transportation unit Demand for long course navigation units, cabotage, relievers and production platforms

10 OSX Leasing Focus: E&P Units, to be leased to companies in the oil and gas sector, especially OGX. Long-term supply agreements that will ensure a predictable revenue flow.

11 Strong demand from OGX Equipment Destaques da OSX Fretamento Priority Rights between OSX and OGX Order book of 48 offshore E&P units, equivalent to a US$ 30bn investment Upside potential with expansion of OGX’s exploratory campaign Firm orders of US$ 4.8 bilhões FPSO OSX 1: Delivery scheduled for 3Q2011 FPSO OSX 2 and OSX 3: Deliveries scheduled for 2Q2011 and 3Q2011 respectivelly FPSOs OSX 4 and OSX 5: Deliveries scheduled for 2Q2014 and 4Q2014 respectivelly WHPs 1 and 2: Deliveries scheduled for 1Q2013 and 2Q2013 respectivelly

12 OSX Services Focus: Acting on services. Operation and maintainance of naval units.

13 Services OSX Services Highlights At present, part of the crew to be on board of the FPSO OSX 1 is in Singapore for the commissioning process. Initiated the development of the standardization process on the classification and codification of the materials (technology solution “Klassmat”) owned by OSX. Establishment of the operational procedures to be adopted by the platform staff, with administrative support of INDG – Instituto de Desenvolvimento Gerencial.